Bus 409 Compensation Management - 948 Words

This paper will examine setting the stage for strategic compensation and bases for pay. There are three main goals of compensation departments: internal consistency, market competitiveness, and recognition of individual contributions. Internally consistent compensation systems define the relative value of each job among all jobs within a company. (Martocchio, pg. 22, 2011) With this system companies want employees to be paid more based on their qualifications and responsibilities. They believe someone with less experience should be paid differently. To determine such evaluation companies use job analysis in order to provide job descriptions. The job evaluation is to determine pay according to a particular position. Market-competitive†¦show more content†¦Some employees rely on the extra income every couple of months to help with expenses, but because of the high taxes attached to the income depending on what the actual amount would be may not be worth it at all. The purpo se of most profit plans provides more financial flexibility to the company. Profit sharing plans may fail to motivate employees because they do not see a direct link between their efforts and corporate profits. Hourly employees may have trouble seeing the connection because their efforts appear to be several steps removed from the company’s performance, and because company profits vary from year to year, employees’ receive their earnings based off company profits. Employees will find it difficult to predict their earnings, which will affect their saving and buying behavior. (Martocchio, pg. 97, 2011) Pay-for-knowledge plans reward managerial, service, or professional workers for successfully learning specific curricula. This program awards employees for the range, depth, and types of skills or knowledge they are capable of applying productively to their jobs. (Martocchio, pg. 104, 2011) Based on the pay-for-knowledge pay concepts, the three jobs for which this basis for pay is inappropriate are: bus drivers, cashiers, and janitorial services. Bus drivers are all paid around the same pay scale and the compensation mayShow MoreRelatedSetting the Stage for Strategic Compensation and Bases for Pay1227 Words   |  5 Pagesfor 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. 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