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MHR 523 (321)
Chapter 11

chapter 11 pay plans.docx

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Department
Human Resources
Course
MHR 523
Professor
Margaret Yap
Semester
Summer

Description
Total rewards and pay for performance What are total rewards? 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, Types of incentives and incentive plans Total Rewards  an integrated package of all rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment  aligned with business strategy Stage 1: Job Evaluation Job Evaluation  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)  classes contain similar jobs  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 Point Method Overview  identify compensable factors  determine the degree to which each factor is present in each job Stage 2: Conduct a Wage/Salary Survey  a survey aimed at determining prevailing wage rates Stage 3: Combine the Job Evaluation and Salary Survey Information to Determine Pay for Jobs Wage Curve  a graphic description of the relatiopnship between the value of the job and the average wage paid for this job Pay Ranges  a series of steps or levels within a pay grade, usually based on years of service Broadbanding  reducing the number of salary grades and ranges into just a few wide levels or “bands”, each of which then contains a relatively wide range of jobs and salary levels Red Circle Pay Rate  a rate of pay that is above the pay range maximum Pay for knowledge program should include:  competencies and skills -
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