Establishing Strategic Pay Plans – Human Resource
is a lecture which is covered during Human Resource Management Module.
The main purpose of this lecture is to show you how to establish a pay plan. The main topics we cover are basic factors in determining pay rates; job evaluation methods; how to create a market competitive pay plan; pricing managerial and professional jobs; and contemporary topics in compensation.
In the grocery business, when Walmart opens a store, the other stores’ usual reaction is to cut costs, particularly wages and benefits. So as Wegmans Food Markets, Inc., adds more stores and increasingly competes with Walmart, its management needs to decide this: Should we cut pay to better compete based on cost, or pursue a different compensation policy? We’ll see how Wegmans boosted profits by raising pay.
- List the basic factors determining pay rates.
- Define and give an example of how to conduct a job evaluation.
- Explain in detail how to establish a market-competitive pay plan.
- Explain how to price managerial and professional jobs.
- Explain the difference between competency-based and traditional pay plans.
- Describe the importance of total rewards for improving employee engagement.
In this file you will find:
- 1 Establishing Strategic Pay Plans Lecture Power Point Presentation
- 1 Guide file how to conduct Lecture
- 1 Test Bank with 110 different questions with full answer description and explanation
- 3 Case Studies with all answers to them
- 10 Interesting Discussion Questions and answers to them
- 1 Interesting Exercise
- 1 additional reading file about the lecture topic in order to enhance Lecturer/Teacher/Student knowledge
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