MHR 523 Chapter Notes - Chapter 11: Prevailing Wage, Merit Pay, Profit Sharing
8 Dec 2012
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Job evaluation methods- compensation factors, wage curve bands and ranges. What is p4p? why p4p?- saves money for employer, employee gets recognized. Long term/ short term, group/ individual- long term more than 1 year, An integrated package of all rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment. Systematic comparison to determine relative worth of jobs within a firm. Benchmark job job that is critical to the firm"s operations or commonly found in other organizations. Compensable factor fundamental, compensable element of a job, such as skill, effort, responsibility, and working conditions. 2 job evaluation methods: classification/grading method & point method. Classification/grading method categorizes jobs into groups (classes or grades) Grades contain dissimilar jobs of equal difficulty. Grade/group description is a written description of the level of compensable factors required by jobs in each grade. Determine the degree to which each factor is present in each job. A survey aimed at determining prevailing wage rates.
