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1、Compensation薪酬福利管理,10-1,Human Resource Management,Compensating Employees,Compensation薪酬福利管理,10-2,Framework for the Strategic Management of Employees,Compensation薪酬福利管理,10-3,Strategic Purposes of compensation,Attract (the right sort of) people to work for firmRetain (the right sort of) people to work
2、 for firmControl Costs and Maintain a budgetMotivate exceptional performance Reward employees for past performanceReduce unnecessary turnoverMaintain salary equity among employees Also - Reinforces (or conflicts with) the attitudes and behaviors encouraged with the performance management system.,Com
3、pensation薪酬福利管理,10-4,What is Compensation?,To counterbalanceTo make up forTo offset(inducements) in exchange for employee contributions.Compensation refers to the monetary and nonmonetary consideration employees receive in exchange for the work they perform for an organization Must look at TOTAL com
4、pensation not just base pay,Compensation薪酬福利管理,10-5,Total Compensationin exchange for work,Total Compensation,Direct: Cash,Indirect: Benefits and Services,Relational Forms,Recognition / StatusJob securityChallenging WorkLearning OpportunitiesPersonal SatisfactionGood Culture,Base PayIncentives Merit
5、 / Cost of Living Short Term bonus Long term bonus,Services & AllowancesTime away from work,Compensation薪酬福利管理,10-6,Equity theory,Outcome (self) Outcome (other) Inputs (self) , or = Inputs (other)O/I (self) other Better performance, feel valued, rationalization to account for overpaymentO/I (self) o
6、therrestore equity, seek to increase outcomes, lower inputsComparisons may be with (a) people inside the firm, (b) outside the firm, or (c) self (what it should be).,Compensation薪酬福利管理,10-7,Increase inputs (e.g., time & effort) to justify higher rewards when they feel over-rewarded.Decrease inputs t
7、o compensate for lower rewards when they feel under-rewarded.Change the compensation they receive through legal or other actions (e.g., unionization, grievance)Modify their comparisons by choosing another person to compare them-selves against.Distort reality by rationalizing that the inequities are
8、justified.Leave the situation in inequities cannot be resolved.,Consequences of inequity,Compensation薪酬福利管理,10-8,Internal Alignment,Occurs when each job in a company is valued appropriately relative to every other job in terms of its ability to help the firm achieve its goalsRelative worth hierarchy
9、 for determining salaries is established Pay rates are assigned to jobsProcess is done through job evaluation approaches:Job rankingJob classificationPoint factorFactor comparison,Compensation薪酬福利管理,10-9,Internal Alignment (contd),(1) Job RankingReviewing job descriptions and listing jobs in order f
10、rom highest to lowest worth to companyFairly hard to do in a large companyNeed to create a framework to process the information found in all the job descriptionsLargely subjective,Compensation薪酬福利管理,10-10,Internal Alignment (contd),(2) Job ClassificationDeveloping broad descriptions for groups of jo
11、bs that are similar in terms of tasks, duties, responsibilities and qualificationsWage range is attached to each classification reflecting relative worth of the job in that classification E.g., the federal governments prefix GSSometimes managers want to reclassify jobs to give a particular employee
12、a higher salary,Compensation薪酬福利管理,10-11,Internal Alignment (contd),(3) Point MethodQuantitative approach that uses a point value scheme resulting in a score for each jobBegins with identifying a set of factors for which the company is willing to pay called “compensable factors Point manual contains
13、 description of each factor and what each degree of the factor represents,Compensation薪酬福利管理,10-12,Internal Alignment (contd),(3) Point method (contd)Represent the range of jobs in the companyScores for these jobs enable company to compare other jobs to the benchmark jobs and determine which should
14、be paid more or lessJob grades are created to reflect hierarchy of jobs within the company,Compensation薪酬福利管理,10-13,Establishing the INTERNAL Value of Jobs,Recap:Select Compensable factors Dimensions of work that the organization values, that helps it pursue its strategy and achieve its objectives.
15、Assign factor weights what is the relative importance of each dimension of job performance? Weights enable companies to allocate more weight to more important compensable factors than other less important compensable factors. Establish degrees of factors present in job scale the factors to identify
16、the different levels for each compensable factor. Essentially, establishing anchors for different levels on a compensable factor.,Compensation薪酬福利管理,10-14,Example of Point Values,Compensation薪酬福利管理,10-15,Example: Point values,Degree/LevelCompensable Factor123 45Job Knowledge50100150200NAProblem Solv
17、ing50100150200260Working Condition103050NANAOthersIn this example:The compensable factors represent the different dimensions of job performance that are important for organizational success,Compensation薪酬福利管理,10-16,Degree/LevelCompensable Factor123 45Job Knowledge50100150200NAProblem Solving50100150
18、200260Working Condition103050NANAIn this example:The compensable factors represent the different dimensions of job performance that are important for organizational successThe degrees reflect the relative level of responsibility, difficulty, etc. associated with each job for each compensable factor.
