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HRM 2600 (78)
Chapter 9

Chapter 9 - Compensation

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Human Resources Management
HRM 2600
Indira Somwaru

Chapter 9Objectives of the compensation systemARMPay for performance standardThe standard by which managers tie compensation to employee effort and performanceRefers to a wide range of compensation options including meritbased pay bonuses salary commissions job and pay banding team group incentives and various gainsharing programsPay EquityAn employees perception that compensation received is equal to the value of the work performedA motivation theory that explains how people respond to situations in which they feel they have received less or more than they deserveIndividuals form a ratio of their inputs to outcomes in their job and then compare the value of that ratio with the value of the ratio for other individuals in similar jobsInternalExternal factors determining the wage mixHow are the wages for my job determinedInternalEmployers Compensation StrategySetting organization compensation policy to lead lag or match competitors payWorth of a JobEstablishing the internal wage relationship among jobs and skill levelsEmployees Relative WorthRewarding individual employee performanceEmployers AbilitytoPay Having the resources and profits to pay employeesExternalLabour Market ConditionsAvailability and quality of potential employees is affected by economic conditions government regulations and policies and the presence of unions
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