MGMT 494 Ch.8 Study Guide - Chapter 8 Designing Pay Why Conduct a Salary Survey Adjust pay level How much to pay o Movement of pay rates in the market

MGMT 494 Ch.8 Study Guide - Chapter 8 Designing Pay Why...

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Chapter. 8 Designing PayWhy Conduct a Salary Survey-Adjust pay level – How much to pay?
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oLabor costs-Total compensation systemoBase pay, total cash, stock options, and benefits-Specific pay data on incumbents in jobs under studyExhibit 8.9: Advantages & Disadvantages of Measures of CompensationInterpreting Survey Results-No single best approach-Verify dataoCheck accuracy of job matchesIf not exact match can use survey levelingoCheck for anomaliesDoes any one company dominate?Do all employers show similar patterns?Outliers?oSee Exhibit 8.11-Statistical analysis (see Exhibit 8.13)o
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