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Strategic Compensation

ISBN: 9780131868779 | 0131868772
Edition: 5th
Format: Paperback
Publisher: Prentice Hall
Pub. Date: 1/1/2009

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SummaryTable of Contents
This book is well suited to a variety of students, including undergraduate and masterrs"s degree students studying compensation. Martocchio provides a framework for understanding strategic compensation that can be used by all business professionals and business majors.
This textbook is well suited to a variety of students, including undergraduate and masters degree students studying compensation. For all business majors, Martocchio provides a framework for understanding strategic compensation that can be used by al... MORE
Prefacexix
PART I: SETTING THE STAGE FOR STRATEGIC COMPENSATION
1(97)
Strategic Compensation: A Component of Human Resource Systems
1... MORE
Chapter Outline
1(1)
Learning Objectives
1(2)
Exploring and Defining the Compensation Context
3(9)
What is compensation?
3(4)
Core compensation
7(2)
Employee benefits
9(3)
A Historical Perspective on Compensation: The Road toward Strategic Compensation
12(2)
Strategic versus Tactical Decisions
14(4)
Competitive strategy choices
16(1)
Tactical decisions that support the firm's strategy
17(1)
Compensation Professionals' Goals
18(6)
How HR professionals fit into the corporate hierarchy
18(1)
How the compensation function fits into HR departments
19(4)
The compensation department's main goals
23(1)
Stakeholders of the Compensation System
24(7)
Summary
31(1)
Key Terms
31(1)
Discussion Questions
31(1)
Exercises
32(1)
Endnotes
33(1)
Strategic Compensation in Action: Strategic Analysis and Contextual Factors
34(33)
Chapter Outline
34(1)
Learning Objectives
34(1)
Strategic Analysis
35(12)
External market environment
38(8)
Internal capabilities
46(1)
Factors That Influence Companies' Competitive Strategies and Compensation Practices
47(17)
National culture
47(2)
Organizational culture
49(3)
Organizational and product life cycles
52(12)
Summary
64(1)
Key Terms
64(1)
Discussion Questions
65(1)
Exercises
65(1)
Endnotes
66(1)
Contextual Influences on Compensation Practice
67(31)
Chapter Outline
67(1)
Learning Objectives
67(1)
Compensation and the Social Good
68(2)
Employees' goals
69(1)
Employers' goals
69(1)
Government's goals
69(1)
Employment Laws That Influence Compensation Tactics
70(16)
Income continuity, safety, and work hours
71(8)
Pay discrimination
79(5)
Accommodating disabilities and family needs
84(1)
Prevailing wage laws
85(1)
Contextual Influences on the Federal Government as an Employer
86(1)
Labor Unions as Contextual Influences
87(1)
Market Influences
88(6)
Summary
94(1)
Key Terms
95(1)
Discussion Questions
95(1)
Exercises
95(1)
Endnotes
96(2)
PART II: BASES FOR PAY
98(102)
Traditional Bases for Pay: Seniority and Merit
98(37)
Chapter Outline
98(1)
Learning Objectives
99(1)
Seniority and Longevity Pay
99(10)
Historical overview
104(2)
Who participates?
106(1)
Effectiveness of seniority pay systems
106(1)
Design of seniority pay and longevity pay plans
107(1)
Advantages of seniority pay
108(1)
Fitting seniority pay with competitive strategies
108(1)
Merit Pay
109(3)
Who participates?
