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Chapt' 1

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Kinds and levels of knowledge/skill required. Quality of people needed ... Wage and salary add-ons. Incentive programs. Benefits & services. Determining Rates of Pay ... – PowerPoint PPT presentation

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Title: Chapt' 1


1
Chapt. 1
  • Compensation Organizational Strategy
  • Support the strategic plans/actions of
    organization
  • Accomplishing organizational strategy begins with
    determining
  • Work that must be performed
  • Kinds and levels of knowledge/skill required
  • Quality of people needed
  • Rewards the organization can offer

2
Social Structure and Income
  • Upper
  • Ultra rich gt 1,000,000 lt .05 of 1
  • Wealthy 250,000-1,000,000 lt 2
  • Middle
  • Upper Middle 100,000-250,000 6
  • Middle Middle 60,000-100,000 25
  • Lower Middle 35,000-60,000 37
  • Lower
  • Working Poor 19,000-35,000 17
  • Poverty to 19,000 13
  • Family of Four

3
Chapt. 2
  • Page 16 Compensation System
  • Page 18 Compensation Dimensions/Components
  • Page 21 Noncompensation System

4
Chapt. 3
  • Major parts of compensation program
  • Base wages and salaries
  • Wage and salary add-ons
  • Incentive programs
  • Benefits services

5
Determining Rates of Pay
  • Kinds/levels of KSAs
  • Kind of business
  • Page 28 29
  • Union-nonunion status
  • Capital intensive vs. labor intensive
  • Size of business
  • Philosophy of management

6
  • Total compensation package
  • Geographic location
  • Page 31
  • Supply demand of labor
  • Profitability of firm
  • Employment stability
  • Gender difference
  • Employee tenure performance

7
Jobs Pay in U.S.
  • Global environment
  • Page 35
  • Deregulation takeovers
  • Airlines
  • Trucking
  • Communications

8
Major Economic Theories
  • Page 39
  • Classical wage theories
  • Wage control theories
  • Justification theories
  • Behavioral economics theories
  • Organizational economics theories

9
  • Wage supply/demand theory
  • Page 42
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