3.3- Compensation Concepts continued

3.3- Compensation Concepts continued - Unit 4, Lecture 2:...

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COMPENSATION CONCEPTS Prof. John Kammeyer-Mueller MGT 4301 Unit 4, Lecture 2: Compensation Concepts Continued
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Plan Where we are Understand the basics of compensation in organizations Where we want to be Understand more advanced concepts in compensation and benefits How we know how we’re doing How can we adjust pay relative to the market as a whole? How can we relate compensation within a job? Why do companies tend to pay established workers more? Unit 4, Lecture 2: Compensation Concepts Continued
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The simple process of developing a point factor system Unit 4, Lecture 2: Compensation Concepts Continued Conduct a job  evaluation Conduct a  salary survey Adjust salary to create  internal and external equity
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Comparing your pay to the market job wage cog educ decide Acct 1 $43,000 4 7 2 Acct 2 $68,000 7 8 4 Salesperson $45,000 3 3 3 Sales mgr $65,000 7 5 6 Marketing exec $135,000 9 7 7 Unit 4, Lecture 2: Compensation Concepts Continued ε β + + + + = j j j j decide educ cog w 3 2 1 0 Fit your pay line to the market with regression
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Unit 4, Lecture 2: Compensation Concepts Continued Hypothetical Match Between Points and the Market Secretary Telephone sales Accountant Computer Programmer Human Resources Manager Marketing Manager 20000 30000 40000 50000 60000 70000 20 40 60 80 Points Job Title Market Salary Points Secretary 23,500.00 $ 20 Telephone sales 32,800.00 $ 27 Accountant 43,700.00 $ 45 Computer Programmer 55,900.00 $ 52 Human Resources Manager 57,500.00 $ 70 Marketing Manager 68,700.00 $ 85
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An example: Raw data from the O*Net and SOC Occupational title Points Salary Chief Executives 25.10 104,630.00 $ Marketing Managers 24.22 75,360.00 $ Human Resources Managers 22.90 63,420.00 $ Financial Managers 22.68 72,570.00 $ Sales Managers 21.96 74,230.00 $ Advertising and Promotions Managers 21.56 62,260.00 $ Computer and Information Systems Managers 21.23 80,250.00 $ Industrial Engineers
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This note was uploaded on 07/18/2011 for the course MAN 4301 taught by Professor Kammeyer during the Fall '10 term at University of Florida.

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3.3- Compensation Concepts continued - Unit 4, Lecture 2:...

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