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Strategic Compensation
Contextual Influences on Compensation Practices
Traditional Bases for Pay
Developing a Compensation Plan
100
This represents both the intrinsic and extrinsic rewards employees review for performing their jobs

What is compensation

100

These individuals should be able to understand the pattern of pay differentials outside their companies to help make informed decisions about fair and competitive pay practices

Compensation professionals

100

Systems that reward employees with periodic additions to base pay according to employees length of service

Seniority and longevity pay

100

The initial step in creating a compensation plan is 

Creating an outline
200

This term describes monetary compensation

Core compensation

200
The pattern of pay and benefits associated with characteristics of industries

Interindustry Wage Differentials

200
A theory which states employees knowledge will progress over time

Human Capital Theory

200

the filling of this position is usually filled by someone in HR who aligns the program and researches what each position pays within the industry

Appointing a compensation manager

300

This refers to the planned use of company's resources, financial capital, equipment capital, and human capital

Competitive business strategy

300

Pay variations can also be observed within occupations based on the complexity of these

KSA'S

300
This refers to the minimum pay increase that employees will see as making a meaningful difference in the change of compensation

Just-meaningful pay increase

300

This step helps an organization to keep tabs on and change employee compensation over. It involves making adjustments as necessary to remain legally compliant and competitive

Monitoring the compensation plan

400
This refers to the factors that enable companies to generate income
what is capital
400
A group of jobs found at more than one company in which a common set of tasks are performed or related in terms of similar objectives, methodologies, materials, products, worker actions

Occupation

400

This type of pay system requires specific performance criteria to be met

Merit Pay System

400

This process involves ensuring everything is in place and that your company leadership team fully supports your compensation package

Getting approval or buy-in

500

Defined by economist as the collective skills, values, knowledge, and abilities that employees possess to apply or create value for their organization

Human Capital

500
This Act of federal legislation requires private sector employees to enter into good faith negotiations with workers over the terms of employment

National Labor Relations Act

500

In these systems, raters are asked to evaluate each employee's characteristics

Trait Systems

500
This step involves ensuring all employees learn about the compensation program at the same

Developing a communication plan