netrashetty
Netra Shetty
Human Resource Management of Pfizer : Pfizer Incorporated (NYSE: PFE) is a pharmaceutical company, ranking number one in sales in the world. The company is based in New York City, with its research headquarters in Groton, Connecticut. It produces Lipitor (atorvastatin, used to lower blood cholesterol); the neuropathic pain/fibromyalgia drug Lyrica (pregabalin); the oral antifungal medication Diflucan (fluconazole), the antibiotic Zithromax (azithromycin), Viagra (sildenafil) for erectile dysfunction, and the anti-inflammatory Celebrex (celecoxib) (also known as Celebra in some countries outside the USA and Canada, mainly in South America). Its headquarters are in Midtown Manhattan, New York City.[3]
Pfizer's shares were made a component of the Dow Jones Industrial Average on April 8, 2004.[4]
Pfizer pleaded guilty in 2009 to the largest health care fraud in U.S. history and received the largest criminal penalty ever levied for illegal marketing of four of its drugs. Called a repeat offender, this was Pfizer's fourth such settlement with the U.S. Department of Justice in the previous ten years.[5][6] On January 26, 2009, Pfizer agreed to buy pharmaceutical giant Wyeth for US$68 billion, a deal financed with cash, shares and loans.[7] The deal was completed on October 15, 2009.[
SALARY REFERENCE DATA
Salary information is an important tool in managing employee
compensation and comparing the competitiveness of Commonwealth’s salaries
to the labor market. This information is used in several ways.
Pay Band Adjustments
The Department of Human Resource Management (DHRM) provides
an analysis of salary information to the Governor and the General Assembly to
support the decision to adjust the pay structure. The information is derived
from range adjustment projections found in surveys conducted by national
compensation organizations. DHRM also provides information on projected
performance increase budgets to the Governor and General Assembly for use
in determining funding for performance increases.
Salary Management for Roles and Employees
DHRM maintains a collection of salary surveys covering public and
private firms in a wide variety of occupations and geographic locations.
DHRM also conducts surveys to supplement these sources and will assist
agencies in analyzing and applying the survey data.
A summary of the survey data related to each Role is available to the
agencies on DHRM’s website. The survey summaries will vary among the
different Roles since a variety of data and survey sources will be used (see
Appendix J, Survey Summary Data Sample). Not all survey sources will
provide information for every Role. Agencies will use the survey data to
manage employee compensation in the following ways:
• Managing Employee Salaries
The survey summaries provide agencies with information that will
enable them to target their salary increase dollars to specific employees
where labor market competitiveness is critical. The agencies may use the
1
survey summaries to allocate a larger percentage of their salary budgets to
jobs that are critical to the operations of the agency and that are
experiencing unusual salary movement in the market.
Since Roles combine a number of jobs within a Career Group,
survey data are often not applicable to an entire Role. The survey
summaries provide salary data on discrete jobs in the labor market. For
example, carpenters and electricians are assigned to the Trades Technician
III Role and the survey summaries may be different for these two jobs.
• Adjusting Pay Ranges
Agencies are responsible for monitoring salary data for Roles used
and targeting salary increases based on this information. However, if the
rate for a particular type of job (e.g., electrician) increases faster than the
State’s band structure, staffing problems may result.
When agencies experience staffing problems, they should review
salary and staffing data, including turnover and vacancy information.
Agencies experiencing or anticipating staffing difficulties may contact
DHRM to request the establishment of differentials, Career Group
revisions or re-banding a particular Role.
Ø Salary and Competitive differentials are used when a particular type
of job (e.g., electrician) is not paid competitively with the geographic
labor market. Typically, differentials are used to address staffing
problems that arise due to turnover and prolonged vacancies. Agencies
may contact DHRM to request consideration of a differential. DHRM
assesses the extent of the problem and the impact a differential would
have on other jobs and agencies. If justified, DHRM may approve a
differential.
Additionally, DHRM monitors the differential plan for positions in the
northern Virginia area (NOVA). NOVA differentials are adjusted
based on market and staffing data from that geographic area. In some
cases, adjustments to the differential may require a request for additional
funding.
