The healthcare settings of the United States have begun as a chiefly charitable or volunteer system where the patients can pay few or no money for the healthcare and treatment services. The healthcare settings have gone through many diverse changes. Health care has now advanced into a big business unit that needs financial management, strategic planning, functional specialties and operational controls for maintaining its feasibility and practicability.
The healthcare settings are one of the major and largest industries of present time in the United States. The healthcare settings, at present, have employed over 13 million workers with an expected enlargement of over 3 million fresh jobs by the year 2014. This overpowering development has created the health care settings to be one of the most established and supple industries for the employment.
As the healthcare settings increases, the demand for the qualified and skilled workers is increasing, to fill the positions that are required for the advanced technical knowledge and specialized skills (Jones & Barlett, 2012).
The role of compensation specialist in a healthcare setting is of significant importance. A compensation specialist is a person who concentrates on the compensation issues and pay structure for the organization. Theses specialists assist in developing the salary structure that a healthcare or any organization uses, and works to make certain that the healthcare setting is not underpaying or overspending on any of its workers and employees.
The compensation specialists help to set the pay rates of the employees by reviewing the funding of the specific departments. These specialists also assist in determining the job classifications and descriptions, the pay grades and the compensation strategies globally. This paper highlights the interview conducted with a compensation specialist and reflects some of the key questions relating to the compensation planning and management, and also its structure in a healthcare setting.
Determining Wages and Salary Levels for Employees
Upon conducting the interview with the compensation specialist, it was found out that the health care setting has focused on several factors while determining the compensation level for its employees.
These factors include, but are not limited to, educational level of the employees, their experience, and what is the designation of their job. With the education level, it means that how much qualified the employee is, what specific area he/she has done specialization in, and from which university or institution the employee has completed his studies.
This is very important to know from which university they belong, it provides an insight about the caliber of the candidate. Higher education level along with that of getting that education from a reputable university leads to the higher pay structure for an employee. Past experience also held a significant importance while determining the salary and wage level of the employee (Annon, 2012).
It is also taken into account that the experience is from which company, how much experience a candidate brings with himself in our organization, and what were his roles and responsibilities in that organization. An employee having good past experience ...