企业薪酬管理 英文原版
工商管理专业企业薪酬管理中英文对照外文翻译文献
企业薪酬管理中英文对照外文翻译文献(文档含英文原文和中文翻译)Enterprise Salary Reward Management Salary the overall function of function and the management of human resource that rewards is consistent also for is can attract and encourage the human resource needed by enterprise from labor economy angle speak salary reward have 3 great merits can: guarantee function, encourage function and regulation function. Referring to the angle of the management of human resource salary reward should embody and play mainly it's encourage function the salary with reasonable establishment reward management system is every problem that enterprise needs solve. In recent years, as enterprise manages , mechanism change and establish modern enterprise system step by step needs, the built-in wages degree of assignment system of enterprise the self who changes enterprise into gradually from government behavior. Therefore how to meet market needs establish with modern enterprise system appearance the supplemental salary, that suits enterprise self development reward management system and distribution scheme, high limit land development enterprise human resource Ian can, become every important program of current Chinese enterprise.Salary the substance that rewarded , it is that enterprise, for employee, is the contribution done by enterprise that function and purpose salary reward , include realization Jig effect , the corresponding repayment and that effort, time, knowledge, ability, experience and creation pay that paid out or thank. Essentially, it is a kind of fair distribution principle that exchanges or trades and has embodied socialist market economy. And according to contribution distribution for implicit the meaning of the exchange of equal value of intrinsic, have reflected the law of value of the market of labor force.Salary the overall function of function and the management of human resource that rewards is consistent, it is also to be able to attract and encourage the human resource needed by enterprise. Say from labor economy angle, salary reward have 3 great merits can ─ guarantee function, encourage function and regulation function. Referring to the angle of the management of human resource salary reward should embody and play mainly it's encourage function.The existent problem of the traditional wages degree of assignment system is internal to lack fair sense, the external income degree of assignment system that lacks the traditional state-owned enterprise of competition ability major special Zhen is implement planned instruction and policy regulation, wages management system from in the restriction that gets planned economy , employee Ian can reality play will not often arouse the notice of people, so, the distribution of wages is major to wait according to standing, educational background, title and administrative rank, and overlook as every employee does , work analysis, do not more consider the discrepancy of working post and the contribution of employee.For realizing enterprise goal fully. It is very fair that this kind of system look , but actually is for working value negate , is hard to embody trunk the good dry difference of bad, horizontal difference in degree, its result can only be the "everybody eating from the same pot" of equalitarianism. Therefore under market economic condition continue this kind of practice Hour fruit is enterprise recruit do not enter person also reserve do not live person, is internal to lack fair sense , is external to lack competition ability.Salary reward is the contribution that enterprise does for employee for enterprise, include realization Jig effect, the time, knowledge, ability, experience and creation and effort that paid out are corresponding as paying to repay or thank , are a kind of fair distribution principle that exchanges or trades and has embodied socialist market economy essentially, and according to contribution distribution for implicit the meaning of the exchange of equal value of intrinsic, have reflected the law of value of the market of labor force.On knowledge with the mistake district in operation pass , the function understanding that rewarded for salary on pass frequently in quite, notice salary only the function of health protection that rewards , and have overlooked salary reward encourage function. No matter going to work , do not perform duty from time to tome , have to enterprise to make contribution, " go to work to take money" have become perfectly justified; Bonus in considerable