1. Job analysis is systematic process of determining the skills‚ duties and knowledge required for perfoming jobs in organizations. Job evaluation is a systematic way of determining the value of a job in relation to other jobs in an organization. It tries to make a systematic comparison between jobs to assess their relative worth for the purpose of establishing a rational pay structure. Job evaluation needs to be differentiated from job analysis. Job evaluation begins with job analysis and ends at
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Skill-based pay refers to a pay system in which pay increases are linked to the number or depth of skills an employee acquires and applies and it is a means of developing broader and deeper skills among the workforce. Such increases are in addition to‚ and not in lieu of‚ general pay increases employees may receive. The pay increases are usually tied to three types of skills: • horizontal skills‚ which involve a broadening of skills in terms of the range of tasks • vertical skills‚ which
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The process of creating the pay structure depends on whether the pay is job-based‚ competency-based‚ or skill-based. The pay based on the results of a competency-based evaluation considers the level of competencies required for successful performance. In this method‚ the level of competencies values the job and the pay is based on the use of competence but not the results. The competency-based pay structure focuses on individuals. Salaries and raises are based on how well employees acquire the
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Gainsharing and Profit-sharing are incentive plans that are designed to pay employees incentives based upon good company performance. By using these plans‚ companies found that employees are motivated to stay with the company longer. Because employees can directly affect the output of a company they will also work harder to achieve selected goals when incentives are attached. However‚ incentive plans are not appropriate for every company and business must find a way to put the plan to good use in a fair
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Pay systems Introduction Pay is a key factor affecting relationships at work. The level and distribution of pay and benefits can have a considerable effect on the efficiency of any organisation‚ and on the morale and productivity of the workforce. It is therefore vital that organisations develop pay systems that are appropriate for them‚ that provide value for money‚ and that reward workers fairly for the work they perform. Pay systems are methods of rewarding people for their contribution to
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Advantages Person-Based-Pay According Dierdroff and Surface (2008)‚ organizations or companies that adopt this method can encourage and promote a work environment that is more flexible. This is because the approach to Person-based-pay‚ organizations or companies to provide payment of wages or salary for someone to learn more skills and encourage them to improve. When workers can improve performance in a variety of tasks‚ the company will benefit from increased productivity. Employees will feel
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Management and Performance Based Pay Compensation and Benefits MGT 548 Cardinal Stritch University Group MSM 3-356 Instructor: Rafael Viscasillas 7/25/05 Table of Contents Performance based pay is an effective way to adequately distinguish between the best and worse performers within the company structure. Commonly referred to as merit pay or skill based pay‚ performance based pay is a compensation system designed to reward employees for attaining additional skills or for completion of specific
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Skills to Pay the Bills Teamwork Teamwork is an essential part of workplace success. Like a basketball team working together to set up the perfect shot‚ every team member has a specific role to play in accomplishing tasks on the job. Although it may seem as if one player scored the basket‚ that basket was made possible by many people’s planning‚ coordination‚ and cooperation to get that player the ball. Employers look for people who not only know how to work well with others‚ but who understand
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| | |Strategic Pay Plans | | | |Lecture Outline | | | |Strategic Overview |In Brief: This chapter covers the basics of compensation.| | |Determining Pay Rates
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1. Is the company at the point where it should be setting up a formal salary structure based on a complete job evaluation? Why? Yes‚ by setting up a formal salary structure is being fair to the employees because the salary being paid based on the job task rather than pay the salary based on gender. When the salary structure being fair‚ it leads satisfaction among the employees and as a result the turnover will be at low rate. Besides‚ the company also can control their financial operation by doing
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