Establishing a Pay Structure
31 important questions on Establishing a Pay Structure
What are the 2 aspects of pay structure?
2. Pay level - Average amount the organisation is going to pay a specific job
What 3 factors influence pay structure?
2. Market forces
3. Organisation's goals
What is the comparable worth public policy?
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What is the Lilly Ledbetter Fair Pay Act?
What forces decide the upper and lower bound of pay level respectively?
Lower: Labour market
What is the equity theory?
What 3 reactions to employees have to under-rewarding?
2. Find a way to increase their outcomes
3. Withdraw by leaving or refusing to cooperate
What is a market pay policy line?
What are pay grades?
What are the requirements of an effective incentive pay plan?
2. Employees believe they can meet performance standards
3. Organisation gives employees the resources needed to meet goal
4. Employees value rewards given
5. Employees think reward system is fair
6. Pay plan takes into account that employees may ignore goals that are not awarded
What are the 3 categories of incentive pay?
2. Incentives linked to the group
3. Incentives linked to organisational performance
What is a piecework rate?
What is the difference between a straight piecework plan and a differential piece rate?
What is the standard hour plan incentive?
What is a merit pay incentive?
What is a merit increase grid?
What is a retention bonus?
What is a straight commission plan?
What are the 3 main forms of team incentives?
2. Bonuses
3. Team awards
What are the necessary conditions for gain sharing to succeed?
2. Need for change/ strong commitment to continuous improvement
3. Management acceptance and encouragement of employee input
4. High levels of cooperation and interaction
5. Employment security
6. Information sharing on productivity and costs
7. Goal setting
8. Commitment of all involved parties to the process of change and improvement
9. Performance standard/calculation that employees understand and find fair
10. Employees who value working in groups
What is the Scanlon plan?
What is profit sharing?
What are the 2 forms of stock compensation plans?
2. Employee stock ownership plans - give employers tax/financial advantages when stock is granted to employees
What is a balanced scorecard?
What are the short- and long-term executive incentives respectively?
1. Bonuses based on yearly profits
2. Return on investment
Long:
1. Stock options
2. Stock purchase plans
Long-term is associated with greater profitability
What are the 3 categories of rewards?
2. Non-financial tangible rewards
3. Intangible rewards
What are the 4 reward methods to attract new graduates?
2. Individual pay (individualism)
3. Fixed pay (risk-aversion)
4. Flexible benefits (internal locus of control)
What is the HR attribution theory?
What are the 4 attributions of a commitment and control based strategy?
2. Performance (commitment, to help you be more effective)
3. Cost-saving (control, to save operational costs)
4. Exploitation (control, to force you to work harder)
What 2 things do employees base their evaluation of compensation on?
2. Fairness
What are the 3 drivers of pay satisfaction?
2. Discrepancy
3. Interpersonal
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