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Chapter 12 Compensation Strategies and Practices
1.
Copyright © 2005
Thomson Business & Professional Publishing. All rights reserved. ROBERT L. MATHIS JOHN H. JACKSON PowerPoint Presentation by Charlie Cook The University of West Alabama Compensation StrategiesCompensation Strategies and Practicesand Practices Chapter 12Chapter 12 SECTION 4SECTION 4 CompensatingCompensating Human ResourcesHuman Resources
2.
Copyright © 2005
Thomson Business & Professional 12â2 Learning ObjectivesLearning ObjectivesLearning ObjectivesLearning Objectives âą After you have read this chapter, you should be able to: ïIdentify the two general types of compensation and the components of each. ïDiscuss four issues of strategic compensation design. ïList the basic provisions of the Fair Labor Standards Act (FLSA). ïDescribe the two means of valuing jobs. ïOutline the process of building a base pay system. ïExplain two ways individual pay increases are determined.
3.
Copyright © 2005
Thomson Business & Professional 12â3 Nature of CompensationNature of CompensationNature of CompensationNature of Compensation âą Types of Rewards ïIntrinsic ï¶ Intangible, psychological and social effects of compensation ïExtrinsic ï¶ Tangible, monetary and nonmonetary effects of compensation âą Types of Compensation ïDirect compensation ï¶ The employer exchanges monetary rewards for work done. ïIndirect compensation ï¶ Employer-provided benefitsâlike health insuranceâthat are provide employees for being a member of the organization.
4.
Copyright © 2005
Thomson Business & Professional 12â4 Components of a Compensation SystemComponents of a Compensation SystemComponents of a Compensation SystemComponents of a Compensation System Figure 12â1
5.
Copyright © 2005
Thomson Business & Professional 12â5 Direct CompensationDirect CompensationDirect CompensationDirect Compensation Base PayBase PayBase PayBase Pay SalarySalarySalarySalary WagesWagesWagesWages The basic monetary compensation that an employeeThe basic monetary compensation that an employee receives, usually as a wage or salary.receives, usually as a wage or salary. The basic monetary compensation that an employeeThe basic monetary compensation that an employee receives, usually as a wage or salary.receives, usually as a wage or salary. Payments calculated on the amount of time worked.Payments calculated on the amount of time worked.Payments calculated on the amount of time worked.Payments calculated on the amount of time worked. Consistent payments made each period regardlessConsistent payments made each period regardless of the number of hours worked in the period.of the number of hours worked in the period. Consistent payments made each period regardlessConsistent payments made each period regardless of the number of hours worked in the period.of the number of hours worked in the period. VariableVariable PayPay VariableVariable PayPay Compensation linked to individual, team, orCompensation linked to individual, team, or organizational performance.organizational performance. Compensation linked to individual, team, orCompensation linked to individual, team, or organizational performance.organizational performance.
6.
Copyright © 2005
Thomson Business & Professional 12â6 Typical Division of HR Responsibilities: CompensationTypical Division of HR Responsibilities: CompensationTypical Division of HR Responsibilities: CompensationTypical Division of HR Responsibilities: Compensation Figure 12â2
7.
Copyright © 2005
Thomson Business & Professional 12â7 Strategic CompensationStrategic CompensationStrategic CompensationStrategic Compensation âą Objectives of a Strategically Supportive Compensation System: ïLegal compliance with all appropriate laws and regulations ïCost effectiveness for the organization ïInternal, external, and individual equity for employees ïPerformance enhancement for the organization
8.
Copyright © 2005
Thomson Business & Professional 12â8 Compensation PhilosophiesCompensation PhilosophiesCompensation PhilosophiesCompensation Philosophies âą Entitlement Philosophy ïAssumes that individuals who have worked another year are entitled to pay increases, with little regard for performance differences. âą Pay-for-Performance Philosophy ïRequires that compensation changes reflect individual performance differences.
9.
