ILRHR4631 Week 2 Lecture January 26

ILRHR4631 Week 2 Lecture January 26 - Managing Compensation...

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Managing Compensation Spring 2009 ILRHR 4631 Week 2 Charles G. Tharp
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2 The Power of Interest Rates MANAGEMENT JANUARY 23, 2009 By MARK MAREMONT Some major companies are boosting the value of retirement plans for top executives by using a generous formula when converting a pension into a single lump- sum payment.
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3 New Jersey - New Jersey Minimum Wage Advisory Commission Recommends that  State Minimum Wage Be Raised to $8.50 per Hour in 2009 On December 23, 2008, the State of New Jersey Minimum Wage Advisory Commission  issued its Second Annual Report. In the report, the Commission  recommended that New  Jersey increase the state minimum wage from $7.15 per hour to $8.50 per hour in  2009 , and that New Jersey should establish an automatic annual increase in the minimum  wage rate for each subsequent year , based on the increase in the consumer price index.  Note: This article was published in the January 2009 issue of the  New Jersey  eAuthority.  
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4 Nestle Division Pays $5.1 Million in Back Wages to 6,000 Workers LOS ANGELES—Nestle Prepared Foods Co., a division of Nestle U.S.A., has paid almost $5.1 million in back wages to more than 6,000 current and former employees for time spent putting on and taking off required equipment and clothing , as required by the Fair Labor Standards Act, the Department of Labor announced Jan. 15. A DOL investigation found that production, maintenance, and cleaning workers at Nestle manufacturing facilities in California, Utah, and Arkansas did not receive the required pay for the time spent “donning and doffing” required clothing and equipment … The FLSA requires that covered employees be paid for time spent before and after shifts putting on or removing certain uniforms, protective clothing, and safety equipment, as well as for time spent between locker rooms and production areas once work time has begun, the DOL noted. Daily Labor Report
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5 Review of Last Lecture Multi-stakeholder view of pay. Drawing upon multiple disciplines and theories/law Measures of effectiveness of the pay model Total rewards include transactional and relational elements Focus on objectives, policies and techniques How people view pay and the self-reported importance of pay Poverty guidelines and minimum wage Mix of direct pay and benefits; variations by firm size Variation in pay for the same job across employers
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6 Compensation Objectives Efficiency Improving performance, increasing quality, delighting customers and stockholders Controlling labor costs Fairness/Justice Fundamental objective of pay systems Fair treatment by recognizing both employee contributions, and employee needs Procedural justice Distributive justice
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7 Compensation Objectives (cont.) Compliance Conformance to Federal and State compensation laws and regulations Ethics/Culture Organizations care about how its results are achieved
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This note was uploaded on 03/18/2009 for the course ILRHR 4631 taught by Professor Tharp during the Spring '09 term at Cornell University (Engineering School).

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ILRHR4631 Week 2 Lecture January 26 - Managing Compensation...

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