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The week 4 topic is, I believe, THE most important topic in the text - COMPENSATION! As with other topics we consider this semester, there are classes and certificate programs focused solely on developing an HRM's skill set in compensation practices. But you can lay a solid foundation for understanding compensation issues now. (UMUC offers HRMN 395: Total Rewards Approach to Compensation Management)
Important topics for you to investigate and reflect on this week include:
The Nature of Compensation
Compensation Systems Design Issues (Legal requirements and economic conditions)
Perceptions of Pay Fairness
Development of a Base Pay System
Issues Involving Pay Increases and Pay Structures
Please don't spend time memorizing terms and definitions. Rather spend time thinking about why the policies have been enacted or how job evaluations can be better implemented.
Note: Make sure you review the Power Point presentation that focuses on the nature of compensation and on the underlying impact of compensation on employee motivation. LINK: http://www.slideshare.net/tantia90/compensation-benefit-presentation-final
Question 1: The Nature of Compensation (Everyone responds)
For our first question, take a moment to think about compensation. What does compensation mean to you as an employee? Talk to your colleagues at your workplace. What do they think about compensation – and how well they are believe they are compensated. Are there issues? Is it really all about money? Is there a psychic component to compensation for you or for them? Conduct brief research and see what experts say is the effect of satisfied employees on a company’s bottom-line.
Question 2: Benefits
Why do employers provide employee benefits, rather than providing all compensation in the form of pay and letting employees purchase the services they want? Of the benefits discussed in chapter 7, list the ones you consider essential- that is, the benefits you would require in any job offer. Why are these benefits important to you?
For Every Question: offer -short Intro, (about 2-3 sentences); - a summary of the topic you are discussing, (about 2-3 sentences); critical analysis: your thoughts and opinions, sharing other resources such as theories, articles and giving specific examples, ( a paragraph and at least 7-8 sentences); and -short conclusion, ( 2-3 sentences). References APA at lease 2 for each question. Times New Roman 11 singled-spaced. Offer Headings to separate the sections.