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Module 6 of compenssation !!!
1.
7-1
External Competitiveness: Determining Part the Pay Level II Chapter 7 Defining Competitiveness Chapter 8 Designing Pay Levels, Mix, and Pay Structures McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
2.
7-2 STRATEGIC
STRATEGIC TECHNIQUES POLICIES OBJECTIVES Work Descriptions Evaluation/ INTERNAL ALIGNMENT Analysis Certification STRUCTURE EFFICIENCY • Performance COMPETITIVENESS Market Surveys Policy PAY • Quality Definitions Lines STRUCTURE • Customers • Stockholders Seniority Performance Merit INCENTIVE • Costs CONTRIBUTORS Based Based Guidelines PROGRAMS FAIRNESS COMPLIANCE ADMINISTRATION Planning Budgeting Communication EVALUATION McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
3.
7-3 Chap r
te 7 Defining Competitiveness McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
4.
7-4
Learning Objectives After studying Chapter 7, students should be able to: 1. Explain the importance of external competitiveness to the pay model. 2. Discuss the factors that influence external competitiveness. 3. Discuss the difference between labor market, product market, and organizational factors in determining external competitiveness. 4. Explain the different pay policy decisions and the consequences of using each. McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
5.
7-5
External competitiveness refers to the pay relationships among organizations - the organization’s pay relative to its competitors. McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
6.
7-6 External competitiveness is
expressed in practice by: 1. setting a pay level that is above, below, or equal to competitors, and 2. by considering the mix of pay forms relative to those of competitors. McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
7.
7-7 Pay level refers
to the average of the array of rates paid by an employer. Σ Base + Bonuses + Benefits + Options / Σ Employees Pay forms refer to the mix of the various types of payments that make up total compensation. McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
8.
7-8 Pay level and
mix focus attention on two objectives: Control Labor Costs Attract and Retain Employees McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
9.
7-9 Pay Level Decisions
Impact Labor Costs Number of Labor Costs = x Pay Level Employees McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
10.
7 - 10 What
Shapes External Competitiveness? LABOR MARKET FACTORS LABOR MARKET FACTORS Nature of Demand Nature of Demand Nature of Supply Nature of Supply PRODUCT MARKET FACTORS PRODUCT MARKET FACTORS Degree of Competition Degree of Competition EXTERNAL EXTERNAL Level of Product Demand COMPETITIVENESS COMPETITIVENESS Level of Product Demand ORGANIZATION FACTORS ORGANIZATION FACTORS Industry, Strategy, Size Industry, Strategy, Size Individual Manager Individual Manager McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
11.
7 - 11
Labor Demand ! The marginal product of labor is the additional output associated with the employment of one additional human resource unit, with other production factors held constant. ! The marginal revenue of labor is the additional revenue generated when the firm employs one additional unit of human resources, with other production factors held constant. McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
12.
7 - 12
Supply and Demand at the Market and Individual Employer Level Market level Employer level Ma $100,000 $100,000 rg De in ma pr al r nd od ev uc en t ue Pay for business graduates Pay for business graduates $50,000 $50,000 Supply to ly individual pp Su employer $25,000 $25,000 0 5 10 15 20 25 Number of business graduates available Number of business graduates available McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
13.
7 - 13
Labor Demand Theories and Implications Theory Prediction So What? Compensating Work with negative Job evaluation must collect differentials characteristics requires higher and compensable factors pay to attract workers. most capture these negative characteristics. Above-market wages will improve Staffing programs must have Efficiency wage efficiency by attracting workers the capability of selecting the who will perform better and be best employees. Work must less willing to leave. be structured to take advantage of employees’ greater efforts. Pay policies signal the kinds of Pay practices must recognize Signaling behavior the employer seeks. these behaviors by better pay, larger bonuses, and other forms of compensation. McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
14.
7 - 14
Labor Supply Theories and Implications Theory Prediction So What? Reservation wage Job seekers won’t accept jobs Pay level will affect ability to whose pay is below a certain recruit. wage, no matter how attractive other job aspects. Human capital The value of an individual’s skills Higher pay is required to and abilities is a function of the induce people to train for time and expense required to more difficult jobs. acquire them. Job competition Workers compete through As hiring difficulties increase, qualifications for jobs with employers should expect to established wages. spend more to train new hires. McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
15.
7 - 15 Competitive
Pay Policy Alternatives Pay with Competition Lead Policy (Match) Lag Policy Flexible Policies Employer of Choice Shared Choice McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
16.
7 - 16
Pay Mix Policy Alternatives Performance - Driven Market Match Benefits Benefits 17% 20% Options 4% Options Base 50% Base 70% 16% Bonus 6% Bonus 17% Work - Life Balance Security (Commitment) Benefits 20% Benefits 30% Base 50% Base 80% Options 10% Bonus 10% McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
17.
7 - 17
Some Consequences of Pay Levels Contain operating Increase pool of expenses (labor costs) qualified applicants Increase quality and experience Competitiveness of total compensation Reduce voluntary turnover Increase probability of Reduce pay-related union-free status work stoppages McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
18.
7 - 18
Summary ! There is no “going rate,” thus managers make conscious pay level and mix decisions influenced by several factors. ! There are both product market and labor market factors that impact the pay level and mix decisions. ! Alternative pay level and mix decisions have different consequences. ! Pay policies need to be designed to achieve specific pay objectives. ! To achieve the objectives stipulated for the pay system, both the pay level and mix must be properly positioned relative to competitors. McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
19.
7 - 19
Review Questions 1. Distinguish policies on external competitiveness from policies on internal alignment. Why is external competitiveness so important? 2. What factors shape an organization’s external competitiveness? 3. What does marginal revenue product have to do with pay? 4. What pay level does the efficiency wage theory predict? Does the theory accurately predict organization behavior? Why or why not? McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
20.
7 - 20
Review Questions (continued) 5. What is a relevant market? What difference does it make when determining people’s pay? 6. Can you think of any companies that follow a lag and/or lead policy? Why do they believe it pays to pay differently? Can you think of any companies that follow performance-driven and/or work-life balance policies? McGraw-Hill/Irwin © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
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