Setting the stage for strategic compensation and bases for pay Paulette Harris Professor Christopher Zapalski Compensation Management - BUS 409 July 24‚ 2011 1. Describe the three main goals of compensation departments. Compensation professionals promote effective compensation systems by meeting three important goals: 1. Internal consistency 2. Market competitiveness 3. Recognition of individual contributions. Internal Consistency – Internal consistent compensation
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Setting the Stage for Strategic Compensation and Bases for Pay By: Cynthia L. Chamberlain Bus 409 Compensation Management Strayer University – Professor K. Araujo Week of January 23‚ 2012 Describe 3 main goals of compensation departments. When considering the main goals of compensation departments‚ the three goals that come to the immediate forefront are internal consistency‚ market competitiveness‚ and the recognition of individual contributions. The first goal‚ internally consistent compensation
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Setting the Stage for Strategic Compensation and Bases for Pay HR Practices January 30‚ 2011 Describe the three main goals of compensation departments The three main goals of the compensation departments are internal consistency‚ market competitiveness and recognizing individual contributions. When companies set the pay for jobs they want to be consistent with pay grade in regards to the job description. Higher pay is given to jobs that have greater responsibilities and greater qualifications
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Strategic Compensation and Bases for Pay 1. Describe the three main goals of compensation departments. The first goal in the compensation department is to attract and retain the best possible work force considering the resources of the organization‚ internal consistency. Internal consistency supports work flow‚ fairness and directs behavior toward organization objectives. It also consists of job analysis and job evaluation. Job analysis “is a systematic process for gathering‚ documenting‚
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When starting a business rather small or large one must establish a pay structure. A pay rate is established by conducting surveys which provides specific wage rates for specific jobs. Formal written questionnaire surveys are the most comprehensive‚ but telephone surveys and newspaper ads are also sources of information. Other Sources of surveys are consulting firms‚ professional associations and government agencies. Once your surveys are complete a job evaluation which is a systematic comparison
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Contextual Factors of Westlawn Middle School Westlawn Middle School is a Title I school located in Tuscaloosa’s West End community. This school services students in Grades Six through Eight. Many low-income households make up the student population of this school zone. Because of this‚ 93% of Westlawn Middle School is on free and reduced lunch. The school is made up of predominantly African American students. There is also a minute population of Hispanic students enrolled at Westlawn. Though the
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Write a 1200-1500 word paper that describes a strategic compensation plan for machine operators at Plastec Company. Refer to the description from the week 3 assignment. Include at least 3 referenced articles and cite them as appropriate. This paper should at a minimum address the following: * What should Paul do to determine how Plastec compares with other area employers in terms of wages and benefits? * How could Plastec motivate its machine operators to stay? To increase their productivity
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How do the contextual factors of Othello shape your understanding of the play? Shakespeare’s Othello encompasses a wide variety of contextual factors which shape my understanding of the play. These contextual factors include historical‚ cultural‚ political and social factors. Othello is believed to have been written between late 1603 and early1604 during the period of time known as the “Elizabethan” Period (1580-1625) in which‚ the great works of the age were produced; it was also during this
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There are major differences that separate base pay from incentive pay. Some employers may choose to offer compensation as base pay only‚ while others offer base pay plus incentive pay. This is often the case for professional sales positions for example. Base pay is the rate of monetary compensation given from employer to employee not including overtime or bonuses. Incentive pay‚ (which for the scope of this paper has been designated lump sum bonuses paid annually) is a monetary gift provided to an
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Strategic Compensation‚ 6e (Martocchio) Chapter 1 Strategic Compensation: A Component of Human Resource Systems 1) What is the primary factor that will prevent companies from growing in the next decade? A) increased government regulations B) the inability to attract and retain employees C) caps on executive pay in some organizations D) increased global competition Answer: B Diff: 3 Page Ref: 6 2) Which of the following would be an example of a non-monetary reward? A) medical insurance
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