Week10 - 12-1BUS 381Compensation Week 10Prescribed reading:...

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Unformatted text preview: 12-1BUS 381Compensation Week 10Prescribed reading: Dessler et al (2002), Chapter 12 Learning ObjectivesDiscuss different types of rewards (financial and nonfinancial)Discuss the key factors in determining pay ratesExplain how organizations establish pay rates Describe skill/competency-based payDiscuss compensation for professionals and managersDiscuss gender differences in pay12-2Basic Considerations in Determining Pay RatesLegal StandardsUnionCompensation policiesEquity12-3Establishing Pay RatesStep 1.Conduct job evaluation for internal equityStep 2.Group similar jobs into pay gradesStep 3.Conduct salary survey for external equityStep 4.Price each pay grade using wage curvesStep 5.Fine-tune pay rates12-4Job EvaluationThe formal and systematic comparison of jobs to determine their relative worthBenchmark Job-job commonly found in organizations-critical to firms operationsCompensable Factor-fundamental compensable aspect of a jobeg. skill, effort, responsibility, working conditions 12-5...
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Week10 - 12-1BUS 381Compensation Week 10Prescribed reading:...

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