2
Ø Career Group Revision results from a study of jobs using salary data
and the compensable factors. In these situations, specific types of jobs
within a Role may move to a higher or lower pay band.
When a Career Group is revised, the Career Group Description must
be updated to reflect the changes in the assigned Roles. Employees that
move to a different Role may have their salaries adjusted according to
the rules governing Upward or Downward Role Changes (see
Chapter 8, Pay Practices).
Ø Re-banding is the change of a Role to a higher pay band due to
extreme changes in the labor supply or market conditions. Since there is
a 30.6% difference between the minimum salary in each pay band (with
the exception between pay band 2 and 3 which has a 19.5% difference)
re-banding will occur infrequently and is typically in response to
extreme labor market changes. All agencies affected by re-banding
must be able to fund any resulting salary increases provided to
employees.
REQUESTS FOR DIFFERENTIALS, CAREER GROUP REVISIONS
OR RE-BANDING
When an agency experiences staffing problems due to the lack of
competitiveness with the labor market, the agency may submit a request to
DHRM for consideration of a differential, Career Group revisions or the re-
banding of a Role. The following information should be provided by the
agency:
• Problem Statement that gives a concise summary of the problem. This
statement should show a cause-and-effect relationship between pay and an
identified problem. (Example: “During the past six months, the agency has
lost fifteen electricians to competing firms that pay an average of 20%
above State salaries.”)
• Agency Action that describe what the agency has done to improve staffing
for the positions under study, such as expanding the recruitment area,
providing in-band salary adjustments to incumbents, etc. The agency
should include an assessment of why it believes the staffing problems
persist.
3
• Turnover and Vacancy that describe the current staffing problem:
turnover rate; current number and percentage of positions that are vacant;
relevant historical data and information from exit interviews (see Appendix
K, Turnover Rate Computation and Usage). The analysis of information
should focus on employees leaving for salary-related reasons. Promotions
and transfers to other positions within State government are not normally
indications of retention problems due to salary.
Each agency is responsible for conducting exit interviews to obtain
information on the reasons why employees are leaving their jobs. These
interviews may reveal problems related not to salaries but to other factors
such as job satisfaction, opportunity for training and advancement,
educational assistance, work environment and quality of management.
• Recruitment strategies that have been employed to fill vacancies. Agencies
should specify the number of advertisements in a given period; media used;
number of qualified applicants; salaries offered; applicants’ most recent
salary and the reasons applicants have declined employment offers.
• Starting Salary analysis that describes the agency’s experience with salary
offers for new employees during the last twenty-four months. This analysis
should address where in the pay band employees have been hired and
whether any exceptional salaries have been requested.
• Internal Impact that includes an analysis of the position and negative
effects that a differential, Career Group revision or re-banding may have
on the internal alignment with other employees in similar or related Roles
in the agency.
• Market Data that may have been collected by the agency from competing
firms in the local market area where the problem exists. Agencies should
also assess any salary data that DHRM routinely provides. If competition is
not limited to a particular locality, the collection of market data should be
coordinated with DHRM.
• Certification of Availability of Funds based on the type of action the
agency has requested. All requests for Career Group revision or
differential must be accompanied with a statement from the agency that
funds are available to support any resulting salary increases. Certification to
the Secretary of Finance that funds are available to support salary increases
is required for Career Group revisions or re-banding a Role.
are hired. Also, stop asking about yesterday in the interview. Ask about possible future problems and the required solutions for your firm.
Use technology to find and assess the very best!
The best recruits are net savvy and are already on the net. Use chat rooms, list servers, and web search robots to find the very best. Drop forever the idea that recruitment and hiring must be face to face. Use telephone interviews to assess candidates. Develop exciting web pages that tell a story about your firm in order to excite the candidates and show them you are different.
Try these simple but inexpensive recruiting tools.
