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ch11_Compensation - Fundamentals of Human Resource...

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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Chapter 11 Establishing Rewards and Pay Plans Fundamentals of Human Resource Management Ninth Edition DeCenzo and Robbins
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Introduction People do what they do to satisfy some need and they look for a payoff or reward. The most obvious reward is pay, but there are many others, including: promotions desirable work assignments peer recognition work freedom
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Introduction
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Types of Reward Plans Intrinsic versus Extrinsic Rewards Intrinsic rewards (personal satisfactions) come from the job itself, such as: pride in one’s work feelings of accomplishment being part of a work team
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Types of Reward Plans Intrinsic versus Extrinsic Rewards Extrinsic rewards come from a source outside the job include rewards offered mainly by management Money Promotions Benefits
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Types of Reward Plans Financial versus Nonfinancial Rewards Financial rewards include: wages bonuses profit sharing pension plans paid leaves purchase discounts Nonfinancial rewards emphasize making life on the job more attractive; employees vary greatly on what types they find desirable.
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Types of Reward Plans Performance-based versus Membership-Based Rewards Performance-based rewards are tied to specific job performance criteria. commissions piecework pay plans incentive systems group bonuses merit pay Membership-based rewards such as cost-of-living increases, benefits, and salary increases are offered to all employees.
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Compensation Administration The process of managing a compensation program so that the organization can attract, motivate and retain competent employees who perceive that the program is fair.
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Compensation Administration Job evaluation – the process used to determine each job’s appropriate worth within the organization. Based on job analysis information.
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Compensation Administration Government Influence on Compensation Administration Fair Labor Standards Act : 1938 act which requires minimum wage overtime pay record-keeping child labor restrictions
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Fundamentals of Human Resource Management 9e, DeCenzo and Robbins Compensation Administration Government Influence on Compensation Administration Fair Labor Standards Act Exempt employees
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