Compensation_Pay.ppt - COMPENSATION AGENDA 1.Traditional...

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COMPENSATION
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AGENDA 1. Traditional model for base pay programs 2. Basic approach to job evaluation 3. Trends in compensation 10- 10-2
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Compensation All forms of financial returns & tangible benefits that employees receive as part of an employment relationship 10- 10-3
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Does Pay Matter 60-70% of total costs, compensation can decide success or failure of an organization On an individual level Pay is both instrumental & symbolic to workers U.S. workers prefer pay for performance systems Workers are satisfied with pay when there is equity
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Compensation Systems Characteristics 1. Enables an organization to attract & retain qualified, competent workers 2. Motivates employee performance, fosters a feeling of equity, & provides direction to their efforts 3. Supports, communicates, & reinforces an organization's culture, values, and competitive strategy 4. Complies with government laws/ regulations FLSA, EPA, Title VII & numerous other laws/regs 5. Cost structure reflects the organization's ability to pay 10- 10-5
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The Traditional Approach Job Analysis Job Description Labor Market Data Collection and Analysis Job Content Evaluation Reconciliation of internal and external
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