Ch1 - 71-342: Compensation Management Chapter 1 A Road Map...

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71-342: Compensation Management 1 Chapter 1 A Road Map to Effective Compensation
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71-342: Compensation Management Folly of Rewarding A While Hoping for B The case of CEO’s compensation The case of Green Giant The case of IBM 2
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71-342: Compensation Management 3 What Does It All Add Up To Pay Matters Pay Matters Employee Behavior Organization Success Pay
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71-342: Compensation Management What is the Purpose of a Compensation System? Attract , Retain and Motivate qualified employees 4
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71-342: Compensation Management 5 What Is Compensation? Compensation refers to all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship. Source: Milkovich & Newman, 2008
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71-342: Compensation Management 6 Total Rewards Model Extrinsic/Transactional Intrinsic/Relational Sources: Milkovich & Newman, 2008; WorldatWork.org
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71-342: Compensation Management 7 Transactional Returns/Extrinsic Rewards Direct Forms of Pay Base Pay Cost-of-living Adjustments (COLAs) Merit Pay Incentive Pay Skill-based or Competency-based Pay
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Ch1 - 71-342: Compensation Management Chapter 1 A Road Map...

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