Sullivan & Cromwell Associates do not feel their pay is fair. Checking on the pay rate set for the new recruits, the older employees of the firm would need to be increased their pay based on the number of years they have worked in the firm. The comparison of the wage limit will be done by the set salary for the new employees hired. The remuneration must abide by the number of years served in the associate and the experience gained over the years.
The service provided by the employees who have been on board for over eight years must reflect on the pay slip. Sullivan & Cromwell’s pay structure must comply with the labor laws and provide incentives that will motivate the workers to offer the best service to the clients (Ceramic Dog (Musical group), Ribot, Smith, ; Ismaily, 2013). An organization or company that offers incentives such as meals and transport services for the staff will always have the best reputation in the market and the society.
Since the associate deals with solving disputes and other crime related issues, the people will create confidence in them and bring in more work. If Sullivan ; Cromwell Associates increased the salaries of the employees who came in four years ago by $20,000, the staff members who have been in the company for a longer period need to be considered for a higher pay increase than the set increase for the new employees. The goodwill that the associate has is through the efforts of the long-serving workers who have dedicated their efforts to maintaining discipline and offering the best standard services to the people. I would recommend for a salary increase by $40,000 for the employees who have been with the company for more than four years. The selected salary increase for the new employees will create a crisis among the staff and lower the standards f the service offered, as the long-serving employees will not be willing to offer directions to the new recruits who will be earning more salary than the more experienced employees (Farrell, Galt, Jones, Prince, Schoenfeld, ; Carson, 2016).
The reputation of the associate might deteriorate due to the ignorance of the staff, and they do not care attitude about denied a fair pay rise. The rise in salary is a motivating factor to putting more efforts in performing the delegated duties.Considering the work done by the partners like Merrill Lynch’s FAs and SVPIs, the partners do not make as much money as the writer indicates. The associates ate much better than the partners did as they get a share of the amount charged by the associates. The law firms are said to be giant pyramids that generate a lot of money, but the reality is they do not get as much as the writer states. The profits are shared by the associate owners, the partners, and the employees of the firm hence the profit margin is small (Carsen, Prince, & Business & Legal Resources (Firm), 2016).
The end of year bonus announced by Sullivan & Cromwell Associates is estimated at $1,000 to $5,000 whereas the bonuses paid in the previous year was at $2,500 to $20,000. Sullivan & Cromwell must consider the challenges faced by recruiting and retaining employees the bonus must be kept at an upward trend.The compensation approaches established by Sullivan & Cromwell differ from the approach employed by Dewey & LeBoeuf in the manner of recruiting new staff and managing incentives.
The employees at Dewey & LeBoeuf are given commissions and bonuses within the year hence the employees of Sullivan & Cromwell Associates are only considered during the end of the financial period. The advantage of the method applied by Dewey & LeBoeuf is that the staff is guaranteed of a specific set of bonus and incentives that come at regular intervals unlike the Sullivan & Cromwell’s that is only paid at the end of the year and the amount keep varying depending on the number of employees and the cash available for the exercise.
