COMM 292 Chapter Notes -Flexible Spending Account, Goal Setting, Motivation
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COMM 292 Full Course Notes
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From theory to practice: the role of money. Most commonly used reward most emotionally meaningful object in contemporary life. Pay is not a primary factors for job satisfaction. But, it is important when you"re trying to keep top talent (ceo"s, managers) Options: lead, match or lag the market in pay. Four major strategic decisions that need to be made: Internal equity the worth of the job to the org. Established through job evaluation: external equity competitiveness of org. "s pay to other orgs. in the industry. Cost of paying below market standards: higher turnover rate. Paying too much products/services of the org. become more expensive. How to pay: rewarding individuals through variable-pay programs. Move away from paying based on credentials/tenure toward variable-pay programs. Bases a portion of an employee"s pay on some individual, group or organizational measure of performance. Turns orgs. " fixed cost into a variable cost. Piece-rate wages paid a fixed sum for each unit of production completed.
