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Lecture 3

BUSI 3102 Lecture 3: Job Evaluation, Compensation and Benefits

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BUSI 3102
Larry M.Coutts

Job Evaluation, Compensation and Benefits Compensation • Cash and non-cash rewards employees receive in exchange for their work. • With effective compensation management, employees are more likely to be satisfied, motivated, and contribute to objectives • If compensation is perceived as inappropriate; o Dissatisfaction with pay o Performance, motivation, and job satisfaction may suffer drastically o Turnover may occur • Objectives (conflicts may cause trade-offs) o Retain employees o Acquire personnel o Ensure equity o Control costs o Reward behaviour o Administrative efficiency • Challenges o Prevailing wage rates o Union power o Productivity o Government constraints o Wage/salary policies • Compensation Management Phases 1. Job Analysis (Job descriptions, specifications, standards) 2. Job Evaluation (Internal equity) 3. Wage and Salary Surveys (External data sources) 4. Pricing Jobs (Match internal and external worth) 5. Job Evaluation ------- Match ------- Labour Market Worth Job Evaluation • Process of arranging jobs within an organization into a hierarchy based on requirements so employees are paid relative to their job requirements (duties, responsibilities, and work
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