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1、Chapter 1,The Pay Model,Chapter Topics,Compensation:DefinitionForms of PayA Pay ModelBook PlanCaveat Emptor-Be an Informed ConsumerYour Turn:Glamorous Internships,or House Elves?,Key Questions and Issues,How differing perspectives affect our views of compensationDefinition of compensationThe meaning
2、 of compensation most appropriate from an employees view:return,reward,or entitlementExamining“network of returns”a college offers an instructor,Key Questions and Issues(cont.),Four policy issues in the pay modelObjectives of the pay modelForms of pay received from work,Contrasting Perspectives of C
3、ompensation,Compensation:Definition,SocietyPay as a measure of justiceBenefits as a reflection of justice in societyJob losses(or gains)attributed to differences in compensationBelief that pay increases lead to price increases,Exhibit 1.1:Hourly Compensation Costs for Manufacturing Workers(in U.S.Do
4、llars),Compensation:Definition(cont.),StockholdersUsing stock to pay employees creates a sense of ownershipLinking executive pay to company performance supposedly increases stockholders returnsManagersA major expenseUsed to influence employee behaviors and to improve the organizations performance,Ex
5、hibit 1.2:The Relationship between Shareholder Return and Change in CEO Pay,Compensation:Definition(cont.),EmployeesMajor source of financial securityReturn in an exchange between employer and themselvesEntitlement for being an employee of the companyReward for a job well doneGlobal Views Vive la di
6、ffrenceChina:Traditional meaning of compensation providing necessities of life replaced with dai yuJapan:Traditional word kyuyo replaced with hou-syu;very recently the phrase used is teate,Compensation refers to all forms of financial returns and tangible services and benefits employees receive as p
7、art of an employment relationship,What Is Compensation?,Exhibit 1.4:Total Returns for Work,Forms Of Pay,Relational returnsPsychological in natureTotal compensationCash Compensation/transactionalBase wagesDifference between wage and salaryMerit pay/cost-of-living adjustmentsMerit increases given in r
8、ecognition of past work behavior Cost-of-living adjustments same increases to everyone,regardless of performance,Forms Of Pay(cont.),Cash Compensation/transactional(cont.)Incentives/Variable pay tie pay increases directly to performanceDoes not increase base wage;must be reearned each pay period Pot
9、ential size generally known beforehandLong-term(stock options),and short-termBenefitsIncome protectionWork/life balanceAllowances,Forms Of Pay(cont.),Total earnings opportunities:Present value of a stream of earningsShifts comparison of todays initial offers to consideration of future bonuses,merit
10、increases,and promotionsRelational returns from workNonfinancial returnsOrganization as a network of returnsCreated by different forms of pay,including total compensation and relational returns,A Pay Model,Three basic building blocks:Compensation objectivesPolicies that form the foundation of the co
11、mpensation systemTechniques that make up the compensation system,Exhibit 1.5:The Pay Model,Compensation Objectives(cont.),EfficiencyImproving performance,increasing quality,delighting customers and stockholdersControlling labor costsFairnessFundamental objective of pay systemsFair treatment by recog
12、nizing both employee contributions,and employee needsProcedural fairness,Compensation Objectives(cont.),ComplianceConformance to Federal and State compensation laws and regulationsEthicsOrganizations care about how its results are achievedObjectivesGuide the design of the pay systemServe as the stan
13、dards for judging success of the pay systemPolicies and techniques are means to reach objectives,Exhibit 1.6:Pay Objectives at Medtronic and Whole Foods,Internal alignmentFocus-Comparisons among jobs or skill levels inside a single organizationPay relationships within an organization affect employee
14、 decisions to:Stay with the organizationBecome more flexible by investing in additional trainingSeek greater responsibility External competitivenessFocus-Compensation relationships external to the organization:comparison with competitorsPay is market driven,Four Policy Choices,Four Policy Choices(co
15、nt.),External competitiveness(cont.)Effects of decisions regarding how much and what forms:To ensure that pay is sufficient to attract and retain employeesTo control labor costs to ensure competitive pricing of products/servicesEmployee contributionsFocus-Relation emphasis placed on employee perform
16、ancePerformance based pay affects fairnessManagementFocus-Policies ensuring the right people get the right pay for achieving the right objectives in the right way,Techniques tie the four basic policies to the pay objectivesMany variations existSome techniques will be discussed through the book,Pay System Techniques,Caveat Emptor-Be An Informed Consumer,Is the Research Useful?Does the Study Separate Correlation from Causation?Are there Alternative Explanations?,
