MANA 443 Lecture Notes - Lecture 8: Aon Hewitt, Job Evaluation, Towers Watson
2 Feb 2017
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Chapter 8: defining pay levels, mix, and pay structures. Be a market leader with respect to pay (lead) Match the average pay of competitors (match) Lag behind the average market pay rates (lag) There are three options you can choose to set up a competitive pay policy. Of course you can lead on certain areas but match on other areas. Survey companies regarding their pay levels, pay mix, and pay structures. Conducted by hr consulting company and the participating companies need to pay. The systematic process of collecting information regarding competitors" pay and making judgments about compensation paid by other employers (your competitors) Provides data for translating pay policy into pay levels, pay mix, and pay structures. Compensation survey is the systematic process of collecting information regarding competitors" pay and making judgments about compensation paid by other employers. With the information from the compensation survey, you can translate your pay policy into pay levels, pay mix, and pay structures.
