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Ebook Compensation (11th edition): Part 2

(BQ) Part 2 ebook "Compensation" has contents: Pay-for-performance - the evidence, performance appraisals, the benefit determination process, benefit options, compensation of special groups, union role in wage and salary administration, international pay systems, government and legal issues in compensation,.and other contents. | miL2949x_ch09_299-334.indd Page 299 18/10/12 2:13 PM user-f502 /201/MH01833/miL2949x_disk1of1/007802949x/miL2949x_pagefiles www.downloadslide.com Part Four Employee Contributions: Determining Individual Pay The first two sections of the pay model outlined in Exhibit IV.1 essentially deal with fairness. Alignment, covered in Part Two, is all about internal fairness: describing jobs and determining their worth relative to each other based on content of the jobs and impact on the organization’s objectives. Part Three extended fairness to the external market. It’s not enough that jobs within a company are treated fairly in comparison to each other; we also need to look at external competitiveness with similar jobs in other companies. This raises questions of conducting salary surveys, setting pay policies, and arriving at competitive pay levels and equitable pay structures. This fourth part of the book finally brings people into the pay equation. How do we design a pay system so that individual contributors are rewarded according to their value to the organization? Let’s hope the following example isn’t a role model for today’s practices: Another 4th dynasty tomb, beautifully carved and painted with vibrantly colored scenes, belonging to a priest of the royal cult and senior scribe named Kay. A fascinating glimpse into an ancient economic exchange is offered by the inscription at the entrance to this tomb, which reads: It is the tomb makers, the draftsmen, the craftsmen, and the sculptors who made my tomb. I paid them in bread and beer and made them take an oath that they were satisfied. ———Zahi Hawass, Mountains of the Pharaohs: The Untold Story of the Pyramid Builders (Cairo: American University in Cairo Press, 2006, p. 136) How much should one employee be paid relative to another when they both hold the same jobs in the same organization? If this question is not answered satisfactorily, all prior efforts to evaluate and price jobs may have .