Copyright © 2005
Thomson Business & Professional 12â9 Continuum of Compensation PhilosophiesContinuum of Compensation PhilosophiesContinuum of Compensation PhilosophiesContinuum of Compensation Philosophies Figure 12â3
10.
Copyright © 2005
Thomson Business & Professional 12â10 Compensation ApproachesCompensation ApproachesCompensation ApproachesCompensation Approaches Figure 12â4
11.
Copyright © 2005
Thomson Business & Professional 12â11 HR Metrics for CompensationHR Metrics for CompensationHR Metrics for CompensationHR Metrics for Compensation Figure 12â5
12.
Copyright © 2005
Thomson Business & Professional 12â12 Compensation System Design IssuesCompensation System Design IssuesCompensation System Design IssuesCompensation System Design Issues ExpatriatesExpatriatesExpatriatesExpatriates Host-CountryHost-Country NationalsNationals Host-CountryHost-Country NationalsNationals Third-CountryThird-Country NationalsNationals Third-CountryThird-Country NationalsNationals GlobalGlobal CompensationCompensation IssuesIssues GlobalGlobal CompensationCompensation IssuesIssues
13.
Copyright © 2005
Thomson Business & Professional 12â13 Typical Components of Expatriate CompensationTypical Components of Expatriate CompensationTypical Components of Expatriate CompensationTypical Components of Expatriate Compensation Figure 12â6
14.
Copyright © 2005
Thomson Business & Professional 12â14 Global Compensation ApproachesGlobal Compensation ApproachesGlobal Compensation ApproachesGlobal Compensation Approaches âą Balance Sheet Approach ï Compensation plan that equalizes cost differences between identical international and home-country assignments. âą Global Market Approach ï Compensation plan that attempts to be more comprehensive in providing base pay, incentives, benefits, and relocation expenses regardless of the country to which the employee is assigned. âą Tax Equalization Plan ï Compensation plan used to protect expatriates from negative tax consequences.
15.
Copyright © 2005
Thomson Business & Professional 12â15 Compensation Quartile StrategiesCompensation Quartile StrategiesCompensation Quartile StrategiesCompensation Quartile Strategies Figure 12â7
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Thomson Business & Professional 12â16 Market Competitiveness and CompensationMarket Competitiveness and CompensationMarket Competitiveness and CompensationMarket Competitiveness and Compensation Lead theLead the MarketMarket Lead theLead the MarketMarket Lag theLag the MarketMarket Lag theLag the MarketMarket Meet theMeet the MarketMarket Meet theMeet the MarketMarket Paying for higher qualified, more productive workers.Paying for higher qualified, more productive workers.Paying for higher qualified, more productive workers.Paying for higher qualified, more productive workers. Attempting to balance employer costs and the needAttempting to balance employer costs and the need to attract and retain employees.to attract and retain employees. Attempting to balance employer costs and the needAttempting to balance employer costs and the need to attract and retain employees.to attract and retain employees. Paying all that the firm can afford. Taking advantagePaying all that the firm can afford. Taking advantage of the abundant supply of potential employees in aof the abundant supply of potential employees in a loose labor market.loose labor market. Paying all that the firm can afford. Taking advantagePaying all that the firm can afford. Taking advantage of the abundant supply of potential employees in aof the abundant supply of potential employees in a loose labor market.loose labor market.
