Write a letter to the current United States President, and put forth arguments regarding why you support or are against an increase in minimum wage.

Compensation Purpose and Strategy Document

The purpose of this assignment is to choose a compensation philosophy that is appropriate for your chosen firm and articulate a rationale for this selection.

There are two aspects to this assignment. First, describe the risks and benefits with leading, meeting, and lagging the market in overall compensation and benefits. Next, choose the appropriate strategy (lead, meet, or lag) for your firm, and provide rationale about why this is appropriate.

There is a minimum requirement of 500 words for the compensation purpose and strategy document.

Consider some of the following factors in your assignment:

  1. Payroll expenses are usually the highest expense at most firms. If you lead the market, this expense can be taxing.
  2. If you are pursuing top talent in human capital rich industries (e.g., software engineering), lagging the market may keep you from competing for market share against your competitors.
  3. If you meet the market, paying average will generally not attract top talent, and in addition, you will not have the labor-cost savings of a lag-the-market strategy.

Any sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations in APA format.

Write a letter to the current United States President, and put forth arguments regarding why you support or are against an increase in minimum wage. In your letter, discuss whether managers should be given a higher minimum wage or be paid overtime. Address what the minimum weekly salary should be for bona fide executives, administrators, or professionals.

Your letter should be at least one full page and cite at least one reference from the CSU Online Library. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying APA style citations. Draft the letter using proper, formal letter writing format. Click here to view the Writing Center’s example of a business letter.