level on have lost the meaning of award, become regular additional wages. What enterprise employee accumulates for a long period is that inertia and safe sense make salary reward and have lost, should be some to encourage function. Though along with enterprise, being thorough as reforming , the manager of human resource also begins to explore new method on salary rewards system , but when designing distribution scheme often lack for modern salary reward the knowledge of theoretical and design method, make scheme deviate from the law of value of the market of labor force.Now, in the wages system of state-owned enterprise and the most of domestic joint stock companies, do not consider that outside and the internal balance of distribution are balanced. The management of human resource replace labor personnel management not the simpledisplacement of noun, it signifies that from thought and theory, the method of arriving is basic as utilizing to change. Thus each manager must meet the development of socioeconomic culture; system accepts new management thought, theory and method, sets up the brand-new management concept of human resource.Design salary scientifically to reward the distribution scheme Japanese economic friendship association of central section encourage condition for the first big small and medium sized business to third production department carry out investigation, show as a result: In initiating vigor factor wages the only row position of 8th, and in weakening vigor factor, wages row is in the first place. It is been wages high that this explains and can not initiate vigor, and wages low definite reduction, vigor, therefore the difference in degree of pay for promote employee enthusiasm aspect influence great. Now a lot of western companies in salary reward aspect the experience of having explored some successes , share for example profit , profit share , stock option, employee holds share plan ( EOSP ) , is balanced to tally to block , key Jig effect index and group team spirit, and when establishing salary to reward policy, have considered the relation of short period, mid-term and long-term pay fully , and design for special talent " special salary reward scheme ", purpose is to make salary reward distribution scheme with encourage machine made , arouse creativity and the working enthusiasm of employee group team fully.Reward salary to fit into market economic category manage will salary reward fit into market economic category manage , from the distribution mechanism, 3 distribution management big aspects and degree of assignment system, carry out bold innovation. The degree innovation of assignment system is basic, distribution machine made innovation is crucial, management innovation is basic.Establish in order to press Lao distribution is main part. According to the salary the distribution of factor of production reward distribution structure establishment press Lao distribution with press factor of production distribution combination get up salary reward the degree of assignment system, it is the inevitable requirement of the development of socialist market economy, therefore modern enterprise salary reward distribution structure should be with press Lao distribution is main part , press Lao distribution with press factor of production the basic general layout distribution. Part is the income degree of assignment system in the row in cost, part is in tax Hour the degree of essential factor of assignment system of row in profit, make salary reward the technical, knowledge capital profit of distribution scheme design and employee labor income and employee appearance suit.Lead into market distribution mechanism, make the market and price of labor force conform the market price of labor force is the market labor rate that forms through marketcompetition, is decided by the supply demand relations of labor force. Therefore when designing salary to reward distribution scheme, will consider the market price of labor force, establish the price system of labor force of different post, post and related enterprise, regard it as the basic salary of enterprise inside to reward San shine standard, with the fully embodiment value of labor force, guide the reasonably floating and optimization disposition of labor force.Consider both enterprise benefit, establish the high benefit capital of senior engineer, the distribution idea of low being it low wages press Lao distribution must be the benefit distribution that created according to labor, if a