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employee compensation and two components 330
- includes all forms of pay going to employees and arising from their employment.
- direct financial payment (wages,salaries,incentives,commisions,and bonuses)
- Indirect financial payment- (financial benefits like employer-paid insurance and vacations)
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Equity Theory of Motivation 331
- that people are motivated to maintain a balance between what they perceive as their contributions and their rewards.
- External- jobs pay rate in one company compares to other companies
- Internal- jobs pay rate within the same company
- Individual- fairness of pay compared to coworkers in same company similar jobs
- Procedural- is the process fair for the employees
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different types of compensation laws (Davis-Bacon Act, Walsh-Healy Contract , Title 7 Civil Rights Act)
- DBA- A laws that sets wage rates for laborers employed by contractors working for the federal government
- WHC- law that requires min wage and working conditions for employees working on any government contact amounting to more then 10000
- title7- unlawful discrimination against protected class (religion, race,sex,age, national origin)
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Job evaluation 337
job evaluation- is a formal and systematic comparison of jobs to determine the worth of one job relative to another . it aims to determine a jobs worth.
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Job evaluation methods 339-341
- ranking method- the simplest method of evaluation that involves ranking each job relative to all other jobs,usually based on overall difficulty
- Job classification- a method for categorizing jobs into groups
- point method- the job evaluation method in which a number of compensable factors are identified and then the degree to which each of these factors is present on the job is determined
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motivation theory (hierarchy of needs , motivation hygiene) 367
- the best way to motivate someone is to organize the job so that doing it helps satisfy the person's higher-level needs
- hygiene factors-lover level needs
- Motivator- high level needs
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job base pay vs competency based pay 351 353
- base pay- includes the persons fixed salary as well as, often guaranteed bonuses (ex 10% end of 4 quarter)
- competency pay- where the company pays for the employee's range depth, and types of skills and knowledge, rather than for the job title they hold
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Advantages and disadvantages of compensation options for salesperson and teams 375 377
- salary plan- this makes since when the main task involves prospecting (finding new clients). negative no incentive to sell more
- commission plan- tends to attract high performing sales people. negative sales ppl can neglect non sale duties
- combination plan- most companies do this
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different types of stock option plans
- ESOP- employee stock ownership plans- are company wide plans in which the employer contributes shares of its own stock to a trust established to purchase shares of the firm's stock for employees
- broad base stock options- all or most employees can participate. the basic thinking is that sharing ownership in the company with employees makes motivational and practical scene
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