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Compensation - Coggle Diagram

- - - - Labor market conditions
      - Area pay rates
      - Cost of living
      - Collective bargaining
      - Legal requirements
    - - Compensation strategy
      - Worth of job
      - Employer's ability to pay
      - Employee's relative worth
  - - - differentiate between average and outstanding
      - motivating employees through compensation
        
        relative worth
        
        perceived fairness
        
        pay equity
        
        internal
        
        different jobs, same organisations
        
        individual
        
        same job, same organisation
        
        external
        
        same job, different organisations
        
        status and recognition
        
        expectancy theory
        
        reward for contributions
      - pay secrecy
    - - hourly
      - piecework
      - exempt, nonexempt
    - - secure a competitive advantage
      - job appropriate
      - OKR (Objectives and Key Results)
        
        objective for team and individuals in team
        
        definitive
        
        measurable
        
        key results
        
        quantifiable, specific time
        
        annual checkup with quarterly check-ins
        
        manager
        
        individual
        
        team
        
        Clarify expectations
        
        balance aspirational with operational
        
        consider additional performance factors
        
        drive collaboration, not competition