• Have a strong employee referral program
• Re-hire your former employees
• Ask references for the names of other top people they know
• Ask your best customers and suppliers to refer people (or just hire them)
• Ask new hires on the first day "who else is good" from their former firm
• Ask your current employees "How would I find you again?" and use those techniques and sources to recruit similar people
• Reward managers for great hiring and retention
When you have a small staff delays can cost you and even one hiring mistake can be deadly. So learn how the best larger firms do it and adapt their practices to your firm. Be aggressive and try new approaches.
Pfizer's shares were made a component of the Dow Jones Industrial Average on April 8, 2004.[4]
Pfizer pleaded guilty in 2009 to the largest health care fraud in U.S. history and received the largest criminal penalty ever levied for illegal marketing of four of its drugs. Called a repeat offender, this was Pfizer's fourth such settlement with the U.S. Department of Justice in the previous ten years.[5][6] On January 26, 2009, Pfizer agreed to buy pharmaceutical giant Wyeth for US$68 billion, a deal financed with cash, shares and loans.[7] The deal was completed on October 15, 2009.[
SALARY REFERENCE DATA
Salary information is an important tool in managing employee
compensation and comparing the competitiveness of Commonwealth’s salaries
to the labor market. This information is used in several ways.
Pay Band Adjustments
The Department of Human Resource Management (DHRM) provides
an analysis of salary information to the Governor and the General Assembly to
support the decision to adjust the pay structure. The information is derived
from range adjustment projections found in surveys conducted by national
compensation organizations. DHRM also provides information on projected
performance increase budgets to the Governor and General Assembly for use
in determining funding for performance increases.
Salary Management for Roles and Employees
DHRM maintains a collection of salary surveys covering public and
private firms in a wide variety of occupations and geographic locations.
DHRM also conducts surveys to supplement these sources and will assist
agencies in analyzing and applying the survey data.
A summary of the survey data related to each Role is available to the
agencies on DHRM’s website. The survey summaries will vary among the
different Roles since a variety of data and survey sources will be used (see
Appendix J, Survey Summary Data Sample). Not all survey sources will
provide information for every Role. Agencies will use the survey data to
manage employee compensation in the following ways:
• Managing Employee Salaries
The survey summaries provide agencies with information that will
enable them to target their salary increase dollars to specific employees
where labor market competitiveness is critical. The agencies may use the
1
survey summaries to allocate a larger percentage of their salary budgets to
jobs that are critical to the operations of the agency and that are
experiencing unusual salary movement in the market.
Since Roles combine a number of jobs within a Career Group,
survey data are often not applicable to an entire Role. The survey
summaries provide salary data on discrete jobs in the labor market. For
example, carpenters and electricians are assigned to the Trades Technician
III Role and the survey summaries may be different for these two jobs.
• Adjusting Pay Ranges
Agencies are responsible for monitoring salary data for Roles used
and targeting salary increases based on this information. However, if the
rate for a particular type of job (e.g., electrician) increases faster than the
State’s band structure, staffing problems may result.
When agencies experience staffing problems, they should review
salary and staffing data, including turnover and vacancy information.
Agencies experiencing or anticipating staffing difficulties may contact
DHRM to request the establishment of differentials, Career Group
revisions or re-banding a particular Role.
Ø Salary and Competitive differentials are used when a particular type
of job (e.g., electrician) is not paid competitively with the geographic
labor market. Typically, differentials are used to address staffing
problems that arise due to turnover and prolonged vacancies. Agencies
may contact DHRM to request consideration of a differential. DHRM
assesses the extent of the problem and the impact a differential would
have on other jobs and agencies. If justified, DHRM may approve a
differential.
Additionally, DHRM monitors the differential plan for positions in the
northern Virginia area (NOVA). NOVA differentials are adjusted
based on market and staffing data from that geographic area. In some
cases, adjustments to the differential may require a request for additional
funding.
2
Ø Career Group Revision results from a study of jobs using salary data
and the compensable factors. In these situations, specific types of jobs
within a Role may move to a higher or lower pay band.
When a Career Group is revised, the Career Group Description must
be updated to reflect the changes in the assigned Roles. Employees that
move to a different Role may have their salaries adjusted according to
the rules governing Upward or Downward Role Changes (see
Chapter 8, Pay Practices).
