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1、1,Compensating Employees,Ch 7,2,When you finish studying this chapter, you should be able to:,Explain each of the five basic steps in establishing pay rates Discuss four basic factors determining pay rates Compare and contrast piecework and team or group incentive plans List and describe each of the
2、 basic benefits most employers might be expected to offer,3,Pay Factors,Legal Union Policy Equity,4,Some Important Compensation Laws,Fair Labor Standards Act - contains minimum wage, maximum hours, overtime pay, equal pay, record-keeping, and child labor provisions covering the majority of U.S. work
3、ers,5,Some Important Compensation Laws,Equal Pay Act - employees of one sex may not be paid wages at a rate lower than that paid to employees of the opposite sex for doing roughly equivalent work,6,Some Important Compensation Laws,Title VII of the Civil Rights Act makes it an unlawful practice for a
4、n employer to discriminate against any individual,7,Some Important Compensation Laws,Age Discrimination in Employment Act Americans with Disabilities Act Family and Medical Leave Act,8,How Unions Influence Compensation Decisions,National Labor Relations Act (NLRA) of 1935 granted employees the right
5、 to organize and to bargain collectively,9,Equity and Its Impact on Pay Rates,External Equity - pay must compare favorably with rates in other companies, or an employer will find it hard to attract and retain qualified employees,10,Equity and Its Impact on Pay Rates,Internal Equity - Each employee s
6、hould view his or her pay as equitable given other employees pay in the organization,11,How Employers Establish Pay Rates,Conduct a salary survey Employee committee determines the worth of each job Group similar jobs into pay grades Price each pay grade by using wage curves Develop rate ranges,12,St
7、ep 1: Conduct the Salary Survey,Salary (or compensation) surveysformal or informal surveys of what other employers are paying for similar jobs Collect data on benefits,13,http:/stats.bls.gov,14,Step 2: Determine the Worth of Each Job,Job evaluation - formal and systematic comparison of jobs to deter
8、mine the worth of one job relative to another Compensable factors - factors that determine your definition of job content, establish how the jobs compare to each other, and set the compensation paid for each job,15,Job Evaluation Methods,Ranking method - ranks each job relative to all other jobs Job
9、 classification - manager categorizes jobs into groups based on their similarity in terms of compensable factors such as skills and responsibility,16,Ranking Method of Job Evaluation,Obtain job information Select raters and jobs to be rated Select compensable factors Rank jobs Combine ratings,17,Job
10、 Evaluation Methods,Point method - involves identifying several compensable factors, each having several degrees, and then assigning points based on the number of degrees, to come up with an actual number of points for each job,18,Step 3: Group Similar Jobs into Pay Grades,Pay grade comprises jobs o
11、f approximately equal difficulty or importance as determined by job evaluation,19,Step 4: Price Each Pay GradeWage Curves,Wage curve - shows the average pay rates currently being paid for jobs in each pay grade,20,Step 5: Develop Rate Ranges,May be 10 levels or steps and 10 corresponding pay rates w
12、ithin each pay grade,21,Pricing Managerial and Professional Jobs,Emphasize non-quantifiable factors such as judgment and problem solving Tendency is to pay managers and professionals based on their performance,22,Pricing Managerial and Professional Jobs,Four main components: Base salary Short-term i
13、ncentives Long-term incentives Executive benefits and perks,23,Current Trends in Compensation,CompetencySkill-Based Pay Employee is paid for the range, depth, and types of skills and knowledge he is capable of,24,Current Trends in Compensation,Skill-based pay programs Employer defines specific skill
14、s, and has a method for determining the persons pay based on his or her skill competencies,25,Current Trends in Compensation,Broadbanding Collapsing salary grades and ranges into just a few wide levels or bands, each of which contains a relatively wide range of jobs and salary levels,26,The “New Pay
15、”,Employers want to ensure that their compensation plans add value in terms of achieving the firms strategic goals,27,Insert Figure 7.5,28,Incentive Plans,Individual incentive programs give performance-based pay to individual employees who meet their individual performance standards Variable pay ref
16、ers to group pay plans that tie payments to productivity,29,Incentive Plans,Piecework - Pay is tied directly to what the worker produces,30,Team or Group Incentive Plans,Tying team performance to the companys strategic goals Main disadvantage is that each workers rewards are not based just on his own efforts,31,Incentive Plans,Stock option - the right to purchase a specific number of shares of company stock at a specific price during a period of time,32,Incentives for Salespeople,Most
