MHR 749 Lecture Notes - Lecture 8: Regression Analysis, Frequency Distribution, Central Tendency

• School: Ryerson University
• Department: Human Resources
• Course: MHR 749
• Professor: Margaret Yap

Document Summary

First important decision involved in determining pay levels and designing pay structures is specifying the employer"s external pay policy. Thus, after defining purpose of compensation survey, immediately following should be defining relevant markets. The final decision is designing grades, ranges or bands. All of the major decisions in pay level determination: Compensation survey: the systematic process of collecting and making judgments about the compensation paid by other employers. Pay package: the mix of different forms of pay and their relative importance makes up the pay package. Market pricing: establishing pay structure by relying almost exclusively on external market pay rates. Fuzzy markets: when new organizations and jobs fuse together diverse knowledge and experience, relevant markets appear more like fuzzy markets. Qualified individuals in the same geographic area. It may trade off some power over the decisions that determine the quality of the data. Apart from base pay and bonuses, total compensation includes stock-based incentives too.