MGT 4414 Chapter Notes - Chapter 8: Central Tendency
Document Summary
Chapter 8: external competitiveness: pay relationships among organizations, 1. Specify competitive pay policy: survey- systematic process of collecting and making judgements about the compensation paid by other employers, purpose, 1. Adjust pay level- response to changing rates paid by competitors: 2. Adjust pay mix- relative to that of competitors: 3. Adjust pay structure- recheck job evaluation: 4. Estimate labor costs or product/service market competitors: competitive intelligience- in order to better understand how competitors achieve their market share and price their products/services, companies examine practices, costs and so forth, 2. Selecting relevant market competitors: one or more of the following areas, 1. Employees within the same geographic area: 3. Same products and services: normally national or international for managerial and professional skills. Local or regional for clerical and production skills: 3. Design the survey: ask these questions, 1. who should be involved i the survey design, 2. How many employers should be included: 3.
