HRM3705
NOTES SUMMARY
, lOMoARcPSD|18222662
HRM3705 Flash Cards - Summary Compensation
Management
Compensation Management (University of South Africa)
Scan to open on Studocu
Studocu is not sponsored or endorsed by any college or university
Downloaded by Thomas Mboya ()
, lOMoARcPSD|18222662
12/11/2009
COMPENSATION MANAGEMENT
CHAPTER 1 (Study unit 1)
THE PAY MODEL
1
Chapter Topics
• Compensation: Definition
• Forms of Pay
• A Pay Model
• Book Plan
• Your Turn: Glamorous Internships, or House Elves?
2 2
1
Downloaded by Thomas Mboya ()
, lOMoARcPSD|18222662
12/11/2009
Learning Objectives
After studying Chapter 1, students should be able to:
• Explain how perceptions of compensation differ among society, stockholders,
managers and employees.
• Discuss the difference between cash compensation (direct compensation) and
benefits (indirect compensation) and define each of the direct and indirect forms of
compensation.
• Explain how the employment relationship combines both transactional and relational
returns to form an implicit contract between employers and employees.
• Identify and describe the three main components of a pay model.
• Understand how the pay model integrates objectives, policies, and techniques into a
compensation system.
• Distinguish empirical research from surveys and opinions.
3
Key Questions and Issues
• How differing perspectives affect our views of compensation
• Definition of compensation
– The meaning of compensation most appropriate from an employee's
view: return, reward, or entitlement
• Examining “network of returns” a college offers an instructor
• Four policy issues in the pay model
– Objectives of the pay model
• Forms of pay received from work
4 4
2
Downloaded by Thomas Mboya ()
NOTES SUMMARY
, lOMoARcPSD|18222662
HRM3705 Flash Cards - Summary Compensation
Management
Compensation Management (University of South Africa)
Scan to open on Studocu
Studocu is not sponsored or endorsed by any college or university
Downloaded by Thomas Mboya ()
, lOMoARcPSD|18222662
12/11/2009
COMPENSATION MANAGEMENT
CHAPTER 1 (Study unit 1)
THE PAY MODEL
1
Chapter Topics
• Compensation: Definition
• Forms of Pay
• A Pay Model
• Book Plan
• Your Turn: Glamorous Internships, or House Elves?
2 2
1
Downloaded by Thomas Mboya ()
, lOMoARcPSD|18222662
12/11/2009
Learning Objectives
After studying Chapter 1, students should be able to:
• Explain how perceptions of compensation differ among society, stockholders,
managers and employees.
• Discuss the difference between cash compensation (direct compensation) and
benefits (indirect compensation) and define each of the direct and indirect forms of
compensation.
• Explain how the employment relationship combines both transactional and relational
returns to form an implicit contract between employers and employees.
• Identify and describe the three main components of a pay model.
• Understand how the pay model integrates objectives, policies, and techniques into a
compensation system.
• Distinguish empirical research from surveys and opinions.
3
Key Questions and Issues
• How differing perspectives affect our views of compensation
• Definition of compensation
– The meaning of compensation most appropriate from an employee's
view: return, reward, or entitlement
• Examining “network of returns” a college offers an instructor
• Four policy issues in the pay model
– Objectives of the pay model
• Forms of pay received from work
4 4
2
Downloaded by Thomas Mboya ()