19、,Compensation薪酬福利管理,10-17,Degree/LevelCompensable Factor123 45Job Knowledge50100150200NAProblem Solving50100150200260Working Condition103050NANAIn this example:The compensable factors represent the different dimensions of job performance that are important for organizational successThe degrees refle
20、ct the relative level of responsibility, difficulty, etc. associated with each job in terms of each compensable factor.The differences in the numerical values associated with each degree for each compensable factor reflects the weight or relative importance for each factor.,Compensation薪酬福利管理,10-18,
21、Degree/LevelCompensable Factor123 45Job Knowledge50100150200NAProblem Solving50100150200260Working Condition103050NANAProblem Solving Degree anchor statementDegree 1 actions are performed in a set order according to instruction. Problems referred to a supervisor.Degree 3 Various problems are solved
22、that require general knowledge of company policies and procedures within own area of responsibilityDegree 5 - Complex tasks involving new or constantly changing problems or situations are planned, delegated, coordinated, and/or implemented.,Compensation薪酬福利管理,10-19,Internal Alignment (contd),(4) Fac
23、tor ComparisonRanking benchmark jobs in relation to each other on factors like mental or physical requirements, skill, responsibility, and working conditionsCombines job ranking and the point methodMonetary rates are included, so as the market changes, it needs to be updated frequently,Compensation薪
24、酬福利管理,10-20,External Competitiveness,External competitiveness ensures that jobs in the company are valued appropriately relative to similar jobs in the companys external labor market. Salary SurveysJob PricingCompany Pay PolicyPay Grades and RangesBroadbanding,Compensation薪酬福利管理,10-21,Establishing M
25、arket Value,Conducting a Survey to assess external market ratesIdentify Relevant Labor Markets (Ex: relevant labor market for secretary (local) likely to differ than for engineer (regional)Identify Benchmark Jobs (Key Jobs)The contents are well-known, relatively stable, and agreed upon by the employ
26、ees involved.The supply and demand for these jobs are relatively stable and not subject to recent shiftsThey represent the entire job structure under studyA majority of the workforce is employed in these jobs. Market Survey Data Collection,Compensation薪酬福利管理,10-22,External Competitiveness (contd),(1
27、) Salary SurveysProvides a systematic way to collect information about wages in the external labor marketCompanies can conduct their own surveys or purchase survey dataShould look at companies in the same industry and other industries that might be competing with you for employeesShould come from ap
28、propriate geographic labor market,Compensation薪酬福利管理,10-23,External Competitiveness (contd),(2) Job Pricing Systematic process of assigning monetary rates to jobs so that internal wages are aligned with external wages in the marketplace Begins with plotting results of salary survey for benchmark job
29、s Market line, also know as wage curve, is drawn to represent relationship between job evaluation points and salaries paid for jobs Plot actual salaries paid for benchmark jobs and compare them to results from market,Compensation薪酬福利管理,10-24,Matching external pay and internal job evaluation points f
30、or key jobs,120 160 200 240 280 320 360Job Evaluation points WITHIN Firm,7654321,Survey Monthly Pay ($000),X,X,X,X,X,X,X,X,X,X = Key benchmark jobs - job evaluation point by salary data point from market survey,Compensation薪酬福利管理,10-25,Matching external pay and internal job evaluation points for key
31、 jobs,120 160 200 240 280 320 360Job Evaluation points WITHIN Firm,7654321,Survey Monthly Pay ($000),X,X,X,X,X,X,X,X,X,X = Key benchmark jobs - job evaluation point by salary data point from market survey,“Line of best fit” External Market Policy Line,Compensation薪酬福利管理,10-26,The Goal What should no
32、n-key jobs be paid?,120 160 200 240 280 320 360Job Evaluation points WITHIN Firm,7654321,Survey Monthly Pay ($000),X,X,X,X,X,X,X,X,X,O = Non-key benchmark jobs mapping other jobs onto the pay system,“Line of best fit” External Market Policy Line,O,O,O,O,O,O,O,O,Roughly $1800,Roughly $4300,Compensati
33、on薪酬福利管理,10-27,The Reality Where do jobs really fall?,120 160 200 240 280 320 360Job Evaluation points WITHIN Firm,7654321,Survey Monthly Pay ($000),X,X,X,X,X,X,X,X,X,O = Non-key benchmark jobs mapping other jobs onto the pay system,“Line of best fit” External Market Policy Line,O,O,O,O,O,O,O,O,O,O,
34、O,O,Compensation薪酬福利管理,10-28,External Competitiveness (contd),(3) Company Pay PolicyIf a companys wage curve is below or above the market wage curve, decisions have to be made about whether to move wages or leave them as they areFirms can pay at the market level (follow), above the market (lead), or
