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MHR chp 9.docx

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Ryerson University
Human Resources
MHR 523
Al- Karim Samnani

Compensation Management Compensation  Cash and non-cash rewards employees receive in exchange for their work  Effective compensation management o Employees more likely to be satisfied and motivated  When compensation is perceived to be inappropriate o Performance, motivation and satisfaction may decline dramatically o Employee turnover may occur o Dissatisfaction with absolute or relative pay ************Compensation Management Phase 1  Job Analysis o Identify and study jobs - Position descriptions - Job descriptions - Job standards Phase 2  Job Evaluation o Determine relative worth or value of jobs o Provides for internal equity o Job evaluation methods  Job ranking  Job grading  Point system Phase 3  Salary Surveys o Discover what other employers are paying for specific key jobs o Provides for external equity o Sources of data: e.g.  Labour Canada  HRSDC Offices  Employer Associations  Professional Associations  Self-conducted Surveys Phase 4  Establishing appropriate pay level for each job o Combines job evaluation ranking, survey wage rates, and other considerations e.g. organization’s pay policy o Wage-trend line developed  Grouping the different pay levels into a structure that can be managed o Job classes and rate ranges 1) Job analysis- identifies and study jobs, positions and job descriptions, and job standards 2) Job Evolution- determine relative worth of value of jobs, provides for internal equity, Job evaluation methods(job ranking, job grading, point system) 3)Salary Surveys- discover what other employees are paying for specific job, provide for external equity, source of data(ex. Labor Canada) 4)Price Jobs- establish appropriate pay level for each job, combines job evaluation. Ranking surveyed, wage rates and other considerations MATCH- grouping different pay levels into structure that can be managed, job classes and rate ranges Pay-for-Performance  Incentive systems provide a clear link between pay and performance or productivity  Incentive pay o Direc
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