Managing Human Resources Bohlander Snell Sherman

1
ManagingHuman Resources Bohlander ? Snell ?
Sherman

• Chapter 9
• Managing
• Compensation

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Goals of Strategic Compensation Policies
Motivating Value of Compensation
Pay-for- Performance Standard
Linking Compensation to Organizational Objecti
ves
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Presentation Slide 9-3Components of the Wage Mix
Conditions of Labor Market
Compensation Policy of Organization
Area Wage Rates
WAGE MIX
Worth of Job
Cost of Living
Employees Relative Worth
Collective Bargaining
Employers Ability to Pay
Legal Requirements
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Job Evaluation Systems
Job Ranking
Job Classification
Common Methods of Job Comparison
Point System
Factor Comparison
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The Compensation Structure
Issues Involved in Setting Compensation Structures
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Significant Compensation Issues
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Wage and Salary Surveys

• Select key jobs.
• Determine relevant labor market.
• Select organizations.
• Decide on information to collect
  wages/benefits/pay policies.
• Compile data received.
• Determine wages and benefits to pay.

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Group Assignment 7

• Develop a brief (2 page maximum) wage and salary
  survey for particular employees of the UM School
  of Business Administration based on the first
  four steps on the previous overhead.
• In doing so
• Identify the key jobs you selected
• The relevant labor market for these jobs
• The organizations you will survey
• The type of information you will collect

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Group Assignment 8

• Based on the salary survey developed for
  assignment 8, and assuming that you know what the
  data look like (i.e., you can determine what the
  results were), develop a 2 page (maximum)
  description of the wage and benefits packages for
  the jobs you selected.
• Be sure that your packages are consistent with
  your survey results (i.e., based on your survey
  results, you should state your reasons for
  putting together each package).