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Ch 12 and 13 F10_posted

Ch 12 and 13 F10_posted - Chapter 12 Explain the types of...

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Managing Compensation Chapter 12
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Explain the types of compensation. Hourly Salaried Piecework Nonexempt Exempt
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List and discuss the internal and external factors that influence the wage mix: “How are the wages for my job determined?” Internal factors: within the company External factors: outside of the company
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Internal Factors Employer’s compensation strategy – compensation objectives Worth of a job – job evaluation Employee’s relative worth – connection between high performance and raises Employer’s ability to pay – what can they afford?
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External Factors Labor Market Conditions – Supply/Demand Area Wage Rates – equal to other employers? Cost of Living – raises due to inflation Collective Bargaining – labor unions
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Compare and contrast internal and external equity. Internal equity –  External equity – 
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Identify methods of job evaluation Job Ranking
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Job classification
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Describe how an organization would conduct a job evaluation using the point method. Determine compensable factors – elements that constitute what the job is composed of i.e. things that are worth compensation. Assign points to degrees of compensable factors
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Job Evaluation Using the Point Method Continued… Rate the job based on compensable factors Total points and group into grades/classifications
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Sample from Point Manual Education – 300 points This factor measures the amount of formal education required to perform the job satisfactorily. Experience of knowledge received through experience is not to be considered in evaluating jobs on this scale
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