Market wage surveys benchmark job comparisons total

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salary in your profession? »Market wage surveys »Benchmark job comparisons Total Compensation The pay system is one of the most important mechanisms that firms and managers can use to attract, retain, and motivate competent employees to perform in ways that support organizational objectives (Gomez-Mejia, 12/2014, p. 287). The package of quantifiable
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rewards an employee receives for his or her labors. Includes three components: base compensation, pay incentives, and indirect compensation/benefits. Compensation is a tool used by management for a variety of purposes to further the existance of the company. Compensation may be adjusted according the the businessneeds, goals, and available resources. Morale and job satisfaction are affected by compensation. Often there is a balance(equity) that must be reached between the monetary value the employer is willing to payand the sentiments of worth felt be the employee. Compensation may also be used as a reward for exceptional job performance. THE DISTRIBUTIVE JUSTICE MODEL The distributive justice model of pay equity holds that employees exchange their skills to the firm for a set of outcomes (Gomez-Mejia, 12/2014, p. 289). Distributive Justice – fairness of the outcomes that are experienced by employees from wages and non monetary rewards. The foundation of distributive Justice is equity the outputs in compared to the inputs Next is equality equal pay everybody receives equal outcomes, followed by need is the company output proportion to need. Justice Procedural Justice – fair procedures can influence the perception of fair outcomes. Unattractive outcomes will be more readily accepted when they are reached by applying procedural justice. This is a critical element of all HR policies. Examples: Valid criteria used to evaluate performance Give prior notification for change of a policy Avoid conflicts of interest (e.g., nepotism) Competent decision makers or judges Employee input is sought out and utilized Opportunity to appeal unfavorable decisions Gomez-Mejia, L. R., Balkin, D., Cardy, R. (12/2014). Managing Human Resources, 8th Edition [VitalSource Bookshelf version]. Retrieved from The citation provided is a guideline. Please check each citation for accuracy before use.Justice
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  • Spring '14
  • Salary, Employment compensation, external equity

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