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Mgmt 373 - Compensation Analysis

Autor:   •  September 12, 2018  •  Business Plan  •  1,281 Words (6 Pages)  •  22 Views

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April 7th, 2018

MGMT 373-906

Compensation Assignment

Restauranteur

Compensation for a restaurateur is hard to come up with, as they are self-employed and mostly make their income through the profits made by the restaurant. Thus, to alleviate this complexity, I position a case where the restaurant is owned instead by a group of investors, which employs the restaurateur and all other personnel of the establishment. The restaurateur’s compensation will be based on a combination of base pay (based on compensable factors), incentive pay (based on profit share and equity), and optional benefits (including health insurance and unlimited vacation).

Compensable Factors

Compensable Factors

Knowledge, Skills, and Expertise

Influencing and Leading

Job Complexity

Responsibility and Accountability

Dimensions

Depth and Breadth

Standards and Goal Setting

Interrelation of Tasks

Supervision Exercised

Total

Restaurateur

50

40

30

20

140

In order to run a successful business in the food industry, a restaurateur must know the industry first. They must understand the inner workings of the beast they will handle and, in the case of a restaurant, this is best done by having first-hand experience and knowledge. This knowledge and expertise includes understanding restaurant operations, which directly influences the outcome of task statements detailed in the job analysis, such as “Maintaining a reliable, cost-efficient, and organized supply chain with suppliers through an innovative and efficient database or software to keep up with demand and always have needed supplies on hand.” Lack of proper internal operations knowledge/experience would prevent the restaurateur from identifying inefficiencies in the aforementioned task. Lastly, a deep and wide knowledge base would imply an understanding of business management as a whole, which is one of the KSAO’s of the job. The importance of a knowing how to manage a business in regards to running a business should be quite intuitive.

Without a leader, standards, and goals there is no orientation,

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