COMM 410 Chapter Notes - Chapter 8: Capital Accumulation, Merit Pay, Equal Pay For Equal Work
Document Summary
Skill-competency-based pay: pay based on the range, depth, and types of skills and knowledge they are capable of using rather than for the job they currently hold: challenge: accurate measurement of skills, abilities, and competences. Customized job evaluation plans: quantitative job evaluation based on each company (individual vs more team oriented, etc) Pay equity: equal wages for both male and females: ensure no gender bias in job evaluation plan and that job duties and responsibilities are clearly documented and known to employees. Strategic pay: pay for competencies and results rather than job responsibilities (5) describe the pay system for managerial and professional jobs. Compensating managers: salary (dependent on value of work), benefits, short-term incentives, long-term incentive, and perquisites (perks) Compensating professional employees: market-price approach for technical professionals such as engineers and scientists (6) identify and explain the types of incentive plans. Variable pay: any plan that ties pay to productivity or profitability: accurate performance appraisal are precondition to effective pay-for-performance.
