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Wages and Salaries

Wages and Salaries CHAPTER OBJECTIVES After studying this chapter, you should be able to: DEFINE the conditions needed for a well-managed compensation system. DISCUSS the objectives of effective compensation management. EXPLAIN the major laws and other challenges that affect pay plans. DESCRIBE how wages and salaries are determined. DEBATE both sides of the comparable worth issue. r: IDENTIFY key…

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Wages and Salaries (Summary)

Wages and Salaries (Summary) Employee compensation, when properly administered, can further corporate strategy and be an effective tool to obtain, maintain, and retain a productive workforce. Since compensation can signal which behaviors are most valued, it has the potential to influence individual produsdvitv strongly. If it is mismanaged, the results may be high turnover, increased _~~cnteeism, more grievances, increased job…

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Memberships-being

Memberships-being Additional compensation costs may include benefits not common in the home country but usually provided to employees overseas. For example, the high taxes in many developed nations have led to a long list of non pay (and therefore non taxed) benefits-such as company cars (with drivers), servants, and club memberships-being provided instead of the high salaries drawn by U.S.…

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Presumably lumping

Presumably lumping Limited experience with comparable worth doctrines comes almost exclusively from the public sector. More than 100 state and local government initiativesin support of comparable worth have been launched. Minnesota, for example,  has a statute that mandates the implementation of comparable worth in each political subdivision in the state.” Since they are not subject to the…

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Amendment

Amendment In 1963, the FLSA was amended by the Equal Pay Act, as discussed in . This amendment was passed to eliminate sex-based discrimination in pay. It requires employers to pay men and women equal wages when their jobs are equal in skill, effort, and responsibility and are performed under similar conditions. Exceptions are allowed when a valid…

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Analysis information

Analysis information Compensation objectives are not rules; they are guidelines. But the more the objectives in Figure 13-2 are followed, the more effective wage and salary administration will be. To meet these objectives, the major phases of compensation management include the following: Phase 1. Evaluate every job, using job analysis information to ensure internal equity based on each job’s relative…

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Objectives of Compensation Management

Objectives of Compensation Management Broadly defined, the objectives of compensation management are to help the . organization achieve strategic success while ensuring internal and external Equity unity. Internal equity ensures that more demanding positions or better qualified people within the organization are paid more. External equity assures that jobs are fairly compensated in comparison with similar jobs in…

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Productivity and Costs

Productivity and Costs Regardless of company or social policies, employers must make a profit to survive. Without profits, they cannot attract enough investors to remain competitive. Therefore, a company cannot pay its workers more than the workers give back to the firm through their productivity. However, if this should happen (because of labor scarcity or union power), the company…

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The Top Six Issues Facing HR Managers of Clobal Firms

The Top Six Issues Facing HR Managers of Clobal Firms In a brief survey conducted by the Institute for International Human Resources, the following items were identified in order of priority: Managing expatriate expectations Adding “appropriate” value to expatriate compensation packages Localization” of expatriate compensation Cost containment Global pension schemes Integration of HR planning with expatriate…

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International Compensation Challenges

International Compensation Challenges Compensation analysts must focus not only on equity but on competitiveness too. Firms . that compete globally may find that using local area salary surveys in the home country-even for compensating home-country employees-may ensure eq- .uity in the home labor market, but benchmarking wages and salaries among home-country competitors-especially if they are all in a developed nationmay lead…

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