Compensation and benefit course

Compensation and benefits are the right of employees. In every organization of firm different rules, regulations and formats are going to utilize to provide remuneration and compensation to all its employees. In the current case study, we are going to talk about the law firm who has offer pay scale to its employees or associates according to their rules and regulations. The salaries may also rise or decline according to rise and fall of economic growth because when the overall economy is going down then how can the firm generate high revenue and provide high salaries to all their associates. So it can be explain in the below discussion that what are the pay structure that are going to be used by different law firms for their associates and how they distribute the level of pay scale among different associates according to their experience, skills and qualification. Pay structure must require some base to develop so these elements are the base of pay structure. Some firms are going to use different pay structure that is pay packages for all its associates according to their level of job and work. So it depend on the firms that what sort of pay structure they want to utilize for their associates. The distribution of pay according to responsibilities of the associates and also partners of the firm get high level of salary from the firm because they are consider as owner of the firm and have high level of rights and responsibilities. Furthermore, different salary structure approaches has different benefits and also have some drawbacks. Its depend on the firm that what approaches they are going to utilize for their firm and implement between their associates. Because the salary structure is very important part of any firm and it help to keep all the associates with in the firm.

Explanation of Compensation and benefit course

a.       Sullivan and Cromwell is the firm that is going to use the remuneration structure in the form of pyramid and depend on 6 to 8 levels that start from the associates and end on the partners from down to upper level. The level of association is depending on the performance and experience of the associates. Actually the company criteria explain that that associate will earn more who spend more time as per hours and also having high number of years working in the organization so in these scenarios the company can give more remuneration or pay to its associates. And the partners who have more rights than associates and their role and responsibility is more than associates so their pay scale is also higher than associates. In the behavior of employees motivation play a very important role and also they encourage by the management of the firm through their pay reward and compensations because the work behavior can be encourage by the reward and proper efforts and hard work must be required by associates of employees because when they get regular reward then their behavior towards work automatically improved. (managementstudyguide.com, 2019)

b.      In the firm the new enter associates have to start their salaries with an increase of $20000 because they are appointed after a proper and higher qualification and they get the knowledge and practical expertise from a well known institution. So they are going to appointed at a handsome salary package . but there are also those associates who are working from Many years but having no such a qualified degree and they are not come from well reputed institution but they are old associates and they get a huge experience from this field and also start on small salary package so their salaries also going to increase according to their working experience because new associates have no practical experience in real as the old associates have so they also have right to obtain compensation according to their skills and experience. New and old associates collectively maintain the performance of the organization so it’s the right to associate that they receive the pay from the firm according to their specialty and skills because the pay structure help to motivate the associates toward their work and they did their best performance when they receive their reward against their hard work.

c.       The law firm is going to form a giant pyramid that explains the level of associates according to their pay structure. Partners are the main contributor of the firm they invest in the firm and utilize their capital for the development of the firm so they have right to receive higher payment as comper to other associates. According to salary structure the pyramid is going to prepare where the low salary associated with a larger number of associates and the high salary is belong to few senior level associates. Actually when the pay structure is going to develop then the all the capabilities and abilities must be determine according to with the salary is going to distributed and the top associates are come with a large scale of salary. Basically there are salary structure going to prepare on the experience and skills. Different criteria are going to used in the firms. The performance of partners are very much as comper to associates as they are main responsible for all the elements of the firm and they have to take special attention in all areas of the firm and their major contribution in the firm performance give them right to receive high cost of remuneration.

d.      Sullivan and Cromwell has to review their bonus strategy as when the firm is going to generate high bonus then they give to old associate a high rate of bonus from their profits and for new associates firm also prepare a good ratio of bonus but in the last year and in current year company rearrange their bonus strategy and they have to give bonus to all their associates according to new policy of bonus. Firm has to face some difficulties in this regard because associates who are working from many years were happy with the previous policy of bonus and now they are going to receive low bonus so they are going to disturb them and may be they left the firm due to their low income. But company has to review its bonus policy in such a way that their old associated will not effected and the new ones also get maximum benefits from the firm because associates are the main part of every firm and specially law firm never left their associates because they utilize their experience and skills from many years and they want to get benefit from their experience utilize their skills. (ml.com, 2019)

e.       Sullivan and Dewey is two different firm of law that use different type of compensation approaches for their associates. The Sullivan is provide the compensation to its associated according to performance and experience of associates and also offer high scale to those who come from highly educated institutes. Whereas the Dewey firm is utilize the pay packages for its all associates and they include all the basic salary with additional reward in their packages and they receive that package in every month. Both type of approaches has some benefits and also have some drawbacks. The Sullivan approach is beneficial in this sense that associates are know they when they work hard and give their complete efforts then they receive high remuneration and also bonus of the company and this will also promote their rank of associate. In the Dewey approach the associates are in benefit that whatever their work or whatever the condition they have to receive their pay package in all circumstances but this will bring difficulties for the firm that it has to pay that packages in every economic condition. So the most appropriate approach used by the Sullivan that rely on the performance of the associates and according to their responsibilities they receive their compensations.

Conclusion on Compensation and benefit course

At the end the discussion we conclude that the pay structure play a very important in role in every organization and they are very much supportive for the employees or associates so they keep their long term relationship with the firm and also get lots of benefits from the firm. Every associate want to earn more and more, the company compensation policy is provide a better way to utilize their skills and perform in better way because when they get extra reward and bonus then they perform very well for the firm. So the pay structure of every firm  is major part of its management . this structure explain that how firm is going to distribute salaries and bonus among their associates and what criteria they are going to use for better distribution because different firm has different standards related to this structure so its depend on the firm and its management that how they utilize salary structure to motivate their employees and also helping in making the firm a successful firm because when associates are happy they give their best and perform very well among many other firms.

Reference of Compensation and benefit course

managementstudyguide.com. (2019). Role of Motivation in Employee Behaviour. Retrieved from

https://www.managementstudyguide.com/role-of-motivation-in-employee-behaviour.htm

ml.com. (2019). Retrieved from merrill lynch: https://www.ml.com/working-with-merrill-lynch-financial-advisor.html