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Chapter 11

MHR 523 Chapter Notes - Chapter 11: Prevailing Wage, Merit Pay, Profit Sharing


Department
Human Resources
Course Code
MHR 523
Professor
Margaret Yap
Chapter
11

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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
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