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Ebook Managing human resources (7th edition): Part 2

(BQ) Part 2 book "Managing human resources" has contents: Managing compensation, rewarding performance, designing and administering benefits, developing employee relations; respecting employee rights and managing discipline; working with organized labor; managing workplace safety and health.and other contents. | To download more slides, ebooks, solution manual, and test bank, visit http://downloadslide.blogspot.com PART V COMPENSATION C H A P T E R 10 Managing Compensation CHALLENGES After reading this chapter, you should be able to deal more effectively with the following challenges: 1 Identify the compensation policies and practices that are most appropriate for a particular firm. 2 Weigh the strategic advantages and disadvantages of the different compensation options. 3 Establish a job-based compensation scheme that is internally consistent and linked to the labor market. S igma, Inc., is a medium-sized biotechnology firm specializing in genetic engineering. The firm was founded in 2004 by Dr. Roger Smith, who is still Sigma’s chief executive officer and continues to be actively involved in all hiring and pay decisions. He repeatedly tells his line managers that Sigma “will pay whatever it takes to hire the best talent in the market.” During the past year Smith has noticed an erosion in Sigma’s “family atmosphere” and an increase in the number of dissatisfied employees. There have been three pay-related complaints during the past week alone, and Smith suspects that this is only the tip of the iceberg. The first complaint came from a software developer who has been with Sigma for five years. He is upset that another Source: w66/ZUMA Press/Newscom developer was hired last year at a salary 15 percent higher than his. Smith explained that such starting salaries are necessary to attract top experienced programmers from other firms despite the severe 4 Understand the difference between a compensation system in which employees are paid for the skills they use and one in which they are paid for the job they hold. 5 Make compensation decisions that comply with the legal framework. recession at the end of the decade. The second complaint came from a software engineer who feels that Sigma’s best technical people—the lifeblood of a biotechnology firm—are .