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Establishing Strategic Pay Plans
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Establishing Strategic Pay Plans
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Establishing Strategic Pay Plans
The ‘Hay consulting firm’ emphasizes compensable factors such as
skills
efforts and responsibility
knowledge
accountability
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Establishing Strategic Pay Plans
The grouping of dissimilar jobs such as secretaries, mechanics and firefighters, called
rank jobs
grades
classes
columns
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Establishing Strategic Pay Plans
Determining the job’s worth in comparison of other job is called
job description
job specification
job evaluation
job analysis
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Establishing Strategic Pay Plans
The ‘commission’ that salesmen earns is an example of
direct pay
indirect pay
compensation
direct recruitment
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Establishing Strategic Pay Plans
The supplemental insurance plans are included in
long-term incentives
short-term benefits
executive perks
job ranking
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Establishing Strategic Pay Plans
Defining the factors to be compared is included in
selection of compensable factors
selection of intuitive factors
selection of logical factors
selection of comprehensive factors
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Establishing Strategic Pay Plans
The work experience and field of study are included in
working capital
human capital
compensation capital
size of working capital
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Establishing Strategic Pay Plans
The operating profit margin is included in
short-term of shareholder value
long-term shareholder value
economic value added
managerial job evaluation
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Establishing Strategic Pay Plans
The concession, employees gets in form of discounts in air ticket and bus fares is an example of
incentives
non direct payments
direct payments
salary increments
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Establishing Strategic Pay Plans
The comparison of fairness between the sales manager and production manager job pay rates, is an example of
collective equity
primary equity
secondary equity
internal equity
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