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Lecture Human resource management: Gaining a competitive advantage (9/e) – Chapter 11

Chapter 11 - Pay structure decisions. After reading this chapter, you should be able to: List the main decision areas and concepts in employee compensation management, describe the major administrative tools used to manage employee compensation, explain the importance of competitive labor market and product market forces in compensation decisions,. | Chapter 11 Pay Structure Decisions Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Developing Pay Levels Pay structure - relative pay of different jobs (job structure) & how much they are paid (pay level). Pay level - average pay, including wages, salaries & bonuses. Job structure - relative pay of jobs (range of pay often expressed by salary grades). Pay policies are attached to jobs, not individuals. 2 components of labor costs = average cost per employee plus staffing level. 11- Rate Ranges, Key & Non-key Jobs Rate ranges - different employees in same job that may have different pay rates. Key jobs - benchmark jobs that have relatively stable content and are common to many organizations so that market-pay survey data can be obtained. Non-key jobs are unique to organizations and cannot be directly valued or compared through the use of market surveys. 11- Developing a Job Structure Job structure - relative worth of various jobs in based on internal comparisons. Job evaluation - administrative procedure used to measure internal job worth. The evaluation process is composed of compensable factors, which are characteristics of jobs that an organization values and chooses to pay. Job evaluators often apply a weighting scheme to account for differing importance of compensable factors to the organization. 11- Developing a Pay Structure 3 Pay-setting Approaches: Market Survey Approach – emphasizes external comparisons. It bases pay on market surveys that cover as many key jobs as possible. 2. Pay Policy Line – mathematical expression that describes the relationship between a job’s pay and its job evaluation points. 3. Pay Grades – Grouping jobs of similar worth or content together for pay administration purposes. Range spread – distance between minimum & maximum amounts in a pay grade. 11- Can the U.S. Labor Force Compete? 4 Deciding Factors Where to . | Chapter 11 Pay Structure Decisions Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Developing Pay Levels Pay structure - relative pay of different jobs (job structure) & how much they are paid (pay level). Pay level - average pay, including wages, salaries & bonuses. Job structure - relative pay of jobs (range of pay often expressed by salary grades). Pay policies are attached to jobs, not individuals. 2 components of labor costs = average cost per employee plus staffing level. 11- Rate Ranges, Key & Non-key Jobs Rate ranges - different employees in same job that may have different pay rates. Key jobs - benchmark jobs that have relatively stable content and are common to many organizations so that market-pay survey data can be obtained. Non-key jobs are unique to organizations and cannot be directly valued or compared through the use of market surveys. 11- Developing a Job