Compensation Final Exam Outline

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Compensation Final Exam Study Notes
What are we aiming for?

What is our end result in compensation? What do these lines represent? $
mid
or
CTL

Points
Lines represent competition , also indicated other strong compeitiors in the market competition is who is steeling your good works

Adjusting Survey Data- Weighted Averages| Check excel doc.!| | | | | | | | | | | | | | | | | | | |
Admin Support 1| | | | | | | | | | |
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| |  | Policy Ranges| Salary $| | | | | | |
| |  |  |  |  | | | | | | |
Company| # obns| min| mid/ctl| max| avg salary| | | | | | | | |  |  |  |  | | | | | | |
Royal| 28| 26,550| 29,500| 32450| 27,200| 26550| 29500| 32450| | | | Sick Kids| 16| 26370| 29,300| 29,300| 28,400| 29500| | 29500| | | | Hydro| 14| 28800| 32,000| 36,800| 30,250| 0.9| 1| 1.1| | 10 down and 10 up = 20%| De Havilland| 5| 32490| 34,200| 34,200| 35,300| 1.111111| | 1.15| -25%| | | | | | | | | | | | 5%| | |

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1. examine the ranges. Implications?| Salaries are entry level and project employees will get promited | | | | | | 2. Look at Dehavilland- what is happening in salary versus ranges?| breaking the rules with the average salary buying the talent amove | 3. Calculate the width of each company's ranges| | | | | | | | | 4. If we had 20 Admin Support 1 positions, which companies would you include in the analysis?| | | 5. Calculate :| | | | | | | | | | | |

| have to tell me the terminology | | | | | | | | | | | *pure policy avg3e| | | | | | | | | | |
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*weighted policy avg| | | | | | | | | | |
ranges | Observations| mutiply across | | | | | | | | | | 29,500| 28| 826000| | | | | | | | | |
29,300| 16| 468800| | | | | | | | | |
32,000| 14| 448000| | | | | | | | | |
30,267| 58| 1742800| | | | | | | | | |
Totals | 58| 1742800| | | | | | | | | |
| | 30048.27586| | | | | | | | | |
*weighted salary avg| | | | | | | | | | |
weighted is the true relfication | | | | | | | | | |

Conducting a Successful Salary Survey

* Choice of companies

Have to be direct competitors
Other corporate players that are stealing your people
Look at your supply chain compines

* Geographic area

Global market, national, provincial, municipal, check out the market that is relevant to your company @

* Type and number of jobs

30% match to your bench mark jobs minimum 30%

* Confidentiality of Data

Has to be guaranteed

Key can be suede don’t gave out other company codes

* Survey Method

Determining Rates of Pay

What should companies pay for?

Knowledge and skills, and experiences, KSAO’S , competences

Paying for top performance ,relative past experiences relative education, relative experiences

Does the type of business make a difference in pay?

Yes industry their profit determines how much they can pay. Pharmsutcles, oil, banks

Should companies pay for time on the job?
Yes , hourly wage employees must be paid for work. From the employment standard acts. Salary employees are paid to get the job done . You’re not paying for time on the job your are paying for the performance. Expect for union jobs where they get yearly increase.

What outside influences affect pay?
Competition, economy, infliction.
Is pay the only answer?
No benefits, merits, bonuses, promotions, vacation,
Adjusting Survey Data- Weighted Averages| Check excel doc!| | | | | | | | | | | | | | | | | | | | | |
Admin Support 1| | | | | | | | | | | |
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