product that worker offers (service) the needs that can not satisfy society, that Me him can not get the labor pay that reflects with market price, therefore must consider both the economic benefits of enterprise.According to employee working ability and accomplishment, pull open distribution gap reasonably, hang pay and contribution ability finger working complete level, through the goal reached or the effect realized, the latent ability that reflects and has denotes knowledge with ability synthesize to gr asp level as well as experience accumulation level. Salary the role that rewards for is will encourage employee all abilities of having self play, but these abilities must be level and the knowledge of place post first needs. Work accomplishmentwork Jig the size of effect, from the difference in ability can difference. Therefore the pay that worker gets should not be also identical. It is for enterprise, what is beneficial to it really is that the actual labor accomplishment of worker, therefore contribute big have to serve move should get higher pay.Establishment the salary " found on people " reward the system Japanese Hamburg shop of McDonald’s can give employee family members every year always the bonus of a considerable number; When they pass birthday, can send person to send last fresh flower. American chain hospital company in salary reward payment in much a extra bonus ─ " have oxygen sport challenge plan ", employee must reach every month minimum standard as jog 30 miles, play wall ball for 15 hours above etc., can be just qualified bonus. Haier in salary reward the system design of payment aspect is difference " the horse in 1000 the competitive platform " it is not same to put up and have built " ", as ordinary employee carries out , " 3 works coexist , development conversion " ─ excellent worker, qualified worker and trial worker, enter factory worker all recently have certain probation period , expire acceptable turn for qualified worker, otherwise, excellent worker turns probably because of working fault, is qualified worker or trial worker. It is 4 level development checks that according to excellent middle-level administrator, what Haier carry out is taking regularly check result as basis, it is " give your a ship, advance or retreat to float Sheen lean self " to design for the base salary ofbrainpower, according to the commission of economic benefits that new product gets in the market, get salary to reward.It is identical that the effect of leading work depends on the campaign in subordinate mainly, but each subordinate does not let in the aspects such as ability and wishes. Therefore leader must so implement different leading way as subordinate is going to analyze and find out discrepancy carefully , then can get the leading effect of the best. It is also such toreward systematic design for salad rye, employee demand has discrepancy, different employee or same employee in not at the same time wait demand possible difference. Forlow wages crowd, the role of bonus is very important; For taking in higher crowd especially knowledge share is with management cadre , promote post , respect personality, appointment title and encouragement the freely degree etc. of innovation and work look more important; For being engage in , it is heavy, dangerous. The physical labor with bad environment staff, the possibilities such as labor protection, labor condition and post subsidy are effective. Therefore to make salary reward system to develop larger effect, first want the needs for employee have ample understanding. If leader wants to make encouraging level for subordinate reach the biggest demand that melts and must value them, knows the variation of demand and makes positive reaction, embody really found on people thought.企业薪酬管理薪酬管理的功能和人力资源管理的功能总体来说是一致的。
薪酬管理体系中英文对照外文翻译文献
薪酬管理体系中英文对照外文翻译文献XXX people。
XXX enterprise management。
as it has a XXX attract。
retain。
and motivate employees。
particularly key talent。
As such。
it has XXX。
retain。
objective。
XXX on the design of salary XXX.2 The Importance of Salary System DesignThe design of a salary system is XXX's success。
An effective salary system can help attract and retain employees。
XXX。
XXX them to perform at their best。
In contrast。
a poorly designed salary system can lead to employee n and XXX。
which can XXX.To design an effective salary system。
XXX factors。
including the industry。
the enterprise's size and stage of development。
and the specific needs and goals of the XXX。
XXX.3 XXXXXX。
