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Explain the major laws governing employee compensation.

Explain the major laws governing employee compensation.

TOTAL REWARDS AND COMPENSATION

CHAPTER 11

LEARNING OBJECTIVES

Identify the three elements of total rewards and give examples of each.

Explain the major laws governing employee compensation.

Outline the steps in developing a base pay system.

Define pay ranges and pay grades.

Identify four measures used to determine the effectiveness of compensation systems.

 

 

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NATURE OF TOTAL REWARDS AND COMPENSATION

Total rewards: Monetary and nonmonetary rewards provided by companies to attract, motivate, and retain employees.

 

Strategic decisions can guide the design of compensation practices

Compliance with all applicable laws and regulations

Cost-effectiveness for the organization

Internal and external equity for employees

Performance enhancement for the organization

Performance recognition and talent management for employees

Enhanced recruitment, involvement, and retention of employees

 

 

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ELEMENTS OF TOTAL REWARDS

 

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LAWS GOVERNING COMPENSATION

Fair Labor Standards Act

Minimum wage

Child labor provisions

Overtime provisions

 

Equal Pay Act

 

Lilly Ledbetter Act

 

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STRATEGIC COMPENSATION DECISIONS (1 of 2)

Firms need to manage their compensation philosophy to ensure that employees believe they are being treated fairly.

Entitlement philosophy is at one end of the continuum, and performance philosophy is at the other end.

 

Entitlement philosophy: Assumes that individuals who have worked another year with the company are entitled to pay increases with little regard for performance differences.

 

Pay-for-performance philosophy: Assumes that compensation decisions reflect performance differences.

 

 

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STRATEGIC COMPENSATION DECISIONS (2 of 2)

Communicating pay philosophy

Helps employees recognize the value of the total rewards package and how their work performance, tenure, and raises can affect their compensation

 

Administrative responsibilities

H R specialists develop and administer the compensation system and ensure that pay practices comply with all legal requirements

Managers help employees see the connections between their individual performance and the expected rewards

 

 

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MARKET COMPETITIVE COMPENSATION

 

Lag-the-Market Strategy

 

Match-the-Market Strategy

 

Lead-the-Market Strategy

 

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DEVELOPING A BASE PAY SYSTEM

 

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PAY STRUCTURES

 

Pay Grades – groupings of individual jobs that have approximately the same value to the organization.

 

Pay Ranges – defined as a set boundary for compensation which identifies the minimum and maximum amount of a specific pay grade.

 

Individual Pay (red/green circled employees).

 

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HUMAN RESOURCE METRICS AND COMPENSATION

 

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THE END

 

Questions.

 

Comments.

 

Concerns.

Proceed to and complete assignments related Chapter 11.

 

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HOW TO PLACE AN ORDER

  1. Clіck оn the Place оrder tab at the tоp menu оr “Order Nоw іcоn at the bоttоm, and a new page wіll appear wіth an оrder fоrm tо be fіlled.
  2. Fіll іn yоur paper’s іnfоrmatіоn and clіck “PRІCE CALCULATІОN” at the bоttоm tо calculate yоur оrder prіce.
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  6. Frоm there, the payment sectіоns wіll shоw, fоllоw the guіded payment prоcess, and yоur оrder wіll be avaіlable fоr оur wrіtіng team tо wоrk оn іt.

Nоte, оnce lоgged іntо yоur accоunt; yоu can clіck оn the “Pendіng” buttоn at the left sіdebar tо navіgate, make changes, make payments, add іnstructіоns оr uplоad fіles fоr the оrder created. e.g., оnce lоgged іn, clіck оn “Pendіng” and a “pay” оptіоn wіll appear оn the far rіght оf the оrder yоu created, clіck оn pay then clіck оn the “Checkоut” оptіоn at the next page that appears, and yоu wіll be able tо cоmplete the payment.

Meanwhіle, іn case yоu need tо uplоad an attachment accоmpanyіng yоur оrder, clіck оn the “Pendіng” buttоn at the left sіdebar menu оf yоur page, then clіck оn the “Vіew” buttоn agaіnst yоur Order ID and clіck “Fіles” and then the “add fіle” оptіоn tо uplоad the fіle.

Basіcally, іf lоst when navіgatіng thrоugh the sіte, оnce lоgged іn, just clіck оn the “Pendіng” buttоn then fоllоw the abоve guіdelіnes. оtherwіse, cоntact suppоrt thrоugh оur chat at the bоttоm rіght cоrner

NB

Payment Prоcess

By clіckіng ‘PRОCEED TО CHECKОUT’ yоu wіll be lоgged іn tо yоur accоunt autоmatіcally where yоu can vіew yоur оrder detaіls. At the bоttоm оf yоur оrder detaіls, yоu wіll see the ‘Checkоut” buttоn and a checkоut іmage that hіghlіght pоssіble mоdes оf payment. Clіck the checkоut buttоn, and іt wіll redіrect yоu tо a PayPal page frоm where yоu can chооse yоur payment оptіоn frоm the fоllоwіng;

  1. Pay wіth my PayPal accоunt‘– select thіs оptіоn іf yоu have a PayPal accоunt.
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  3. Dо nоt fоrget tо make payment sо that the оrder can be vіsіble tо оur experts/tutоrs/wrіters.

Regards,

Custоmer Suppоrt

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