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CHAP 8: Compensation and Benefits (Salary (Qualification, Matket,…
CHAP 8: Compensation and Benefits
Employee Compensation
Direct financial payment
Indirect payment
Needs
Keep up with inflation
funds for savings or leisure
Cover basic living cost
Increase
Factors
Policy
Salary ranges
Criteria for salary increases
Bonus & Incentive pay
Performance & Seniority
Equity
External
Internal
Legal
Law
Maximum Hour
Overtime Pay
Minium Wage
Child Labor
Sweatshop
Equity pay
Establish Pay Rates
Salary Survey
Job Evaluation
Determine the value/worth of a job in relation to other jobs in an organization
Factors: Education, Skill, Experience and Working conditions...
Group similar jobs into pay grades
Wage Curves
Develop Rate Range
Mid = proficient & meeting performance expectations
Above Midpoint = Takes into account tenure performace, education...
Min = New Hire
Paying Manager
Ability to pay
Human capital
Job complexity
Incentive
Merit Pay
Team/Group Incentive Plans
Stock (for manager and executive)
Salary
Qualification
Matket
Performance
Company Success
Strategic Relevance
Cost of Living
Responsibility
Civil Status
Tenure
Benefit
Insurance
Hospitalization/Medical
Retirement
Pension Plan
(Non) Exempt Employee