In this assignment, you will work on determining a market rate for a particular job. Review the posted job description for Administrative Assistant II in the Week 4 Assignment folder under the assignments tab. First, you will access the website, Salary.com. Once there, you will gather salary information on this specific job: Administrative Assistant II. Obtain salary information for the cities of Boston, MA, Omaha, NE, and San Diego, CA. After gathering this information, answer the following questions.
What is the difference between the median base salary for the job in each of these cities and the national average? What does this suggest about the concept of relevant labor market when seeking salary information on jobs? What other factors besides geography would be important to consider in determining a relevant labor market?
Does the job have different bonuses as a percentage of base salary? If so, what could possibly explain these differences?
Does the data contain the value of stock options? What are the implications of this?
Does the job description for Administrative Assistant II appear adequate and accurate? Does it accurately reflect the responsibilities and qualifications of the position?
The information provided free on Salary.com does not indicate the minimum and maximum of pay grades in each city. So, if one wanted to compare the median salary in each city with the high and low averages in each city, how might one use this free information to make an estimate of the variation in the range of pay across the three cities?
How does this website say that the salary data is developed or calculated? Do you think it provides enough information? Why or why not? What are some of the factors that might impair the accuracy of these data?
A minimum of 2 supporting sources are required. Supporting sources may include your textbook, other assigned readings, government/regulatory websites, statutes/regulations, legal opinions, and/or peer-reviewed journals.
one of the links in the readings this week: https://www.youtube.com/watch?v=Zsmla9CrtYc
The difference between the median base salary and the national average salary for all three states is very high. In calculating the difference, the national average is very high, thus providing a very large difference. The reason for such considerations is the proportion of the labor costs. The national average salary is far above the monthly median salary triggering the concept of skills and expertise when seeking salary information on a job. Skills and bonuses are awarded and may explain the drastic difference between the median and the national average salary (Pettinger, 2019). Other significant factors in determining the relevant labor market are the wages and the conditions for the alternative jobs and the non-wage benefits that come about my involvement with the job.
An explanation of the non-wage benefits that come with the jobs, unpleasant jobs attract fewer people. Such considerations are due to the low wages and low skills needed for the job. The aftermath of the non-wage benefits can promote employment of the unskilled employees since the competitive application for the jobs is intense. Alternatively, the non-wage benefit can help properly analyze the positions for highly skilled employees and laborers before making the bold application step (Pettinger, 2019). Explaining the condition and the concept of the wage in the labor market, In consideration of the labor market, the employees need to effectively scrutinize the wages and the conditions of the jobs before applying for them. The jobs with higher conditions and wages require extensive skills and expertise, and the employees are likely to qualify for the positions. The concept should therefore be considered significant.
TheThe high levels of unqualified applicants also significantly affect determining the relevant labor market. For example, recent research reveals that incompetence and unemployment rates scare employers, and the long-term effect is reduced chances for applicants to land several jobs, insinuating increased unemployment (Pettinger, 2019). Alternatively, the rejection of the applicant's application to the different types of jobs depends on the match between the applicant and the job profile. In most instances, the match is categorized in the form of skills and expertise. Therefore, the higher the match between the job and the applicant’s profile, the higher the chances of getting the job and vice versa.
The data presented contains the value of the stock options. One of the implications of the importance of the stock option is cost-efficiency. Options demonstrate great leveraging abilities, and the investors can get other alternative option positions similar to the stock position but at a lower cost, thus saving massively (Ianieri, 2021). Furthermore, there are multiple options for providing quality from the data provided, such as the pay-for-performance program. If the service proves expensive such that it is not affordable, the investor can therefore opt for alternate service at little and reduced costs, hence helping to save on expenditure.
Another implication of the values for the stock options is reduced risks if the stock is effectively utilized. In some instances, the buying options often prove risky compared to owning the equities, and in some cases, the options can be used as a remedy to the presenting risks. The options reduce the risks to the investors since they need limited financial commitment compared to the equities (Ianieri, 2021). Additionally, options have proven dependable in the form of hedge that makes them safer than even stocks. In an instance where the investors decide to purchase the stocks, stop-loss orders often act to protect the position. Additionally, the stop orders are mainly meant to stop the losses below the needed values.
The job description of the administrative assistance ii all appears adequate and accurate. The description has outlined the philosophy upon which the executive service ii exists. The job exists in a philosophy that is all incorporated in respect of other people and joint promotion of growth and continuous advocation of the rights and support of people into the achievement of their desired dreams (Chicago Ideas, 2018). Additionally, the job exists fundamentally on dignity by advocating for people’s rights and promoting environmental commitment, quality assurance, and accountability in the financial sectors to facilitate consistent growth. Therefore, the philosophy upon which the job exists accurately reflects the responsibilities and the qualifications for such positions.
The description has also included an accurate job summary of the administrative assistance ii. The executive service ii is obliged to execute support of various administrative and management roles that can consist of a schedule of different organizational meetings, answering several organizational cellphones, monitoring the clerical activities, and arrangement of travels within the organizations (Chicago Ideas, 2018). The executive activities of administrative assistance ii are therefore coherent with the responsibilities and qualifications within the organizational setting.
The description has also accurately incorporated the needed skills, knowledge, and abilities to work as an administrative assistant ii. Some of the required skills, knowledge, and abilities are a perfect understanding of the organizational policies and regulations. The superior knowledge ensures that presiding activities are only due to adherence to the company regulations and policies (Chicago Ideas, 2018). Problems are often inevitable in an organizational setting, and it is the responsibility of the administrative assistant ii to have appropriate problem-solving techniques and skills. The skills are effective in working under pressure and initiating self-control. The skills, therefore, reflect the responsibilities within the position.
In comparing the median salary among the three cities with the high and low averages, this free information can effectively compute the variation in the range in the following perspective. The median salary is almost equal among the three cities. Therefore, the difference is detected by summation of the total national average, and dividing by each of the identified medians in multiples of the national average's duration can help create the variation existing among the three cities.
The website states that the median salary is obtained by summating all the employees working in the occupation and then dividing it by the total number of people. For example, each employee earns $29.95 a month in a summation of 20 employees. The median salary will be the summation of the two central numbers and divided by the employees. I don't think the website provides enough information related to employee earnings (Michael, 2022). The first shortcoming is the different expertise and skills that can call for additional pay. The pay will not be equal to the others and will thus affect the mean. Some of the factors that might affect the accuracy of the data are the rewards and onuses accorded to employees. Onuses and rewards are not fields and, therefore, present ambiguity in the distribution of information (Michael, 2022). The sample size distribution can also affect the calculation of the averages and the median.
Chicago Ideas. (2018). Lilly Ledbetter on Her Fight for Equal Pay for Women [YouTube Video]. On YouTube. https://www.youtube.com/watch?v=APeem8JEHVk
Ianieri, R. (2021). The 4 Advantages of Options. Investopedia. https://www.investopedia.com/articles/optioninvestor/06/options4advantages.asp
Pettinger, T. (2019, February 28). Supply of Labour. Economics Help. https://www.economicshelp.org/labour-markets/supply-labour/
Michael. (2022). Personal Salary Report | Salary.com. Salary.com. https://secure.salary.com/personal-salary-report/Profile
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