EN.660.100 Lecture Notes - Lecture 8: Scientific Management, Thomas Piketty, Derek Bok

• School: JHU
• Department: EN Center for Leadership Education, EN Entrepreneurship and Management
• Course: EN.660.100
• Professor: Aronhime

Document Summary

Goals of compensation: motivation to join and stay and perform well. Influenced by: substitutability of factors of production, environmental stability, low cost-differentiation continuum, threat of new entrants/substitute products, strong bargaining power of buyers/suppliers, ease of measurement. Pay plans designed based on: pay level policy, pay mix, pay adjustment policy, pay evaluation criteria, firm performance. Incentive pay plans: unit (level of aggregation, performance standard, rewards offered. Derek bok executives set own compensation // attempt to grow firms to justify increases. Thomas piketty and emmanuel saez (the evolution of top incomes: a. Perspective) executive compensation has increased massively in us, but not. Scientific management) scientific management, focused on task // more productive => higher wages // workers only motivated by money. Henry gantt supervisors should teach // visual aids to plan and measure progress. Gilberths motion economy (therbligs) reduce fatigue. Mary parker follett focus on people with incentives, not coercion.