Human Resource Management Notes Test 3

Human Resource Management Notes Test 3 - Human Resource...

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Human Resource Management Test 3 03.30.09 Goals of the Compensation Attract – higher paying jobs are usually more attractive Retain – many employees stay at a company to maintain their pay Motivate Determine Pay Rates Employee compensation - All forms of pay or rewards going to employees and arising from their employment. Direct Financial payments - Pay in the form of wages, salaries, incentives, commissions, and bonuses. Indirect financial payment - Pay in the form of financial benefits such as insurance. Vacations are an example. Overview of Compensation Laws Davis-Bacon Act (1931) - A law that sets wage rates for laborers employed by contractors working for the federal government. Walsh-Healey Public Contract Act (1936) - A law that requires minimum wage and working conditions for employees working on any government contract amounting to more than $10,000. Overview of Compensation Laws (cont’d) Title VII of the 1964 Civil Rights Act
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- This act makes it unlawful for employers to discriminate against any individual with respect to hiring, compensation, terms, conditions, or privileges of employment because of race, color, religion, sex, or national origin. Overview of Compensation Laws (cont’d) Fair Labor Standards Act (1938) - The act provides for: o Minimum wages o Maximum hours o Overtime pay for nonexempt employees after 40 hours worked per week o Child labor protection. The law has been amended many times and covers most employees. Equal Pay Act (1963) - An amendment to the Fair Labor Standards Act designed to require equal pay for women doing the same work as men. Overview of Compensation Laws (cont’d) Employee Retirement Income Security Act (ERISA) - The law that provides government protection of pensions for all employees with company pension plans. It also regulates vesting rights. The Age Discrimination in Employment Act The American with Disabilities Act Overview of Compensation Laws (cont’d) The Family and Medical Leave Act - Entitles eligible employees, both men and women, to take up to 12 weeks of unpaid, job- protected leave for the birth of a child or for the care of a child, spouse, or parent. Compensation Policy Issues
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Pay for seniority The pay cycle Salary increases and promotions Overtime and shift pay Probationary pay Paid and unpaid leaves Paid holidays Equity and its impact on Pa Rates The equity theory of motivation - States that if a person perceives an inequity, the person will be motivated to reduce or eliminate the tension and perceived inequity. Forms of Equity External equity - How a job’s pay rate in one company compares to the job’s pay rate in other companies Internal equity - How fair the job’s pay rate is, when compared to other jobs within the same company Individual equity - Ho fair an individual’s pay as compared with what his or her co-workers are earning for the same or very similar jobs within the company. Methods to Address Equity issues
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This note was uploaded on 11/16/2009 for the course BE 123 taught by Professor Roger during the Spring '09 term at Limestone.

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Human Resource Management Notes Test 3 - Human Resource...

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