[MHR 749] - Final Exam Guide - Everything you need to know! (41 pages long)
Document Summary
Refers to the pay relationships among organizations the organizations pay relative to its competitors. Your pay levels compared to other pay levels in other companies: setting a pay level that is above, below or equal to that of competitors, determine the mix of pay forms relative to those of competitors. Need to figure out the mix pay besides base pay. In order to set the ceiling on how much you can afford to pay, the floor is minimum wage and the ceiling depends on your ability to pay, ability for company to pay its employees. Pay level: refers to the average of the array of pay rates paid by an employer; base + bonuses+ benefits + value of options/ number of employees. Pay forms: refers to the mix of the various types of payments r pay mix that make up total compensation. Pay forms can be both financial and non-financial. The pay levels need to attract, motivate and retain employees.