Chapter 11 Establishing a Pay Structure. MGMT 422 - Chapter2 Decisions About Pay Job Structure...
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Transcript of Chapter 11 Establishing a Pay Structure. MGMT 422 - Chapter2 Decisions About Pay Job Structure...
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Chapter 11
Establishing a Pay Structure
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MGMT 422 - Chapter 2
Decisions About Pay Job Structure
– Relative pay for different jobs within the organization
Pay level– Average amount the organization pays for
a particular job Pay structure
– The pay policy resulting from job structure and pay-level decisions
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MGMT 422 - Chapter 3
Issues in Developing a Pay Structure
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MGMT 422 - Chapter 4
Legal Requirements Equal Employment Opportunity
– Differences in pay must be tied to business-related considerations
Fair Labor Standards Act of 1938– Establishes a minimum wage – Requirements for overtime pay– Child labor– Exempt vs Non-exempt
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MGMT 422 - Chapter 5
Market Influences Product Markets
– Organizations that offer competing goods and services
– Labor costs per industry– Salary compression
Labor Markets– Attracting the best employees– Cost-of-Living
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MGMT 422 - Chapter 6
Judgments About Pay Fairness
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MGMT 422 - Chapter 7
Job Structure Job evaluation
– Measuring the relative internal worth of the organization’s jobs
Hay Guide-Chart Profile Method– Creates a profile for each position
• Required know how
• Degree of problem solving
• Accountability
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MGMT 422 - Chapter 8
Pay Structure Pay rates Pay policy line
– Shows the mathematical relationship between job evaluation points and pay rate
Pay grades– Grouping sets of jobs having similar worth
or content together to establish pay rates
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MGMT 422 - Chapter 9
Sample Pay Grade Structure
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MGMT 422 - Chapter 10
Alternatives to Job-Based Pay Delayering
– Reducing the number of levels
– Creates broad bands Skill-based pay systems
– Pay structures that set pay according to the employees’ skill level or knowledge
– Addresses capabilities as well
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MGMT 422 - Chapter 11
Pay Structure and Actual Pay HR is typically
responsible for setting and monitoring the pay structure
Compa-Ratio- ratio of average pay to the midpoint of the pay range
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Chapter 12
Recognizing Employee Contributions with Pay
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MGMT 422 - Chapter 13
Effective Incentive Pay Plans
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MGMT 422 - Chapter 14
Individual Incentives
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MGMT 422 - Chapter 15
Team or Group Incentives
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MGMT 422 - Chapter 16
Organizational Incentives
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MGMT 422 - Chapter 17
Balanced Scorecard A combination of performance measures
directed toward the company’s long- and short-term goals
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MGMT 422 - Chapter 18
Balanced Scorecard
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MGMT 422 - Chapter 19
Incentive Pay for Executives