Discuss areas and considerations for employee compensation, how its obtained, managed, and improved.

– equity theory and fairness
– developing pay levels
o market pressures
o Employees as a resource resources
o Deciding what to pay
o Developing a job structure
o Developing a pay structure
o Conflicts between market pay surveys and job evaluation
o Monitoring compensation costs
o Geographic region, globalization, and pay structures
– Current Challenges
• Problems with job-bases pay structures
• Executive pay
– government regulation of employee compensation
• Equal employment opportunity
• Minimum wage, overtime, and prevailing wage laws
– Recognizing Employee Contributions with Pay
• Reinforcement theory
• Expectancy theory
• Agency theory
• Merit pay
• Individual incentives
• Profit sharing and ownership
• Garnisharing, grouip incentives, and team awards
• Balanced scorecard
– Employee Benefits
• Reasons for benefits growth
• Benefits programs
• Social insurance (Legally Requiered)
• Private group insurance
• Retore,emt
• Pay for time not worked
• Family-friendly policies
Managing Benefits: Employer Objectives and Stragegies
• Surveys and benchmarking
• Cost control
• Nature of the workforce
• Communicating with emplyees
General Regulatory Issues
• Nondiscrimination rules and qualified plans
• Sex, age, and disability
• Monitoring future benefits obligations