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Thomson Business & Professional 12â17 Competency-Based PayCompetency-Based PayCompetency-Based PayCompetency-Based Pay Maintenance of Competencies Maintenance of Competencies Limitations (How many?) Limitations (How many?) Pricing Competencies Pricing Competencies TrainingTraining Competency-Competency- Based PayBased Pay SystemsSystems KBP/SBPKBP/SBP Competency-Competency- Based PayBased Pay SystemsSystems KBP/SBPKBP/SBP
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Thomson Business & Professional 12â18 Individual vs. Team RewardsIndividual vs. Team RewardsIndividual vs. Team RewardsIndividual vs. Team Rewards Distribute variable rewards at the team levelDistribute variable rewards at the team levelDistribute variable rewards at the team levelDistribute variable rewards at the team level Make system simple and understandable.Make system simple and understandable.Make system simple and understandable.Make system simple and understandable. Using Team-Based Reward SystemsUsing Team-Based Reward SystemsUsing Team-Based Reward SystemsUsing Team-Based Reward Systems Use skill-based pay for the base.Use skill-based pay for the base.Use skill-based pay for the base.Use skill-based pay for the base. Use variable pay based on business entity performanceUse variable pay based on business entity performanceUse variable pay based on business entity performanceUse variable pay based on business entity performance Maintain a high degree of employee involvementMaintain a high degree of employee involvementMaintain a high degree of employee involvementMaintain a high degree of employee involvement
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Thomson Business & Professional 12â19 Perceptions of Pay FairnessPerceptions of Pay FairnessPerceptions of Pay FairnessPerceptions of Pay Fairness EquityEquityEquityEquity InternalInternal EquityEquity InternalInternal EquityEquity ExternalExternal EquityEquity ExternalExternal EquityEquity The perceived fairness between what a person doesThe perceived fairness between what a person does (inputs) and what the person receives (outcomes).(inputs) and what the person receives (outcomes). The perceived fairness between what a person doesThe perceived fairness between what a person does (inputs) and what the person receives (outcomes).(inputs) and what the person receives (outcomes). Employee compensation viewed as equitable in relation to theEmployee compensation viewed as equitable in relation to the compensation of employees performing similar jobs in othercompensation of employees performing similar jobs in other organizations.organizations. Employee compensation viewed as equitable in relation to theEmployee compensation viewed as equitable in relation to the compensation of employees performing similar jobs in othercompensation of employees performing similar jobs in other organizations.organizations. Employees receive compensation in relation to the knowledge,Employees receive compensation in relation to the knowledge, skills, and abilities they use in their jobs as well as theirskills, and abilities they use in their jobs as well as their responsibilities and accomplishments.responsibilities and accomplishments. Employees receive compensation in relation to the knowledge,Employees receive compensation in relation to the knowledge, skills, and abilities they use in their jobs as well as theirskills, and abilities they use in their jobs as well as their responsibilities and accomplishments.responsibilities and accomplishments. Procedural JusticeProcedural JusticeProcedural JusticeProcedural Justice Perceived fairness of the process and proceduresPerceived fairness of the process and procedures used to make decisions about employees.used to make decisions about employees. Perceived fairness of the process and proceduresPerceived fairness of the process and procedures used to make decisions about employees.used to make decisions about employees. Distributive JusticeDistributive JusticeDistributive JusticeDistributive Justice Perceived fairness in the distribution of outcomes.Perceived fairness in the distribution of outcomes.Perceived fairness in the distribution of outcomes.Perceived fairness in the distribution of outcomes. Pay Openness/Pay Openness/ SecrecySecrecy Pay Openness/Pay Openness/ SecrecySecrecy The degree of openness or secrecy that an organizationThe degree of openness or secrecy that an organization allows regarding its pay system.allows regarding its pay system. The degree of openness or secrecy that an organizationThe degree of openness or secrecy that an organization allows regarding its pay system.allows regarding its pay system.
