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Chptr 9: Direct Financial Compensation

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by Elias Ramos on 17 April 2013

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Transcript of Chptr 9: Direct Financial Compensation

Job Pricing - placing a dollar value on a job's worth Pay Grade Wage Curve Pay Range Broadbanding Team 0 + - = 9 8 7 1 2 3 4 5 6 c Ex Determinants of Direct Financial Compensation The organization
The labor market
The job
The employee Compensation Compensation is the total of all rewards provided employees in return for their services.

Forms of compensation include:
Direct Financial Compensation
Indirect Financial Compensation (benefits)
Non financial Compensation Financial Equity Financial equity is worker's perception of
fair pay treatment of employees.

Forms of compensation equity include:
internal equity
external equity
employee equity
team equity Traditional Job Evaluation Methods Ranking method
arranged in order to their value to the company

Classification method
defining a number of classes or grades to describe a group of jobs

Factor comparison
make decisions on separate aspects or factors, NOT the entire job as they evaluate

Point method
assigns a numerical value to specific job factors, such as knowledge required. these values provides a quantitative assessment of a job's relative worth. Employee as Determinant of Direct Financial Compensation Performance
Skills
Competencies
Seniority
Experience
Potential
Political influence
Luck Negotioantion: More than the Money http://abcnews.go.com/GMA/video?id=8384334 Chapter 9
Direct Financial Compensation Compensation policies and ability to pay compensation surveys
cost-of-living increases
labor unions
the economy
federal and state legislation Job analysis
job descriptions
job evaluation Grouping of similar jobs
to simplify pricing jobs Fitting of plotted points to create smooth progression between pay grades Minimum and maximum pay rate with
enough variance between the two to
allow for a significant pay difference Compensation technique that collapses
many pay grades (salary grades) into a
few wide bands in order to improve
organizational effectiveness . Team-Based Pay
Company-Wide Pay
Profit sharing
Gainsharing
Scalon plan
Professional Compensation
Sales Representative Compensation Executive Compensation Base salary
Bonuses and performance-based pay
Stock option plans
Perquisites (perks) Golden Parachute Contract Thank You!
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