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Human Resources Compensation

Human Resources Compensation. MAN 3301: Management of Human Resources. Chapter 14. Compensation. Base wages and Salaries – Hourly/weekly/bi-weekly/monthly pay that employees receive in exchange for doing a job. Base wages are the foundation of pay equity. MAN 3301:

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Human Resources Compensation

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  1. Human Resources Compensation

  2. MAN 3301: Management of Human Resources Chapter 14 Compensation Base wages and Salaries – Hourly/weekly/bi-weekly/monthly pay that employees receive in exchange for doing a job. Base wages are the foundation of pay equity.

  3. MAN 3301: Management of Human Resources Chapter 14 Compensation • Base wages and Salaries – • To establish base wages and salaries, the • HR manager will: • Determine the relative worth of a job • Price the job • This is accomplished through Job Evaluation

  4. MAN 3301: Management of Human Resources Chapter 14 Compensation • Job Evaluation – • Determining the value of a job in relation to other • jobs in the organization. • Job Ranking method • Job Classification method • Point method • Factor comparison method

  5. MAN 3301: Management of Human Resources Chapter 14 Compensation Job Ranking & Job Classification – Qualitative methods for pricing jobs. Both are based on a comparison of jobs to each other. Job Ranking – a rank-ordered list Job Classification – compares based on duties, KSAs, and conditions.

  6. MAN 3301: Management of Human Resources Chapter 14 Compensation • Point Method – • Functional Job Analysis is a point method. • Select Key Jobs • Select “compensable factors” • Assign weights to factors • Assign points to specific jobs

  7. MAN 3301: Management of Human Resources Chapter 14 Compensation Factor Comparison Method – Similar to Point Method except it utilizes a monetary scale instead of a point scale.

  8. MAN 3301: Management of Human Resources Chapter 14 Compensation Job Pricing – Jobs are priced using wage and salary surveys. Personal interviews Telephone interviews Mailed questionnaires Check out: http://www.wageweb.com Bureau for Labor Statistics

  9. MAN 3301: Management of Human Resources Chapter 14 Compensation • Job Pricing – Wage survey guidelines • Make sure participants are comparable • Compare more than just base wages • Consider variations in JD • How “fresh” is the information?

  10. MAN 3301: Management of Human Resources Chapter 14 Compensation • Trends & Issues with Compensation Structures – • Skill-based Pay • Competency-based Pay • Broadbanding • Salary Compression • Cost-of-Living differentials • Minimum Wage Index & a “Living Wage”

  11. MAN 3301: Management of Human Resources Chapter 14 Compensation • Legal Considerations – • Fair Labor Standards Act of 1938 • Equal Pay Act of 1963 • Empl. Retirement Income Security Act of 1974 • Tax Reform Act of 1986

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