XXX incentives can help align the XXX with those of the enterprise and its shareholders。
XXX to perform at their best.When designing equity incentives。
薪酬管理Salary Management(外资公司)
薪酬管理Salary Management薪酬制度的目标是：效率目标/公平目标/合法目标。
The goal is the salary system: efficiency goals/targets/legitimate goal of equity.公司的薪酬价值观是在共同的目标下为公司及员工创造最大的利益和价值，价值和利益包括物质上和精神上的，公司提倡共同的社会责任和使命，员工和企业是公司最大的财富。
公司会尽最大的能力提供给员工一个合理公平的薪酬，以期企业和员工个人共同发展，实现共同的利益。
Companies pay values are under the common objectives for the company and staff create the greatest interest and value, value and benefits including physical and mental condition, the company to advocate common social responsibility and mission, staff and enterprises are a company's greatest panies will do our best ability to provide employees a reasonable and fair remuneration, with a view to businesses and individuals to participate in developing, implementing common interests.薪酬制度必须具有内部公平性原则/外部公平性原则/个人公平性原则/制度管理原则。
Pay system must have internal equity principle/external fairness principles/personal fairness principle/system management principles.薪酬制度方针是公平，公正，合理，合情，富有激励性和保障性。
薪酬管理培训课件：SALARY MANAGEMENT中英文
School of Management of HFUT WU, Cisheng
case analysis
XYZ公司刚刚决定把全公司的200名员工带 到海南进行由公司支付费用的一周休闲度 假，以对在过去一年中员工的出色业绩表 示感谢。你对这个决定有何看法？
case analysis
易行，但不够精确，无法说明职务级别之间的实 际差距，特别是类似职务的关系难以界定清楚。
B6. post classification method
将岗位划分为几个类别，每个类别有明确 的界限，根据岗位的特定价值与岗位类别 的关系，将工作岗位划入特定类别。
程序是：确定岗位类别的数目，对岗位类 别的各个级别进行定义，逐一将被评价岗 位与所设定的等级标准比较，确定相应的 类别和等级，设定薪酬等级。
岗位评价与薪酬等级、薪酬调查、薪酬计 划、薪酬结构、薪酬制度的制定与调整、 人工成本测算、福利保险管理等。
A2. classification
of salary
外在报酬
内在报酬
经济性 直接报酬：基本工资、 报酬 加班工资、津贴奖金、
利润分享、股票认购 间接报酬：保险/保健 计划、住房资助、员工 服务、带薪休假
影响企业整体薪酬水平的因素 企业薪酬策略 工会力量 产品需求弹性 劳动力市场供求关系 地区和行业的薪资 水平 企业财务实力 生活费用和物价水平
影响员工个人薪酬水平的因素 年龄工龄 工作条件 技术和培训水平 职务或岗位 劳动绩效
决定员工薪酬水平的主要因素
影响员工个人薪酬水平的因素
影响企业整体薪酬水平的因素
展阶段
保持利润 正常发
与保护市 展至成
场
熟阶段
(全篇)高级管理层薪酬政策英文版
（全篇）高级管理层薪酬政策英文版Document Title: Executive Compensation PolicyIntroductionThis document outlines the organization's executive compensation policy, which is designed to attract and retain top talent in senior management positions.ObjectivesThe main objectives of the executive compensation policy are to align executive pay with company performance, incentivize executives to achieve strategic goals, and ensure competitive compensation within the industry.Components of Executive Compensation1. Base Salary: The fixed component of executive compensation that reflects the executive's responsibilities and experience.2. Annual Bonus: A performance-based bonus tied to achieving individual and company goals.3. Long-Term Incentives: Equity-based compensation, such as stock options or restricted stock units, to align executive interests with shareholder value.4. Benefits and Perks: Additional benefits, such as health insurance, retirement plans, and executive perks, to enhance the overall compensation package.Performance MetricsExecutive compensation is tied to key performance indicators (KPIs) such as revenue growth, profitability, market share, and customer satisfaction. Executives are evaluated annually based on their performance against these metrics.Governance and OversightThe board of directors, compensation committee, and external consultants play a critical role in overseeing executive compensation. They ensure that compensation packages are fair, transparent, and in line with industry standards.Transparency and CommunicationIt is important to communicate the executive compensation policy to all stakeholders, including employees, shareholders, and the public. Transparency builds trust and confidence in the organization's governance practices.Compliance and RegulationsThe executive compensation policy complies with all relevant laws, regulations, and best practices to avoid any legal complications or controversies.ConclusionThe executive compensation policy is a key tool for attracting, motivating, and retaining top talent in senior management positions. By aligning executive pay with company performance and strategic goals, the organization can drive long-term success and shareholder value.。
全面薪酬管理的资料(ppt 32页)(英文)
Work Content
• Variety • Challenge • Autonomy • Meaningfulness • Feedback
Benefits
• Benefits • Non-cash recognition • Perquisites
Career
• Advancement • Personal growth • Training • Employment security
Indirect Financial
Direct Financial
• Base pay • Overtime • Pay differentials • Paid time off
6
Discussion Outline
Defining Total Compensation Employees’ Perceptions
The market may not reflect what your employees need and care about.