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Thomson Business & Professional 12â20 Equity Considerations in CompensationEquity Considerations in CompensationEquity Considerations in CompensationEquity Considerations in Compensation Figure 12â8
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Thomson Business & Professional 12â21 Fair Labor Standards Act (FSLA) of 1938Fair Labor Standards Act (FSLA) of 1938Fair Labor Standards Act (FSLA) of 1938Fair Labor Standards Act (FSLA) of 1938 Provisions of the ActProvisions of the ActProvisions of the ActProvisions of the Act Minimum wage requirement sets wage floorMinimum wage requirement sets wage floorMinimum wage requirement sets wage floorMinimum wage requirement sets wage floor Child labor (under 14 years old) is prohibitedChild labor (under 14 years old) is prohibitedChild labor (under 14 years old) is prohibitedChild labor (under 14 years old) is prohibited Requires overtime payments for non-exempt employeesRequires overtime payments for non-exempt employeesRequires overtime payments for non-exempt employeesRequires overtime payments for non-exempt employees Exempts highly-paid computer workersExempts highly-paid computer workersExempts highly-paid computer workersExempts highly-paid computer workers Requires overtime (1Requires overtime (1Âœ) pay for hours over 40 hoursÂœ) pay for hours over 40 hoursRequires overtime (1Requires overtime (1Âœ) pay for hours over 40 hoursÂœ) pay for hours over 40 hours Requires compensatory time at overtime (1Requires compensatory time at overtime (1Âœ) pay ratesÂœ) pay ratesRequires compensatory time at overtime (1Requires compensatory time at overtime (1Âœ) pay ratesÂœ) pay rates
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Thomson Business & Professional 12â22 FLSA Employee ClassificationsFLSA Employee ClassificationsFLSA Employee ClassificationsFLSA Employee Classifications âą Exempt Employees ïEmployees to whom employers are not required to pay overtime under the Fair Labor Standards Act. ï¶ Executives, administrators, professional (learned or creative) employees, computer employees, outside sales persons âą Non-exempt Employees ïEmployees who must be paid overtime under the Fair Labor Standards Act. ï¶ Hourly ï¶ Salaried non-exempt
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Thomson Business & Professional 12â23 FLSA Wage ProvisionsFLSA Wage ProvisionsFLSA Wage ProvisionsFLSA Wage Provisions âą Overtime ïNon-exempt employees must be paid overtime pay (one and one-half the regular pay rate) for all hours worked over 40 regular hours in a workweek (168 hoursâ7days x 24 hours). âą Compensatory Time Off (Comp Time) ïHours off regular work time given to an employee in lieu of payment for extra time worked. ï¶ Compensatory hours off must be awarded at rate of one and one-half times hours worked over 40 hours.
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Thomson Business & Professional 12â24 IRS Test for Employees and Independent ContractorsIRS Test for Employees and Independent ContractorsIRS Test for Employees and Independent ContractorsIRS Test for Employees and Independent Contractors Figure 12â9Source: U.S. Internal Revenue Service, www.irs.gov.
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Thomson Business & Professional 12â25 Other Laws Affecting CompensationOther Laws Affecting CompensationOther Laws Affecting CompensationOther Laws Affecting Compensation âą Davis-Bacon Act of 1931 ïRequired payment of âprevailing wageâ by firms engaged in federal construction projects. âą Walsh-Healy Public Contracts Act and the McNamara-OâHara Service Contract Act ïExtended the payment of âprevailing wageâ to service contracts ïRequired overtime payment for any employee hours worked over eight hours in one day; applies only to to federal contracts, not the private sector.
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Thomson Business & Professional 12â26 Legislation on Equal Pay and Pay EquityLegislation on Equal Pay and Pay EquityLegislation on Equal Pay and Pay EquityLegislation on Equal Pay and Pay Equity âą Equal Pay Act of 1963 ïRequires that men and women be paid the same for performing substantially similar jobs with limited non- gender exceptions (e.g., merit and seniority). âą Pay Equity (or Comparable Worth) ïSimilarity in pay for all jobs requiring comparable level of knowledge, skills, and abilities, even if actual duties and market rates differ significantly. âą Garnishment ïA court action in which a portion of an employeeâs wages is set aside to pay a debt owed a creditor.
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Thomson Business & Professional 12â27 CompensationCompensation AdministrationAdministration ProcessProcess CompensationCompensation AdministrationAdministration ProcessProcess Figure 12â10
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Thomson Business & Professional 12â28 Development of a Base Pay SystemDevelopment of a Base Pay SystemDevelopment of a Base Pay SystemDevelopment of a Base Pay System âą Job Evaluation ïFormal, systematic means to identify the relative worth of jobs within an organization. ïEvaluating every job in the organization on: ï¶ Knowledge, skills, and abilities required ï¶ Nature of job tasks, duties, responsibilities, and competencies ï¶ Difficulty of the job, including the physical and mental demands âą Compensable factor ïFactor that identifies a job value commonly present throughout a group of jobs.
