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Week10 - Week 10 Prescribed reading Dessler et al(2002...

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12-1 BUS 381 Compensation Week 10 Prescribed reading: Dessler et al (2002), Chapter 12 Learning Objectives Discuss different types of rewards (financial and nonfinancial) Discuss the key factors in determining pay rates Explain how organizations establish pay rates Describe skill/competency-based pay Discuss compensation for professionals and managers Discuss gender differences in pay
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12-2 Basic Considerations in Determining Pay Rates Legal Standards Union Compensation policies Equity
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12-3 Establishing Pay Rates Step 1. Conduct job evaluation – for internal equity Step 2. Group similar jobs into pay grades Step 3. Conduct salary survey – for external equity Step 4. Price each pay grade using wage curves Step 5. Fine-tune pay rates
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12-4 Job Evaluation The formal and systematic comparison of jobs to determine their relative worth Benchmark Job -job commonly found in organizations -critical to firm’s operations Compensable Factor -fundamental compensable aspect of a job eg. skill, effort, responsibility, working conditions
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