HTM 11-10-10 - Pay scales raised annually Industry...

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HTM 260 November 10 th , 2010 Nature of Total Rewards and Compensation Total Rewards Monetary and non-monetary rewards provided to employees in order to attract, motivate, and retain them. Reward System Strategic Objectives: Legal compliance with all laws and regulations Cost effectiveness for the organization Internal, external, and individual equity for employees Performance enhancement for the organization Performance recognition and talent management for employees. HR Unit Develops and administers the compensation system Evaluate jobs and analyzes pay surveys Develops wage/salary structures and policies Managers Identify job descriptions and compensation concerns Recommend pay rates and increases according to HR guidelines Evaluate employees performance for compensation purposes Entitlement-----------------------------------------------------------------Performance Seniority-based pay Across the board raises
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Unformatted text preview: Pay scales raised annually Industry comparisons of compensation only Santa Claus bonuses Compensation Approaches Traditional Approach compensation is primarily base pay. Bonuses are for executives only Fixed benefits tied to long tenure Pay grade progression is bases on organizational promotions One organization wide pay plan for all employees. No raises for length of service No raises for longer service poor performers Market-adjusted pay structure Broader industry comparison Bonuses tires to performance results Total Rewards Approach Annual/long term incentives provided to all employees Flexible and portable benefits offered Knowledge bases broadbands determine pay grade Multiple pay plans consider job family, location, and business units Variable pay used with base pay...
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This note was uploaded on 10/19/2011 for the course HTM 260 taught by Professor Fernsten during the Spring '08 term at UMass (Amherst).

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HTM 11-10-10 - Pay scales raised annually Industry...

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