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Total Rewards and Compensation
Total Rewards Monetary and non-monetary rewards used to
attract, motivate, and retain employees Rewards System Strategic Objectives Legal compliance Cost effectiveness Internal and external equity for employees Recognizing contribution to maximize
Fairness Internal Equity
Procedural Distributive Interactional
External Equity Privacy Transparency
7
Market Competitiveness and Compensation
Lead the market Meet the market Lag the market
2
Total Rewards Components
3
Compensation Philosophies
4
HR Metrics for Compensation
5
Typical Division of HR Responsibilities: Compensation
6
Compensation System Design Issues
How to compensate the individuals whose
performance may also be evaluated on team
achievements.
11
Possible Components
of Global Employee Compensation
12
Legal Constraints on Pay Systems
10
More Compensation System Design Issues
Individual vs. Team Rewards
Team
How to develop compensation programs that build on the team concept.
Individual
provided to all employees • Flexible and portable benefits
offered • Knowledge-based broadbands
determine pay grades • Multiple pay plans consider job
family, location, and business units
performance and manage talent
1
Compensation Approaches
Traditional Approach
Total Rewards Approach
• Compensation primarily base pay
• Bonuses for executives only
Minimum wage Child labor Exempt vs. nonexempt status Overtime
13
Exempt Status Under the FLSA
14
Compensation for Overtime Work
Common Overtime
Issues
Compensatory Time Off
Limitations on who can acquire more competencies
Training in the appropriate competencies
Certification and maintenance of competencies
CompetencyBased Pay Systems
Act
Equal Pay Act of 1963 and Pay EquityБайду номын сангаас
State and Local Laws
Garnishment Laws
16
Compensation Administration
Process
Pay Structure ❖ Pay grades ❖ Pay ranges
8
Compensation Quartile Strategies
9
More Compensation System Design Issues
Identification of the required competencies
Progression and compensation of employees
• Fixed benefits tied to seniority
• Pay grade progression based on organizational promotions
• One organization-wide pay plan for all employees
• Variable pay used with base pay • Annual/long-term incentives
17
Valuing Jobs with Job Evaluation Methods
Job Evaluation
Means used to identify the relative worth of jobs within an organization.
Compensable Factor
Job value common among a group of jobs. Something for which an organization
Incentives for Non-exempts
Training Time
Travel Time
15
Legislation Affecting Compensation
Compensation and the Law
Davis-Bacon Act Walsh-Healy Act McNamara-O’Hara
Total Rewards Monetary and non-monetary rewards used to
attract, motivate, and retain employees Rewards System Strategic Objectives Legal compliance Cost effectiveness Internal and external equity for employees Recognizing contribution to maximize
Fairness Internal Equity
Procedural Distributive Interactional
External Equity Privacy Transparency
7
Market Competitiveness and Compensation
Lead the market Meet the market Lag the market
2
Total Rewards Components
3
Compensation Philosophies
4
HR Metrics for Compensation
5
Typical Division of HR Responsibilities: Compensation
6
Compensation System Design Issues
How to compensate the individuals whose
performance may also be evaluated on team
achievements.
11
Possible Components
of Global Employee Compensation
12
Legal Constraints on Pay Systems
10
More Compensation System Design Issues
Individual vs. Team Rewards
Team
How to develop compensation programs that build on the team concept.
Individual
provided to all employees • Flexible and portable benefits
offered • Knowledge-based broadbands
determine pay grades • Multiple pay plans consider job
family, location, and business units
performance and manage talent
1
Compensation Approaches
Traditional Approach
Total Rewards Approach
• Compensation primarily base pay
• Bonuses for executives only
Minimum wage Child labor Exempt vs. nonexempt status Overtime
13
Exempt Status Under the FLSA
14
Compensation for Overtime Work
Common Overtime
Issues
Compensatory Time Off
Limitations on who can acquire more competencies
Training in the appropriate competencies
Certification and maintenance of competencies
CompetencyBased Pay Systems
Act
Equal Pay Act of 1963 and Pay EquityБайду номын сангаас
State and Local Laws
Garnishment Laws
16
Compensation Administration
Process
Pay Structure ❖ Pay grades ❖ Pay ranges
8
Compensation Quartile Strategies
9
More Compensation System Design Issues
Identification of the required competencies
Progression and compensation of employees
• Fixed benefits tied to seniority
• Pay grade progression based on organizational promotions
• One organization-wide pay plan for all employees
• Variable pay used with base pay • Annual/long-term incentives
17
Valuing Jobs with Job Evaluation Methods
Job Evaluation
Means used to identify the relative worth of jobs within an organization.
Compensable Factor
Job value common among a group of jobs. Something for which an organization
Incentives for Non-exempts
Training Time
Travel Time
15
Legislation Affecting Compensation
Compensation and the Law
Davis-Bacon Act Walsh-Healy Act McNamara-O’Hara