HRM 3490 Lecture Notes - Lecture 1: Job Evaluation, Reward System
21 Apr 2016
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Document Summary
Compensation chapters 1 & 2 january 14th, 2015. Compensation varies among the job title that is acquired. 95% base salary & 5% performance pay based on performance. The market value of job lead, lag, and match. How to pay a person"s pay involves several components (60,000 base but performance was determinately poor. ) Compensation: financial tangible item in result of the employee-employer relationship (ex. Base pay) mandatory aspect of the reward system. Main costs of compensation pertain to: compensation and benefits. The monetary aspect of a compensation system that drives the employee to show up to work and maintain their job title. Employees who stay are both in regards to corporate culture, and support, and value, and monetary and indirect pay. Compensation is a part of the reward system. Rewards can consist of monetary, ( bonus) however mainly non-cash. Compensation takes up the huge cost depending on the industry one is employed for.
