Ebook Human resource management (Thirteenth edition): Part 2
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Ebook Human resource management (Thirteenth edition): Part 2
PART FOUR I COMPENSATION11 ...............Establishing Strategic Pay PlansLEARNING OBJECTIVES1.List the basic factors determining pay rates.2.Define a Ebook Human resource management (Thirteenth edition): Part 2 and give an example of how to conduct a job evaluation.3.Explain in detail how to establish a market-competitive pay plan.4.Explain how to price managerial and professional jobs.5.Explain the difference between competency-based and traditional pay plans.6.List and explain six important trends in com Ebook Human resource management (Thirteenth edition): Part 2 pensation managementThe retail grocery business is highly competitive. Therefore, when Walmart moves into a grocery's area, the knee-jerk reaction isEbook Human resource management (Thirteenth edition): Part 2
to cut costs, particularly wages and benefits. So as Wegman's Food Markets, Inc., adds more stores and increasingly competes with Walmart, ts managemePART FOUR I COMPENSATION11 ...............Establishing Strategic Pay PlansLEARNING OBJECTIVES1.List the basic factors determining pay rates.2.Define a Ebook Human resource management (Thirteenth edition): Part 2 e Competencies and Behaviors Required for Company to Achieve These strategic Goals -----------1---------C,O^PcllSa^'o/7HR Policies and Practices Required to Produce Employee Competencies and BehaviorsWHERE ARE WE NOW...Once you've appraised and coached your employees, theyll expect to be paid. Of co Ebook Human resource management (Thirteenth edition): Part 2 urse, few firms just pay employees arbitrarily Each employee's pay should make sense in terms of what other employees earn, and this requires a pay plEbook Human resource management (Thirteenth edition): Part 2
an. The main purpose of this chapter is to show you how to establish a pay plan. We explain job ovaluation— techniques for finding the relative worth PART FOUR I COMPENSATION11 ...............Establishing Strategic Pay PlansLEARNING OBJECTIVES1.List the basic factors determining pay rates.2.Define a Ebook Human resource management (Thirteenth edition): Part 2 all pay plan. The next chapter focuses specifically on pay-for-pcrformance and incentive plans.Access a host of interactive learning aids at www.mymanagementlab.com to help strengthen your understanding of the chapter concepts.Management351352 PART 4 COMPENSATION1 List the basic factors determining Ebook Human resource management (Thirteenth edition): Part 2 pay rates.BASIC FACTORS IN DETERMINING PAY RATESEmployee compensation includes all forms of pay going to employees and arising from their employment.Ebook Human resource management (Thirteenth edition): Part 2
It has two main components, direct financial payments (wages, salaries, incentives, commissions, and bonuses) and indirect financial payments (financiPART FOUR I COMPENSATION11 ...............Establishing Strategic Pay PlansLEARNING OBJECTIVES1.List the basic factors determining pay rates.2.Define a Ebook Human resource management (Thirteenth edition): Part 2 rements of time or based on performance, rime based pay is still the foundation of most employers' pay plans. Blue collar and clerical workers receive hourly or daily wages, lor instance. Others, like managers or Web designers, tend to be salaried and paid weekly, monthly, or yearly.1 he second dire Ebook Human resource management (Thirteenth edition): Part 2 ct payment option is to pay for performance. For example, piecework ties compensation to the amount of production (or numbei of “pieces") the worker tEbook Human resource management (Thirteenth edition): Part 2
urns out. Sales commissions arc another performance-based (in this case, sales-based) compensation. Other employers devise pay plans that combine timePART FOUR I COMPENSATION11 ...............Establishing Strategic Pay PlansLEARNING OBJECTIVES1.List the basic factors determining pay rates.2.Define a Ebook Human resource management (Thirteenth edition): Part 2 ver performance-based financial incentives and bonuses (Chapter 12) and employee benefits (Chapter 13).Several factors determine the design of any pay plan: company strategy and policy, equity, legal, and union.Aligning Total Rewards with StrategyThe compensation plan should first advance the firm’s Ebook Human resource management (Thirteenth edition): Part 2 strategic aims—management should produce an aligned reward strategy. This means creating a compensation package including wages, incentives, and beneEbook Human resource management (Thirteenth edition): Part 2
fits that produces the employee behaviors the firm needs to support and achieve its competitive strategy. We will see that many employers formulate a PART FOUR I COMPENSATION11 ...............Establishing Strategic Pay PlansLEARNING OBJECTIVES1.List the basic factors determining pay rates.2.Define a Ebook Human resource management (Thirteenth edition): Part 2 gn), career development, and recognition programs.Based on Chapter 3’s strategy-> behaviors -> HR practices process (Figure 3-7, page 81), Table ll -l lists illustrative questions to ask.The accompanying Strategic Context feature illustrates strategic rewards.THE STRATEGIC CONTEXTWegmans Foods Ebook Human resource management (Thirteenth edition): Part 2 PART FOUR I COMPENSATION11 ...............Establishing Strategic Pay PlansLEARNING OBJECTIVES1.List the basic factors determining pay rates.2.Define aGọi ngay
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