ADM 3337 Chapter Notes - Chapter 1-5: Elderly Care, Job Sharing, Corrosive Substance
26 Aug 2015
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Document Summary
Links the compensation of employees to the mission, objectives, philosophies, and culture of the organization: total reward in exchange for work. Pension plans: five components of total rewards. Development and career opportunities: common strategic compensation goals. To mesh employees" future performance with organizational goals. To reduce unnecessary turnover: relationship between equity and motivation, determining compensation the wage mix. Techniques: internal structure, pay structure, incentive program, evaluation. Strategic objectives: efficiency, performance, quality, customers, stockholders, costs, fairness, compliance: designing a compensation system. Centralization vs. decentralization of pay decisions: legal requirements for compensaton. Step 1: conduct job evaluation for internal equity. Step 2: group similar jobs into pay grades. Step 3: conduct salary survey for external equity. Step 4: price each pay grade using wage curves. Step 1: job evaluation for internal equity. Job evaluation: systematic comparison of jobs to determine their relative worth. Fundamental compensable aspect of a job e. g. skill, effort, responsibility, working conditions: job evaluation methods.
