Human Resources Compensation. Chapter 14 Compensation Base wages and Salaries – Hourly/weekly/bi-weekly/monthly pay that employees receive in exchange.

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Presentation transcript:

Human Resources Compensation

Chapter 14 Compensation Base wages and Salaries – Hourly/weekly/bi-weekly/monthly pay that employees receive in exchange for doing a job. Base wages are the foundation of pay equity. MAN 3301: Management of Human Resources

Chapter 14 Compensation Base wages and Salaries – To establish base wages and salaries, the HR manager will: Determine the relative worth of a job Price the job This is accomplished through Job Evaluation MAN 3301: Management of Human Resources

Chapter 14 Compensation Job Evaluation – Determining the value of a job in relation to other jobs in the organization. Job Ranking method Job Classification method Point method Factor comparison method MAN 3301: Management of Human Resources

Chapter 14 Compensation Job Ranking & Job Classification – Qualitative methods for pricing jobs. Both are based on a comparison of jobs to each other. Job Ranking – a rank-ordered list Job Classification – compares based on duties, KSAs, and conditions. MAN 3301: Management of Human Resources

Chapter 14 Compensation Point Method – Functional Job Analysis is a point method. 1.Select Key Jobs 2.Select “compensable factors” 3.Assign weights to factors 4.Assign points to specific jobs MAN 3301: Management of Human Resources

Chapter 14 Compensation Factor Comparison Method – Similar to Point Method except it utilizes a monetary scale instead of a point scale. MAN 3301: Management of Human Resources

Chapter 14 Compensation Job Pricing – Jobs are priced using wage and salary surveys. Personal interviews Telephone interviews Mailed questionnaires Check out: Bureau for Labor Statistics MAN 3301: Management of Human Resources

Chapter 14 Compensation Job Pricing – Wage survey guidelines Make sure participants are comparable Compare more than just base wages Consider variations in JD How “fresh” is the information? MAN 3301: Management of Human Resources

Chapter 14 Compensation Trends & Issues with Compensation Structures – Skill-based Pay Competency-based Pay Broadbanding Salary Compression Cost-of-Living differentials Minimum Wage Index & a “Living Wage” MAN 3301: Management of Human Resources

Chapter 14 Compensation Legal Considerations – Fair Labor Standards Act of 1938 Equal Pay Act of 1963 Empl. Retirement Income Security Act of 1974 Tax Reform Act of 1986 MAN 3301: Management of Human Resources

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