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,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,10/20/2013,Copyright 2015 Pearson Education,Inc.,#,Click to edit Master title style,11,11-,1,Establishing Strategic Pay Plans,1111-1Establishing Strategic P,11-,2,List the basic factors determining pay rates.,Define and give an example of how to conduct a job evaluation.,Explain in detail how to establish a market-competitive pay plan.,Learning Objectives,11-2List the basic factors det,11-,3,Learning Objectives,Explain how to price managerial and professional jobs.,Explain the difference between competency-based and traditional pay.,11-3Learning ObjectivesExplain,11-,4,List the basic factors determining pay rates.,11-4List the basic factors det,11-,5,Basic Factors in Determining Pay Rates,Aligning total rewards with strategy,Equity and its impact on pay rates,Equity theory of motivation,Addressing equity issues,11-5Basic Factors in Determini,11-,6,Legal Considerations in Compensation,Fair Labor Standards Act(1938),Exempt/nonexempt,Equal Pay Act(1963),Employee Retirement Income Security Act(1974),Other legislation,11-6Legal Considerations in Co,11-,7,IMPROVING PERFORMANCE:,HR as a Profit Center,Wegmans Foods Uses,Strategic compensation management,A total rewards package,Produces employee behaviors,Achieves Wegmans strategic goals,11-7IMPROVING PERFORMANCE:HR,11-,8,Other Factors,Union influences on compensation decisions,Pay policies,Geography,11-8Other FactorsUnion influen,11-,9,IMPROVING PERFORMANCE:,HR Practices Around the Globe,Compensating Expatriate Employees,Home-based plan,Transferees base salary tied to home countrys salary structure salary,Host-based plan,Transferees base salary tied to the host countrys salary structure,11-9IMPROVING PERFORMANCE:Com,11-,10,Review,Alignment with strategy,Equity external,internal,Legal considerations,Union influences,Pay policies,Geography,11-10ReviewAlignment with stra,11-,11,Define and give an example of how to conduct a job,evaluation.,11-11Define and give an exampl,11-,12,Job Evaluation Methods,Compensable factors,Preparing for the job evaluation,11-12Job Evaluation MethodsCom,11-,13,Job Evaluation Methods:Ranking,Obtain job information,Select and group jobs,Select compensable factors,Rank jobs,Combine ratings,11-13Job Evaluation Methods:R,11-,14,Job classification,Point method,“Packaged”point plans,Computerized job evaluations,Job Evaluation Methods,11-14Job classificationJob Eva,11-,15,Compensable factors,Preparation,Ranking,Classification,Point method,Computer-based,Review,11-15Compensable factorsReview,11-,16,Explain in detail how to establish,a market-competitive pay plan.,11-16Explain in detail how to,11-,17,How to Create a Market-Competitive Pay Plan,Choose benchmark jobs,Select compensable factors,Assign weights,Convert percentages to points,Define each factors degrees,Determine degrees and assign points for job factors,11-17How to Create a Market-Co,11-,18,How to Create a Market-Competitive Pay Plan,Review job descriptions and specifications,Evaluate the jobs,What is a market competitive pay plan?,What are wage curves?,11-18How to Create a Market-Co,11-,19,How to Create a Market-Competitive Pay Plan,Draw current(internal)wage curve,Conduct market analysis:salary surveys,Commercial,professional,and government,Using internet to do compensation surveys,11-19How to Create a Market-Co,11-,20,How to Create a Market-Competitive Pay Plan,Draw market(external)wage curve,Compare and adjust,Develop pay grades,Establish rate ranges,Address remaining jobs,Correct out-of-line rates,11-20How to Create a Market-Co,11-,21,IMPROVING PERFORMANCE:,HR Tools for Line Managers and Entrepreneurs,International S has global based employees,Uses the Web for determining salaries and trends,Request salary data from professional groups,Monitors rates viewing job boards,11-21IMPROVING PERFORMANCE:HR,11-,22,Review,11-22Review,11-,23,Explain how to price managerial and professional jobs,.,11-23Explain how to price mana,11-,24,Pricing Managerial and Professional Jobs,Compensating executives and managers,What determines executive pay?,Elements of executive pay,Managerial job evaluation,Compensating professional employees,11-24Pricing Managerial and Pr,11-,25,Executives,Professionals,Pay,Review,11-25ExecutivesReview,11-,26,Explain the difference between,competency-based and traditional pay.,11-26Explain the difference be,11-,27,Contemporary Topics in Compensation,Competency-based pay,What is it?,Why use it?,In practice,The bottom line,11-27Contemporary Topics in Co,11-,28,IMPROVING PERFORMANCE,:,HR Practices Around the Globe,JLGs Skill-Based Pay Program,Supplies access equipment such as aerial work platforms and mast booms,Pay increases based on skill acquisition,Productivity has,increased,11-28IMPROVING PERFORMANCE:JL,11-,29,Broadbanding,Actively managing,Comparable worth,The pay gap,Board oversight,Total rewards and tomorrows pay programs,Trends,11-29BroadbandingTrends,11-,30,Review,Broad banding,Manageme
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