Compensation FINAL EXAM

Compensation FINAL EXAM - Compensation Definitions Legal...

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Compensation Definitions Legal Considerations Other Determinants Labor Market Industry Organization Job Employee Other Equity Concerns Executive Compensation
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Definitions Compensation (direct, financial incentive): Pay that a person receives in the form of wages, salary, bonuses, and commissions (Mondy & Noe, 2005) Pay Structure: the organization’s pay policy
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Legal Considerations EEO Laws Fair Labor Standards Act (FLSA) Minimum wage $7.25 Overtime Pay Child labor standards Equal Pay Act
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Labor Market Determinants Prevailing wages in the local area Cost of living considerations
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Industry Determinants Competition Benchmarking, Salary surveys, data collected by government (e.g., BLS)
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Organizational Determinants Compensation Policy Pay Leader, Pay “at the market”, Pay follower Organizational Retention
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Equity Theory Employee: evaluate one’s own worth relative to the pay s/he receives
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This note was uploaded on 10/14/2010 for the course HR 1111 taught by Professor Unknown during the Spring '10 term at University of Minnesota Duluth.

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Compensation FINAL EXAM - Compensation Definitions Legal...

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