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Fundamentals of Human Resource Management 11e Chapter 11 Compensation
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What is your biggest motivator at work? Promotions Great work assignments Recognition Control over your own work? Pay – covered in this chapter Introduction 2 Fundamentals of Human Resource Management 11e
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Rewards Review Fundamentals of Human Resource Management 11e 3 bonuses piecework commission incentive plans merit pay plans cost of living increase labor market adjustment profit sharing time-in-rank increase protection Program pay for time not worked services/ perks assigned parking space preferred assignments business cards own secretary impressive title participation in decision making greater job freedom more responsibility opportunities for growth diversity of activities Financial Non-financia l Extrinsic Implied membership-based Performance based Explicit membership-based Intrinsic
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Intrinsic rewards come from the job itself, such as: Pride in one’s work Feelings of accomplishment Being part of a work team Extrinsic rewards come from a source outside the job, mainly by management: Money Promotions Benefits Intrinsic versus Extrinsic Rewards 4 Fundamentals of Human Resource Management 11e
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Financial rewards Wages Bonuses Profit sharing Pension plans Paid leaves Purchase discounts Nonfinancial rewards Make life on the job more attractive Employees vary on the rewards they prefer Types of Reward Plans 5 Fundamentals of Human Resource Management 11e
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Performance-based rewards are tied to specific job performance criteria Commissions Piecework pay plans Incentive systems Group bonuses Merit pay Membership-based rewards are offered to all employees Cost-of-living increases Benefits Salary increases Performance-based versus Membership-Based Rewards 6 Fundamentals of Human Resource Management 11e
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Companies derive their compensation programs from job evaluation, which defines the appropriate worth of each job. An effective, fair compensation program attracts, motivates and retains competent employees Minimum wage Overtime pay Record-keeping Child labor restrictions Compensation Administration 7 Fundamentals of Human Resource Management 11e
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Job evaluation helps set pay structure.
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  • Winter '18
  • Dr Sibt
  • Employment compensation

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