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Thomson Business & Professional 12â29 Examples of Compensable FactorsExamples of Compensable Factors for Different Job Familiesfor Different Job Families Examples of Compensable FactorsExamples of Compensable Factors for Different Job Familiesfor Different Job Families Figure 12â11
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Thomson Business & Professional 12â30 Job EvaluationJob EvaluationJob EvaluationJob Evaluation FactorFactor ComparisonComparison FactorFactor ComparisonComparison RankingRankingRankingRanking ClassificationClassificationClassificationClassification PointPoint MethodMethod PointPoint MethodMethod JobJob EvaluationEvaluation MethodsMethods JobJob EvaluationEvaluation MethodsMethods
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Thomson Business & Professional 12â31 Legal Issues and Job EvaluationLegal Issues and Job EvaluationLegal Issues and Job EvaluationLegal Issues and Job Evaluation Americans with Disabilities ActAmericans with Disabilities Act Job evaluations may not identify job functions related toJob evaluations may not identify job functions related to physical demands as essentialphysical demands as essential Americans with Disabilities ActAmericans with Disabilities Act Job evaluations may not identify job functions related toJob evaluations may not identify job functions related to physical demands as essentialphysical demands as essential Gender IssuesGender Issues Traditional job evaluations place less weight on knowledge,Traditional job evaluations place less weight on knowledge, skills, and working conditions for female-dominated jobsskills, and working conditions for female-dominated jobs Gender IssuesGender Issues Traditional job evaluations place less weight on knowledge,Traditional job evaluations place less weight on knowledge, skills, and working conditions for female-dominated jobsskills, and working conditions for female-dominated jobs Job EvaluationJob EvaluationJob EvaluationJob Evaluation
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Thomson Business & Professional 12â32 Valuing Jobs Using Market PricingValuing Jobs Using Market PricingValuing Jobs Using Market PricingValuing Jobs Using Market Pricing âą Market Pricing ïUse of pay survey data to identify the relative value of jobs based on what other employers pay for similar jobs. âą Advantages of Market Pricing ïTies organizational pay levels to what is actually occurring in the market, without being distorted by âinternalâ job evaluation. ïCommunicates to employees that the compensation system is âmarket linked,â rather than distorted by internal issues.
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Thomson Business & Professional 12â33 Valuing Jobs Using Market Pricing (contâd)Valuing Jobs Using Market Pricing (contâd)Valuing Jobs Using Market Pricing (contâd)Valuing Jobs Using Market Pricing (contâd) âą Disadvantages of Market Pricing ïIt relies on market survey data that is limited or may have been gathered in methodologically sound ways. ïThe responsibilities of a specific job in a company may be somewhat different from those of the âmatchingâ job identified in the survey. ïThe market dataâs scope (range of sources) is another concern. ïTying pay levels to market data can lead to wide fluctuations based on market conditions.
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Thomson Business & Professional 12â34 Pay SurveysPay SurveysPay SurveysPay Surveys âą Pay Survey ïCollection of data on compensation rates for workers performing similar jobs in other organizations. âą Benchmark Jobs ïJobs found in many organizations. âą Internet-Based Pay Surveys ïPay survey questionnaires are distributed electronically rather than as printed copies.