8
Employees’ Perceptions and Values
➢ Employees with a working spouse may view health insurance as less valuable than pay increases or other benefits
2
Discussion Outline
Defining Total Compensation Employees’ Perceptions and Values Quantifying Total Compensation Case Study—State of Arizona
薪酬管理制度 英文
薪酬管理制度英文IntroductionCompensation management is a crucial aspect of human resource management, as it involves the development and implementation of a system that fairly and equitably compensates employees for their efforts and contributions to the organization. A well-designed compensation management system is essential for attracting and retaining talent, motivating employees, and ensuring organizational success. This paper presents a comprehensive compensation management system that addresses various aspects, including job analysis, pay structure, benefits, and performance management.Job AnalysisJob analysis is the process of determining the duties, responsibilities, and requirements of a particular job. It involves collecting and evaluating information about a job to establish its essential functions, skills, qualifications, and performance expectations. Job analysis serves as the foundation for designing an effective compensation management system, as it provides the necessary data to establish job classifications, pay grades, and salary ranges. The following steps are involved in conducting a job analysis:1. Job Description: The HR department works with managers and supervisors to create detailed job descriptions for each position within the organization. Job descriptions outline the essential functions, duties, responsibilities, and qualifications required for the job.2. Job Evaluation: Job evaluation is the process of comparing jobs within the organization to determine their relative worth. This is typically done using a job evaluation method such as the point-factor method or the ranking method. Job evaluation helps in establishing the internal value of jobs and placing them within the organization's pay structure.3. Market Analysis: In addition to evaluating jobs internally, it is essential to conduct a market analysis to understand the external competitiveness of the organization's pay rates. This involves researching industry benchmarks, salary surveys, and compensation data to ensure that the organization's pay rates are competitive and aligned with the market.Pay StructureThe pay structure is the framework that determines how employees are compensated for their work. It consists of various components, such as base pay, incentives, bonuses, and equity-based compensation. A well-designed pay structure is essential for ensuring internal equity, external competitiveness, and the ability to attract and retain top talent. The following components are essential in determining the pay structure:1. Base Pay: Base pay refers to the fixed salary or hourly rate that employees receive for their work. It is based on the job's value, as determined through job analysis and jobevaluation. Base pay should be competitive, fair, and reflective of the employee's qualifications and performance.2. Incentives and Bonuses: Incentives and bonuses are additional forms of compensation that are tied to individual or organizational performance. These may include performance-based bonuses, sales commissions, profit-sharing, and other incentives that motivate employees to achieve specific goals and objectives.3. Equity-Based Compensation: Equity-based compensation, such as stock options, restricted stock, or employee stock purchase plans, provides employees with ownership stakes in the organization. This aligns their interests with the long-term success of the company and provides a valuable form of compensation for key contributors.4. Benefits: In addition to cash compensation, organizations typically provide various benefits to employees, such as health insurance, retirement plans, paid time off, and other perks. These benefits are an essential part of the overall compensation package and contribute to employee satisfaction and well-being.Performance ManagementPerformance management is closely tied to compensation management, as it involves evaluating and rewarding employees based on their performance. A sound performance management system includes setting clear goals and expectations, providing regular feedback and coaching, conducting performance appraisals, and linking compensation to individual and organizational performance. The following elements are essential in establishing an effective performance management system:1. Goal Setting: Setting clear and measurable goals is the first step in performance management. Employees should have a clear understanding of their job responsibilities, performance expectations, and targets that they are expected to achieve.2. Performance Appraisals: Performance appraisals are formal evaluations of an employee's performance, typically conducted on an annual or biannual basis. These appraisals provide an opportunity to review the employee's accomplishments, strengths, areas for improvement, and set performance targets for the future.3. Feedback and Coaching: Ongoing feedback and coaching are essential for guiding and developing employees. Managers should provide regular feedback to employees, acknowledging their achievements, addressing any performance issues, and offering support and guidance to help them succeed in their roles.4. Merit Increases and Bonuses: Compensation decisions should be tied to individual performance. High-performing employees should be rewarded with merit increases, performance-based bonuses, or other incentives that recognize their contributions to the organization.ConclusionA well-designed compensation management system is essential for attracting, motivating, and retaining employees. It provides a fair and equitable framework for compensating employees based on their job responsibilities, performance, and contributions to the organization. By incorporating job analysis, pay structure, benefits, and performance management, organizations can ensure that their compensation management system supports their strategic goals, fosters employee engagement, and drives organizational success.。
