Oct%2014%20Compensation%20Part%20I.pptx - Compensation Issues Part I The Basics of Your Pay Questions for today What is total compensation How are base

Oct%2014%20Compensation%20Part%20I.pptx - Compensation...

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Compensation Issues: Part I The Basics of Your Pay!
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Questions for today: What is total compensation? How are base pay, incentive pay, and periodic adjustments different? Why is base pay so important? What are tips for negotiating your salary?
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What is Compensation? All forms of financial returns and tangible services and benefits employees receive as part of an employment relationship It includes: o Total compensation: Pay received directly as cash and indirectly as benefits o Relational returns: Psychological rewards
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Compensation = Total Returns for Work
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1. Base Salary Cash that an employer pays in return for work performed (annual, monthly, hourly. Subject to labor regulations) Reflect the value of the work or skills Generally ignore individual differences * usually the largest component of compensation costs
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2. Periodic adjustments A. Merit pay : (merit increase or base pay increase) An increase to base wages based on performance :
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