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Employee Training

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* Internal Equity—assure that jobs are objectively and consistently valued in relation to one another * External Equity—assure that the company is able to attract and retain the knowledge and skills needed to meet its objectives * Individual Equity—assure that individual employees are compensated in a manner that is fair in relation to the work they do and value they bring to the organization * Strategic impact—maximize productivity and effectiveness in achieving organization’s strategic goals

There are three key components of developing job-based compensations plans: achieving internal equity, achieving external equity, and achieving individual equity. This illustration summarizes how these are interrelated and the steps involved in each component. The large majority of U.S. firms rely on this or a similar scheme to compensate their work force.
One category of compensation tools is a job-based approach. This approach assumes that work gets done by people who are paid to perform well-defined jobs. Each job is designed to accomplish specific tasks and is normally performed by several people. Because all jobs are not equally important to the firm and the labor market puts a greater value on some jobs than on others, the compensation system’s primary objective is to allocate pay so that the most important jobs are paid the most.

* Establish a job-based compensation scheme that is internally consistent and linked to the labor market. * Understand the difference between a compensation system in which employees are paid for the skills they use and one in which they are paid of the job they hold. * Internal versus External Equity Will the compensation plan be perceived as fair within the company, or will it be perceived as fair relative to what other employers are paying for the same type of labor? * 2. Fixed versus Variable Pay Will…...

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