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Thomson Business & Professional 12â35 Using Pay SurveysUsing Pay SurveysUsing Pay SurveysUsing Pay Surveys MethodologyMethodologyMethodologyMethodology ParticipantsParticipantsParticipantsParticipants Broad-basedBroad-basedBroad-basedBroad-based TimelinessTimelinessTimelinessTimelinessSurvey DataSurvey Data RelevanceRelevance Survey DataSurvey Data RelevanceRelevanceJob MatchesJob MatchesJob MatchesJob Matches
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Thomson Business & Professional 12â36 Developing Pay SurveysDeveloping Pay SurveysDeveloping Pay SurveysDeveloping Pay Surveys Select Employers with Comparable JobsSelect Employers with Comparable JobsSelect Employers with Comparable JobsSelect Employers with Comparable Jobs Determine Jobs to be SurveyedDetermine Jobs to be SurveyedDetermine Jobs to be SurveyedDetermine Jobs to be Surveyed Decide What Information Is NeededDecide What Information Is NeededDecide What Information Is NeededDecide What Information Is Needed Conduct SurveyConduct SurveyConduct SurveyConduct Survey
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Thomson Business & Professional 12â37 Pay StructuresPay StructuresPay StructuresPay Structures âą Job Family ïA group of jobs having common organizational characteristics. âą Common Pay Structures ïHourly and salaried ïOffice, plant, technical, professional, managerial ïClerical, information technology, professional, supervisory, management, and executive âą Pay Grades ïGroupings of individual jobs having approximately the same job worth.
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Thomson Business & Professional 12â38 EstablishingEstablishing PayPay StructuresStructures EstablishingEstablishing PayPay StructuresStructures Figure 12â12
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Thomson Business & Professional 12â39 Market-Banded Pay Grades for Community BankMarket-Banded Pay Grades for Community BankMarket-Banded Pay Grades for Community BankMarket-Banded Pay Grades for Community Bank Figure 12â13 *Computed by averaging the pay survey summary data for the jobs in each pay grade.
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Thomson Business & Professional 12â40 Pay Structures (contâd)Pay Structures (contâd)Pay Structures (contâd)Pay Structures (contâd) âą Market Banding ïGrouping jobs into pay grades based on similar market survey amounts. âą Market Line ïGraph line that shows the relationship between job value as determined by job evaluation points and job value as determined by pay survey rates. ïShows the distribution of pay for the surveyed jobs, allowing a linear trend line to be developed by the least-squares regression method.
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Thomson Business & Professional 12â41 Pay RangesPay RangesPay RangesPay Ranges âą Broadbanding ïThe practice of using fewer pay grades having broader pay ranges that in traditional systems. ïBenefits ï¶ Encourages horizontal movement of employees ï¶ Is consistent with trend towards flatter organizations ï¶ Creates a more flexible organization ï¶ Encourages competency development ï¶ Emphasizes career development
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Thomson Business & Professional 12â42 Example ofExample of Pay GradesPay Grades and Payand Pay RangesRanges Example ofExample of Pay GradesPay Grades and Payand Pay RangesRanges Figure 12â14
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Thomson Business & Professional 12â43 Individual PayIndividual PayIndividual PayIndividual Pay âą Rates Out of Range ïRed-Circled Employees ï¶ An incumbent (current jobholder) who is paid above the range set for the job. ïGreen-Circled Employees ï¶ An incumbent who is paid below the range set for the job. âą Pay Compression ïA situation in which pay differences among individuals with different levels of experience and performance in the organization becomes small.
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Thomson Business & Professional 12â44 Pay Adjustment MatrixPay Adjustment MatrixPay Adjustment MatrixPay Adjustment Matrix âą Compa-ratio ïThe pay level divided by the midpoint of the pay range. ratio)-(Compa110100 (midpoint)15.00 pay)(current$16.50 Employee =Ă=R ratio)-(Compa87100 (midpoint)15.00 pay)(current$13.05 Employee =Ă=J
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Thomson Business & Professional 12â45 Pay Adjustment MatrixPay Adjustment MatrixPay Adjustment MatrixPay Adjustment Matrix Figure 12â15
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Thomson Business & Professional 12â46 Determining Pay IncreasesDetermining Pay IncreasesDetermining Pay IncreasesDetermining Pay Increases âą Seniority ï Time spent in an organization or on a particular job that is used to determine eligibility for organizational rewards and benefits. âą Cost-of-Living Adjustments (COLA) ï A percentage increase in wages to maintain real wages in a period of economic inflation. ï Adjustments are tied to changes in an economic measure (e.g., the Consumer Price Index). âą Lump-Sum Increases (LSI) ï A one-time payment of all or part of a yearly pay increase that does not increase base wages.
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