薪酬管理制度英文
薪酬管理制度英文IntroductionA comprehensive salary management system is crucial for any organization to attract, retain, and motivate its employees. A well-designed system reflects an organization's value and competitiveness in the market, while also ensuring fair and equitable compensation for all employees. In this paper, we will discuss the key components of a successful salary management system and the best practices for its implementation.Components of a Salary Management System1. Job Analysis and EvaluationThe first step in developing a salary management system is conducting a thorough job analysis and evaluation. This involves identifying and documenting the responsibilities, requirements, and qualifications for each position within the organization. Through job evaluation, organizations can determine the relative worth of each job and establish the internal equity of their salary structure.2. Compensation PhilosophyA compensation philosophy outlines an organization's approach to pay and benefits. It defines the organization's objectives and principles for determining employee compensation, such as pay for performance, external competitiveness, and internal equity.A well-defined philosophy guides decision-making and ensures consistency in compensation practices.3. Salary SurveysConducting regular salary surveys is essential for staying competitive in the market. By benchmarking their salaries against industry standards, organizations can identify any gaps and adjust their compensation packages accordingly. It is important to consider various factors such as geography, industry, and company size when comparing salaries to ensure accurate benchmarking.4. Job Grading and Salary StructureOnce job evaluations and salary surveys are complete, organizations can establish job grades and a salary structure. Job grading involves grouping similar jobs based on their relative worth, while the salary structure determines the pay ranges for each grade. A well-defined salary structure ensures that employees are compensated fairly based on their job responsibilities and market value.5. Performance ManagementLinking pay to performance is a key component of a salary management system. Performance management processes, such as performance appraisals and goal setting, help identify and reward high-performing employees. Pay for performance motivates employees to excel and aligns their goals with the organization's objectives.6. Benefits and PerksIn addition to base salary, organizations should also consider the value of benefits and perks offered to employees. These may include health insurance, retirement plans, paid time off, and other incentives. Offering a comprehensive benefits package enhances the overall compensation package and contributes to employee satisfaction.Best Practices for Implementing a Salary Management System1. Clear CommunicationTransparency and clear communication are crucial when implementing a salary management system. Employees should understand the organization's compensation philosophy, how their salaries are determined, and the performance expectations required for merit-based increases. Open communication fosters trust and enhances employee engagement.2. Regular Reviews and AdjustmentsA salary management system should be regularly reviewed and adjusted to align with market trends and organizational needs. Conducting annual salary reviews and adjustments ensures that the organization remains competitive and can attract and retain top talent.3. Compliance with RegulationsOrganizations must ensure compliance with labor laws, regulations, and industry standards when designing and implementing their salary management systems. This includes adhering to minimum wage laws, overtime regulations, and anti-discrimination laws to prevent any legal issues.4. Employee InvolvementInvolving employees in the salary management process can provide valuable insight and feedback. Employees should have the opportunity to provide input on their job evaluations, performance appraisals, and compensation expectations. This fosters a sense of ownership and empowerment among employees.5. Training and DevelopmentProviding training and development opportunities for managers and HR professionals is essential to ensure that they can effectively manage the salary management system. Training should include understanding job evaluations, conducting performance appraisals, and ensuring compliance with compensation laws.ConclusionA well-designed salary management system is essential for attracting, retaining, and motivating employees. By incorporating job analysis and evaluation, compensation philosophy, salary surveys, performance management, and a comprehensive benefits package, organizations can create a competitive and equitable compensation structure. Implementing best practices such as clear communication, regular reviews, compliance with regulations, employee involvement, and training and development will ensure the success of the salary management system. Ultimately, a well-crafted system will contribute to employee satisfaction, engagement, and organizational success.。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Total Returns for Work
PART I :OVERVIEW
• Main compensation components and structures
• Direct & Indirect • Extrinsic & Intrinsic • Statutory & Non-Statutory
MACRO-ECONOMIC COMPENSATION FACTORS
• Main areas of the Employment Act 1955, amended in 1989, 1995 and 1998
• • • • • • Contracts of Service and employment protection Payment of Wages and minimum wage levels Working hours and holidays Registers of employees Employee and Industrial Relations issues Statutory Benefits relating to Provident and Social security funds and paid leave.