35、 below the market (lag)Companies paying below market will have a harder time attracting employees,Compensation薪酬福利管理,10-29,External Competitiveness (contd),(4) Pay Grades and Pay RangesJobs are grouped into job grades associated with a pay rangeEach range has a midpoint, a minimum, and a maximumMidp
36、oints represents an employee who is fully qualified and functioning at an acceptable level of performance Ranges will have overlapthe less overlap the more difference between jobs in each grade,Compensation薪酬福利管理,10-30,Designing the internal pay structure: Pay Grades,A pay grade is a horizontal grou
37、p of different jobs that are considered substantially equal for pay purposesGrades enhance an organizations ability to move people among jobs within a grade with no change in pay.The objective is for all the jobs that are similar for paypurposes to be placed within the same grade.,Compensation薪酬福利管理
38、,10-31,Pay Ranges,Refer to the vertical dimension of the pay structureEach pay grade is associated with a pay range consisting of a midpoint and a specific minimum and maximumMidpoints: Correspond to competitive pay policy where the pay policy line crosses each pay grade Are the control points of th
39、e rangeRange spread judgment about how the ranges support career paths, promotions, etc. Typically range between 10 and 120%.Minimum of pay range = Midpoint / 1 + (1/2 range spread)Maximum = Minimum + (range of spread * minimum),Compensation薪酬福利管理,10-32,Setting the pay grade structure,120 160 200 24
40、0 280 320 360Job Evaluation points WITHIN Firm,7654321,Survey Monthly Pay ($000),Pay Grade,Pay Range,Maximum,Minimum,Mid Point,Compensation薪酬福利管理,10-33,Differential Ranges,Compensation薪酬福利管理,10-34,External Competitiveness (contd),(5) BroadbandingConsolidates a large number of pay grades into a few “
41、broad” bands, usually 3 to 10 Maximum pay for a particular band can be as high as 100-400% above the bands minimum payBands are usually wide enough that changes in the market dont require adjustments as often,Compensation薪酬福利管理,10-35,Pay for Individual Performance,Initial pay based on the persons pr
42、evious experience, education and negotiating skillsIncreases can be tied to meeting goals, providing higher levels of service or results of performance appraisalRed circled job person being paid above the maximum wage for gradeGreen circled job person being paid below minimum of gradeManager can adj
43、ust salary, reclassify or reevaluate the job,Compensation薪酬福利管理,10-36,External Competitiveness,Ensures jobs are valued appropriately relative to similar jobs in the external labor marketAffects how attractive the firm is to potential employeesAlso affects attitude and motivation of current employees
44、,Compensation薪酬福利管理,10-37,Additional Considerations,Labor Market Conditions Labor demand theoriesCompensating Differentials work with negative characteristics requires higher pay to attract workEfficiency Wage Theory above market wages will improve efficiency by attracting workers who will perform b
45、etter and be less willing to leaveSignaling pay policies signal kinds of behavior the employer seeks,Compensation薪酬福利管理,10-38,Additional Considerations,Labor Market ConditionsLabor Supply theoriesReservation Wage job seekers wont accept jobs whose pay is below a certain wage, no matter how attractiv
46、e Human Capital Theory the value of an individuals skills is a function of the time and expense required to acquire them.,Compensation薪酬福利管理,10-39,Alternative Compensation Approaches,(1) Skill-Based Pay and Knowledge-Based PayRequire employees to acquire certain skills or knowledge to receive an inc
47、reaseMakes it clear what employees have to do to increase payMay have more employees at higher levels of mastery than needed,Compensation薪酬福利管理,10-40,Alternative Compensation Approaches (contd),(2) Competency-based PayIdentify the competencies (attitudes, behaviors, abilities) employees need to mast
48、er for pay raisesManagers need to outline a valid process to determine achievement of competenciesCan lead to higher labor costs or employee frustration if they do not use additional training,Compensation薪酬福利管理,10-41,Alternative Compensation Approaches (contd),(3) Direct Market PricingCollecting sal
49、ary information from external labor market rather than starting with internal structure based on value of jobsWorks well as long as data is accurate,Compensation薪酬福利管理,10-42,Administering Compensation,Anyone making employee pay decisions needs to receive trainingHow pay rates are set and raises are
50、determinedHow frequently they are reviewedWhat can and cannot be communicated to employeesClosed system details about individual pay rates not made public except as required by law (high-ranking executives)Open system pay information is public (school districts with published pay scales)Communicatio