Unit 4: Total Rewards

Contents of Unit 4 Total Rewards

Total Rewards: Financial and Non-financial

Strategic Objectives of Compensation
Ethical Considerations in Compensation
Compensation within Different Labor Markets
Determinants of Pay
Three Wage Decisions

The Wage-level Decision

Establishing the Wage Level
Factors Influencing the Wage-level Decision
Wage Surveys
Survey Methods

Job Evaluation Methods

Ranking Method
Classification/Grading Method
Point Method
Factor Comparison Method
Guide Chart-Profile Method (Hay method)

Job Pricing and Pay Rate Administration

Pay Grades and Pay Ranges
Red-circle Job Rates
Adjustments for Inflation
Two-tier Wage Systems
Individual Pay Rate Determination
Reflecting Geographic Influences in Pay Structures
Establishing Administrative Controls

Economic Factors Affecting Compensation

Inflation
Interest Rates
Industry Competition
Foreign Competition
Economic Growth
Demographic Trends

Incentive Compensation Systems

Money and Motivation Theories
Individual Incentives
Skill and Knowledge Based Pay
Differential Pay
Group and Team Incentives
Organization-wide Programs: Profit Sharing and Gainsharing
Employee Stock Ownership Plans
Strategic Alignment of Base Pay and Incentive Pay
Executive Compensation

Employee Benefit Programs

Social Security
Workers' Compensation
Unemployment Compensation
Pensions
Health and Accident Insurance
Income Replacement
Employee Services
Pay for Time Not Worked
Consumer-directed Health Care
Recognition and Achievement Awards

Managing Employee Benefit Programs

History of Benefits
Employee Benefits Philosophy, Planning, and Strategy
Employee Preference Assessment: Surveys
Managed Health Care
Cost-Benefit Analysis and Cost Management
Legal Compliance of Benefits Programs
Communicating Benefit Programs

Compensation Laws and Regulations

Davis-Bacon Act
Copeland Act and Anti-Kickback Law
Walsh-Healey Act
Fair Labor Standards Act (1938) as amended
Equal Pay Act (1963)
Pregnancy Discrimination in Employment Act (1978)
Family and Medical Leave Act
Health Insurance Portability and Accountability Act (HIPAA), 1996
Small Business Job Protection Act (SBJPA), 1996
Wage Garnishment (1968)
Employee Retirement Income Security Act (ERISA), 1974
COBRA (Consolidated Omnibus Budget Reconciliation Act (1990)); Omnibus Budget Reconciliation Act (1993)
FASB Regulations
IRS Regulations

Evaluating Total Compensation Strategy & Program Effectiveness

Budgeting
Assessment of Methods and Processes

International HR Compensation Issues

Compensation and Benefits for Foreign Nationals and Expatriates

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