Four Policy Choices (cont.)
3. Level of Employee contributions
– Directly affects employees‟ attitudes and work behaviors
4. Management Policies
– Focus - right people get the right pay for achieving the right objectives in the right way
25% 50%
• End of term examination
Part 1: Learning objectives
• To describe the main types of compensation components and structures currently in use • To address employer objectives in developing a compensation system • To list and explain the factors that influence pay decisions such as equity, transparency,national and international context. • To identify the unique features of compensation structures in the Knowledge based economy.
COMPENSATION & BENEFITS MANAGEMENT MGT 6353
Course Leader Perema Kumari Ponnampalam
Module Sections
PART I :OVERVIEW
PART 2 : MACRO-ECONOMIC COMPENSATION FACTORS PART 3: MICRO-ECONOMIC COMPENSATION CONCEPTS PART 4: MEASURING AND PAYING FOR PERFORMANCE PART 5 : STRATEGY & BENEFITS
What is Compensation?
Compensation refers to all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship
Compensation components & structure
• Factors influencing pay decisions & rules of pay engagement
• • • • Legislation/ government policy Union influence Selection policy requirements Financial position to pay.
• Influences on individual/team pay decisions
• Seniority and job position/status • Cost of living allowances • Performance/Competency / Skill mix
Compensation components & structure
the market value
PART 2 : MACRO-ECONOMIC COMPENSATION FACTORS
• Employment Legislation
• Legislation relating to compensation & benefits - wage and labor hour laws, employee pension & welfare Laws • Other Issues
Four Policy Choices (cont.)
2. External competitiveness
– Focus – pay comparisons with competitors
– Pay is „market driven‟
– Objective:
• To ensure that pay is sufficient to attract and retain employees • To control labor costs to ensure competitive pricing of products/ services
Compensation Objectives
• Guide the design of the pay system • Serve as the standards for judging the success of the pay system
Four Policy Choices
1. Internal alignment
PART I :OVERVIEW
• Module Objectives and Learning Outcomes • Assessment Structure Discussion • Marking Criteria Guidelines
ASSESSMENT
• Assignment 1 • Work based project coursework 25% • Assignment 2 • Case Study
– Compares jobs or skill levels inside a single organization – Pertains to the pay rates both for employees doing equal work and for those doing dissimilar work – Pay relationships within an organization affect employee decisions to: • Stay with the organization • Become more flexible by investing in additional training • Seek greater responsibility
MACRO-ECONOMIC COMPENSATION FACTORS
Legislation relating to compensation & benefits
• • • • • The national minimum wage Hours of work, holidays and paid time off Equal pay for work of equal value Anti-discrimination legislation The nature of the employees benefits package including sick pay entitlement • Share ownership and profit sharing schemes • Pension schemes • Impact of anti-discrimination policies
Compensation structures in the knowledge based economy with individual customization to access talent markets
• Bargaining points of employees • Individual Customization of Compensation • New Strategies to access talent marketswhere reward packages are defined differently by different groups • Addressing the notion of internal equity associated with
Employee Compensation
• Employee Compensation - all forms of rewards to employees in return for the performance of their jobs • Rewards or Compensation Management – design policies & procedures for allocation of rewards that is fair, equitable and consistent with the value systems of the company. ( Perkins & White, 2009)