Ø Re-banding is the change of a Role to a higher pay band due to
extreme changes in the labor supply or market conditions. Since there is
a 30.6% difference between the minimum salary in each pay band (with
the exception between pay band 2 and 3 which has a 19.5% difference)
re-banding will occur infrequently and is typically in response to
extreme labor market changes. All agencies affected by re-banding
must be able to fund any resulting salary increases provided to
employees.
REQUESTS FOR DIFFERENTIALS, CAREER GROUP REVISIONS
OR RE-BANDING
When an agency experiences staffing problems due to the lack of
competitiveness with the labor market, the agency may submit a request to
DHRM for consideration of a differential, Career Group revisions or the re-
banding of a Role. The following information should be provided by the
agency:
• Problem Statement that gives a concise summary of the problem. This
statement should show a cause-and-effect relationship between pay and an
identified problem. (Example: “During the past six months, the agency has
lost fifteen electricians to competing firms that pay an average of 20%
above State salaries.”)
• Agency Action that describe what the agency has done to improve staffing
for the positions under study, such as expanding the recruitment area,
providing in-band salary adjustments to incumbents, etc. The agency
should include an assessment of why it believes the staffing problems
persist.
3
• Turnover and Vacancy that describe the current staffing problem:
turnover rate; current number and percentage of positions that are vacant;
relevant historical data and information from exit interviews (see Appendix
K, Turnover Rate Computation and Usage). The analysis of information
should focus on employees leaving for salary-related reasons. Promotions
and transfers to other positions within State government are not normally
indications of retention problems due to salary.
Each agency is responsible for conducting exit interviews to obtain
information on the reasons why employees are leaving their jobs. These
interviews may reveal problems related not to salaries but to other factors
such as job satisfaction, opportunity for training and advancement,
educational assistance, work environment and quality of management.
• Recruitment strategies that have been employed to fill vacancies. Agencies
should specify the number of advertisements in a given period; media used;
number of qualified applicants; salaries offered; applicants’ most recent
salary and the reasons applicants have declined employment offers.
• Starting Salary analysis that describes the agency’s experience with salary
offers for new employees during the last twenty-four months. This analysis
should address where in the pay band employees have been hired and
whether any exceptional salaries have been requested.
• Internal Impact that includes an analysis of the position and negative
effects that a differential, Career Group revision or re-banding may have
on the internal alignment with other employees in similar or related Roles
in the agency.
• Market Data that may have been collected by the agency from competing
firms in the local market area where the problem exists. Agencies should
also assess any salary data that DHRM routinely provides. If competition is
not limited to a particular locality, the collection of market data should be
coordinated with DHRM.
• Certification of Availability of Funds based on the type of action the
agency has requested. All requests for Career Group revision or
differential must be accompanied with a statement from the agency that
funds are available to support any resulting salary increases. Certification to
the Secretary of Finance that funds are available to support salary increases
is required for Career Group revisions or re-banding a Role.
are hired. Also, stop asking about yesterday in the interview. Ask about possible future problems and the required solutions for your firm.
Use technology to find and assess the very best!
The best recruits are net savvy and are already on the net. Use chat rooms, list servers, and web search robots to find the very best. Drop forever the idea that recruitment and hiring must be face to face. Use telephone interviews to assess candidates. Develop exciting web pages that tell a story about your firm in order to excite the candidates and show them you are different.
Try these simple but inexpensive recruiting tools.
• Have a strong employee referral program
• Re-hire your former employees
• Ask references for the names of other top people they know
• Ask your best customers and suppliers to refer people (or just hire them)
• Ask new hires on the first day "who else is good" from their former firm
• Ask your current employees "How would I find you again?" and use those techniques and sources to recruit similar people
• Reward managers for great hiring and retention
When you have a small staff delays can cost you and even one hiring mistake can be deadly. So learn how the best larger firms do it and adapt their practices to your firm. Be aggressive and try new approaches.
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