COMPENSATION STRATEGIES AND PRACTICES

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Presentation transcript:

COMPENSATION STRATEGIES AND PRACTICES CHAPTER 13 COMPENSATION STRATEGIES AND PRACTICES

Objectives Identify the two general types of compensation and give examples of two different compensation philosophies Discuss four strategic compensation design issues Describe three behavioral considerations affecting compensation activities Identify the basic provisions of the Fair Labor Standards Act (FLSA) Discuss four methods of performing job evaluation Outline building a wage and salary administration system Discuss the establishment of a pay-for-performance system Human Resource Management, 9E Mathis and Jackson © 2000 South-Western College Publishing 13-2

13-3 Human Resource Management, 9E Mathis and Jackson © 2000 South-Western College Publishing 13-3

Strategic Compensation Compensation philosophies Entitlement orientation Performance orientation Compensation design Organizational culture Cost-effectiveness / labor market positioning Competency-based pay Broadbanding Base / variable pay Team-based compensation Human Resource Management, 9E Mathis and Jackson © 2000 South-Western College Publishing 13-4

13-5 Human Resource Management, 9E Mathis and Jackson © 2000 South-Western College Publishing 13-5

Legal Constraints on Pay Systems Fair Labor Standards Act (FLSA) Minimum wage Child-labor provisions Exempt and nonexempt status Computer-related occupations Overtime provisions Compensatory time off Independent contractor regulations Acts affecting government contractors Equal pay and equity State laws Garnishment laws Human Resource Management, 9E Mathis and Jackson © 2000 South-Western College Publishing 13-6

13-7 Human Resource Management, 9E Mathis and Jackson © 2000 South-Western College Publishing 13-7

Development of a Base Pay System Job evaluation Ranking method Classification method Point method Factor comparison Integrated / computerized Legal issues Americans with Disabilities Act (ADA) Gender issues Pay surveys Prepared pay surveys Developing a pay survey Legal issues and pay surveys Human Resource Management, 9E Mathis and Jackson © 2000 South-Western College Publishing 13-8

Establishing Pay Structures Market line Different pay structures Pay grades Pay ranges Individual pay Rate out of range Red-circled employees Green-circled employees Pay compression Pay increases Seniority Cost-of-living adjustments (COLA) Pay-for-performance systems Lump-sum increases (LSI) Human Resource Management, 9E Mathis and Jackson © 2000 South-Western College Publishing 13-9

13-10 Human Resource Management, 9E Mathis and Jackson © 2000 South-Western College Publishing 13-10