ADM 3337 Chapter Notes - Chapter 8: Regression Analysis, Frequency Distribution, Competitive Intelligence
Document Summary
Adm3337 chapter 8 designing pay levels, pay mix, and pay structures: Define the purpose of the compensation survey. Interpret survey results and construct market pay line. Construct an internal pay policy line that reflects external pay policy. Balance competitiveness with internal alignment through the use of ranges, flat rates, and/or bands. Decide on: if employers want to be a market leader with respect to pay, match average pay, lag behind average market pay rates. Compensation surveys: the systematic process of collecting and making judgments about the compensation paid by other employers. Adjust internal pay level in response to changing competitor pay rates. The purpose of a compensation survey: adjusted on a regular basis, can be based on overall movement of pay rates, performance, ability to pay, or contract terms. To estimate the labour costs of product market competitors. Information from specialized-surveys can provide information on pay-related problems.