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Lecture 8

MHR 749 Lecture 8: MHR WEEK EIGHT

5 Pages
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Department
Human Resources
Course Code
MHR 749
Professor
Margaret Yap

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Description
WEEK EIGHT CHAPTERS 8? Specify Competitive Pay Policy Options: o Lead the market with respect to pay o Match average pay of competitors o Lag behind average market pay rates Surveys provide the data for translating policy into pay levels, pay mix, and structures Compensation Survey A compensation survey is the systematic process of collecting and making judgments about the compensation paid by other employers Can be done in-house or by consultants The Purpose of a Survey Adjust pay levelhow much to pay? o Based on overall movement of pay rates caused by competition in the market Adjust pay mixwhat forms? o Base, bonus, stock, benefits Adjust pay structure? o Validate job evaluation results; establish internal structures Study special situations o Specific pay-related problems Estimate competitors labor costs o Competitive intelligence Select Relevant Market Competitors Relevant labor market includes employers who compete: o For same occupations or skills o For employees in same geographic area o With same products and services Fuzzy markets o Organizations with unique jobs and structures find it hard to get comparable market data o Place more emphasis on external market data o Valve Design the Survey Who should be involved? How many employers? Which jobs to include? What information to collect? Interpret Survey Results Statistical analysiso Frequency distribution Unusual shapes may reflect: Problems with job matches Widely dispersed pay rates Employers with widely divergent pay policies o Central tendency o Variation Job Matching The degree of match between the organizations jobs and survey jobs must be carefully assessed on job content rather than on the basis of job title only Interpret Survey Results and Construct a Market Line Verify data for accuracy and match o Accuracy of match Benchmark conversion/survey leveling o Anomalies Does any one company dominate? Do all employers show similar patterns? Outliers? Combine Job Evaluation & Market Survey Data two pieces of data on each benchmark: o Survey data dollars
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