ADMS 3490 Study Guide - Midterm Guide: Motivation, Reward System, Distributive Justice
4 Jan 2018
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Base pay job evaluation (most dominate), market price, skill based. Factors determining pay; location, law, work environment, unionized groups. Strategic compensation = aligning firm(cid:495)s comp. systems with strategic direction (mvv. Objectives of compensation system; help achieve a firm(cid:495)s goals, fit & support the. Comp. system makes 40-70% of operating budget & is single largest expenditure strategy & structure, attract/promote/retain qualified employees, achieve equity. Pay affects an organization: pay to motivate, budget the finances, benefits attract/retain ppl. Organization is part of a wider environment; it influences & it influenced negotiating on your behalf (procedural & distributive justice), follow the law, help the firm control its costs. Roadmap to effective compensation: understand your organization & your people. & indirect pay plans: create your reward & compensation strategy evaluate & adapt the compensation system, determine your values, design a performance, implement, manage, Reward strategy = mix of rewards & the means to provide it.
