Compensation at Monster.ca - Essay Example

2. Financial Analyst I – The responsibilities of this function include analyzing financial projects and conducting statistical studies.3. Bookkeeper – This employee is tasked with the recording and maintenance of the entity’s business transactions.4. Accounts Payable Clerk – The responsibilities of this job includes clerical duties as needed by the Accounts Payable Department to function. These include tracking and verifying invoices.5. Internal Auditor I – This person is in charged of the audit of the accounting and financial information of the company’s various departments.

The following table presents a comparison of these jobs based on the identified variables including base pay, total cash compensation rates, and other compensation and benefits.JobBase PayTotal Cash Compensation25th PercentileMedian75th Percentile25th PercentileMedian75th PercentileSenior Accountant$57,989$67,776$80,900$62,177$72,334$84,397Financial Analyst I$48,588$54,975$61,525$49,006$57,350$63,676Bookkeeper$41,894$48,533$53,862$41,894$50,251$54,495Accounts Payable Clerk$30,640$34,288$38,300$31,127$34,896$38,665Internal Auditor I$51,460$59,572$69,647$51,460$59,572$70,594This means that bonuses are influenced by several factors including responsibilities, performance, and longevity.

Unfortunately, there is no data that can be used to interpret whether the base pay and total cash compensation data above include the value of stock options.I would be able to use the above information in negotiating my salary for a job right after graduation. First, I would assess my level of skills for the job I am applying to. Second, I would compare this level with that of others in the field. Say, if my level of skills is deemed above average, then I can demand a salary near the 75th percentile base pay of the job I am applying in.

To support the asking price, I would present letters of references from my professors in relevant subjects detailing my performance in the class. However, the asking price of other applicants can significantly impact whether I get what I am asking for.For these jobs, the relevant labor market includes all industries as all firms in whatever field maintain an accounting department. Moreover, there are no significant differences between salaries in different locations.For the five jobs, there is very high variability in base pay.

This could be attributed to skill levels and longevity of the population.These salary data were developed based on the review of available and applicable market data as gathered by Monster.ca and Salary.com’s team of compensation consultants. I believe that there is enough information to support the conclusion made by the team. This is so because given the speed with which people share information now data collection on sensitive issues is much easier. Nevertheless, the use of inaccurate salary data is a large financial impact.

For example, if an erroneous salary data is used in negotiating one’s salary, then it is highly likely that the negotiated salary would also be incorrect.Given that this information is available for free, I wouldn’t bother with consultants' surveys. However, if the job I am applying for is high level, says Chief Executive Officer, then this would be a time where I will use one.