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Compensation Goals and Strategy

Compensation Goals and Strategy. Basic Goals of a Compensation System Attract Employees Retain Employees Motivate Employees Compliance with Pay Laws Administrative Simplicity Cost Effective . Compensation: Strategic Choices (Gomez-Mejia, Balkin & Cardy, 1998).

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Compensation Goals and Strategy

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  1. Compensation Goals and Strategy Basic Goals of a Compensation System • Attract Employees • Retain Employees • Motivate Employees • Compliance with Pay Laws • Administrative Simplicity • Cost Effective MGMT 4030 - Managing Employee Reward Systems

  2. Compensation: Strategic Choices(Gomez-Mejia, Balkin & Cardy, 1998) • Job-based vs. Individual Pay • Fixed vs. Variable Pay • Internal vs. External Equity • Performance vs. Membership • Egalitarian vs. Elitist System • At Market vs. Above or Below Market • Monetary vs. Non-Monetary Rewards • Open Pay vs. Secret Pay • Centralized vs. Decentralized Pay MGMT 4030 - Managing Employee Reward Systems

  3. Impact of Strategic Pay Choices on the Organization • Strategic Choices can Strengthen or Dilute Organization Culture • Ex. What choices would support a Culture of High Employee Involvement and Empowerment? • Ex. What choices would support a culture of Security and employee Loyalty • Strategic Choices should Support HumanResource and Business Strategies • Ex. What choices would support an HR strategy of Promote from Within? • Ex. What choices would support a Business strategy of Innovation and Growth? MGMT 4030 - Managing Employee Reward Systems

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