BUSI 3102 Chapter Notes - Chapter 9: Job Analysis, Equal Pay For Equal Work, Reward System
28 Dec 2015
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Compensation management all forms of financial returns, tangible services, and benefits that the employees receive as part of a contractual relationship. Lo1: explain the objectives of effective compensation management. Control costs: without proper compensation system, employers may have to overpay or underpay its employees. Job evaluations systematic process of assessing job content and ranking jobs according to a consistent set of job characteristics and worker traits. Job ranking a form of job evaluation in which jobs are ranked subjectively according to their overall worth to the organization. Job grading a form of job evaluation that assigns jobs to predetermined job classification according to their relative worth to the organization. Point system a form of job evaluation that assesses the relative importance of job"s key factors in order to arrive at the relative worth of jobs. Phase 1-job analysis: initial job analysis, identify and study jobs (e. g. position descriptions, job descriptions, job standards.
