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Unformatted text preview: Week 5: Compensating Human Resources INTRODUCTION: This week, you will seek to gain a better understanding of strategic compensation design issues, perceptions of pay fairness, and the process for building wage and salary administrations systems. You will also study key factors that must be addressed in variable pay plans, executive compensation, and employee benefits. You will identify four strategic benefits considerations and why benefits management and communications efforts are important. Lastly, you will examine changes to retirement plans and the growth of financial, family-oriented, and time-off benefits. Reflect on the benefits you consider to be the most important to your overall career happiness. Why are benefits strategically important to employers and what are some key strategic considerations? Learning Outcomes By the end of this week, you will be able to: • Outline the process of building a wage and salary administration system • Define variable pay and give examples of three types of variable pay • Identify the components of executive compensation and discuss criticisms of executive compensation levels • Distinguish between mandated and voluntary benefits and list three examples of each • Explain the importance of health-case cost management and identify some methods of achieving it Reading • Course Text: Human Resource Management Chapter 11, "Total Rewards and Compensation" In this chapter, you will identify the three general components of total rewards and the four compensation system design issues. You will also learn the basic provisions of the Fair Labor Standards Act. Finally, you will discover the process of building a base pay system and the two ways individual pay increases are determined....
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