Establishing Strategic Pay Plans
After studying this chapter, you should be able to:
Determining Pay Rates
Overview of Compensation Laws
Overview of Compensation Laws (cont’d)
Slide 6
Who Is Exempt? Who Is Not Exempt?
Slide 8
Slide 9
Independent Contractor
Corporate Policies, Competitive Strategy, and Compensation
Developing an Aligned Reward Strategy
Compensation Policy Issues
Compensation Policy Issues (cont’d)
Equity and Its Impact on Pay Rates
Forms of Equity
Methods to Address Equity Issues
Establishing Pay Rates
Sources for Salary Surveys
Some Pay Data Web Sites
Establishing Pay Rates (cont’d)
Preparing for the Job Evaluation
Job Evaluation Methods: Ranking
Job Ranking by Olympia Health Care
Job Evaluation Methods: Job Classification
Example of A Grade Level Definition
Job Evaluation Methods: Point Method
Job Evaluation Methods: Factor Comparison
Computerized Job Evaluations
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Slide 31
Plotting a Wage Curve
Slide 33
Wage Structure
Federal Government Pay Schedule: Grades GS-8–GS-10, New York, Northern New Jersey, Long Island, January 2000
Compensation Administration Checklist
Pricing Managerial and Professional Jobs
Slide 38
Compensating Professional Employees
What Is Competency-based Pay?
Why Use Competency-Based Pay?
Competency-Based Pay in Practice
Competency-Based Pay: Pros and Cons
Other Compensation Trends
Broadbanded Structure and How It Relates to Traditional Pay Grades and Ranges
Strategic Compensation
Comparable Worth
Compensation and Women
HR Scorecard for Hotel Paris International Corporation*
Key Terms
Quantitative Job Evaluation Methods
Slide 52
Sample Definitions of Factors Typically Used in the Factor Comparison Method
Sample Definitions of Five Factors Typically Used in the Factor Comparison Method
Ranking Key Jobs by Factors1
Ranking Key Jobs by Wage Rates1
Comparison of Factor and Wage Rankings
Job (Factor)-Comparison Scale
The Point Method of Job Evaluation
Example of One Factor (Complexity/Problem Solving) in a Point Factor System
Evaluation Points Assigned to Factors and Degrees