109(1)
Exploring the elements of merit pay
109(3)
Performance Appraisal
112(14)
Types of performance appraisal plans
112(10)
Exploring the performance appraisal process
122(4)
Strengthening the Pay-for-Performance Link
126(3)
Link performance appraisals to business goals
126(1)
Analyze jobs
126(1)
Communicate
127(1)
Establish effective appraisals
127(1)
Empower employees
127(1)
Differentiate among performers
127(2)
Possible Limitations of Merit Pay Programs
129(2)
Failure to differentiate among performers
129(1)
Poor performance measures
129(1)
Supervisors' biased ratings of employee job performance
129(1)
Lack of open communication between management and employees
129(1)
Undesirable social structures
129(1)
Factors other than merit
130(1)
Undesirable competition
130(1)
Little motivational value
130(1)
Linking Merit Pay with Competitive Strategy
131(1)
Lowest-cost competitive strategy
131(1)
Differentiation competitive strategy
131(1)
Summary
131(1)
Key Terms
131(1)
Discussion Questions
132(1)
Exercises
132(1)
Endnotes
133(2)
Incentive Pay
135(38)
Chapter Outline
135(1)
Learning Objectives
136(1)
Exploring Incentive Pay
136(1)
Contrasting Incentive Pay with Traditional Pay
137(9)
Individual Incentive Plans
146(4)
Defining individual incentives
147(1)
Types of individual incentive plans
147(2)
Advantages of individual incentive pay programs
149(1)
Disadvantages of individual incentive pay programs
149(1)
Group Incentives
150(13)
Defining group incentives
151(1)
Types of group incentive plans
151(5)
Advantages of group incentives
156(7)
Disadvantages of group incentives
163(1)
Companywide Incentives
163(3)
Defining companywide incentives
163(1)
Types of companywide incentive plans
163(1)
Profit sharing plans
164(1)
Calculating profit sharing awards
164(1)
Advantages of profit sharing plans
165(1)
Disadvantages of profit sharing plans
165(1)
Employee stock option plans
165(1)
Designing Incentive Pay Programs
166(2)
Group versus individual incentives
166(1)
Level of risk
167(1)
Complementing or replacing base pay
167(1)
Performance criteria
167(1)
Time horizon: short term versus long term
168(1)
Linking Incentive Pay with Competitive Strategy
168(1)
Lowest-cost competitive strategy
168(1)
Differentiation competitive strategy
169(1)
Summary
169(1)
Key Terms
170(1)
Discussion Questions
170(1)
Exercises
170(1)
Endnotes
171(2)
Person-Focused Pay
173(27)
Chapter Outline
173(1)
Learning Objectives
173(1)
Defining Competency-Based Pay, Pay-for-Knowledge, and Skill-Based Pay
174(2)
What is a ``competency''?
175(1)
Usage of Pay-for-Knowledge Pay Programs
176(1)
Reasons to Adopt Pay-for-Knowledge Pay Programs
177(6)
Technological innovation
177(1)
Increased global competition
178(5)
Varieties of Pay-for-Knowledge Pay Programs
183(4)
Contrasting Person-Focused Pay with Job-Based Pay
187(2)
Advantages of Pay-for-Knowledge Pay Programs
189(2)
Advantages to employees
189(1)
Advantages to employers
190(1)
Disadvantages of Pay-for-Knowledge Pay Programs
191(5)
Linking Pay-for-Knowledge Pay with Competitive Strategy
196(1)
Lowest-cost competitive strategy
196(1)
Differentiation competitive strategy
197(1)
Summary
197(1)
Key Terms
198(1)
Discussion Questions
198(1)
Exercises
198(1)
Endnotes
199(1)
PART III: DESIGNING COMPENSATION SYSTEMS
200(125)
Building Internally Consistent Compensation Systems
200(43)
Chapter Outline
200(1)
Learning Objectives
200(1)
Internal Consistency
201(5)
Job Analysis
206(24)
Steps in the job analysis process
207(5)
Legal considerations for job analysis
212(8)
Job analysis techniques
220(1)
U.S. Department of Labor's Occupational Information Network (O*NET)
220(10)
Job Evaluation
230(3)
Compensable factors
230(1)
The job evaluation process
231(2)
Job Evaluation Techniques
233(6)
The point method
233(4)
Alternative job-content evaluation approaches
237(2)
Alternatives to job evaluation
239(1)
Internally Consistent Compensation Systems and Competitive Strategy
239(1)
Summary
240(1)
Key Terms
240(1)
Discussion Questions
240(1)
Exercises
241(1)
Endnotes
242(1)
Building Market-Competitive Compensation Systems
243(37)
Chapter Outline
243(1)
Learning Objectives
243(1)
Market-Competitive Pay Systems: The Basic Building Blocks
244(1)
Compensation Surveys
245(22)
Preliminary considerations
245(6)
Using published compensation survey data
251(4)
Compensation surveys: Strategic considerations
255(4)
Compensation survey data
259(6)
Updating the survey data
265(2)
Integrating Internal Job Structures with External Market Pay Rates
267(2)
Compensation Policies and Strategic Mandates
269(1)
Summary
270(1)
Key Terms
270(1)
Discussion Questions
271(1)
Exercises
271(1)
Endnotes
272(1)
Appendix: U.S. 2005/2006 Total Salary Increase Budget Survey
273(7)
Building Pay Structures That Recognize Individual Contributions
280(45)
Chapter Outline
280(1)
Learning Objectives
281(1)
Constructing a Pay Structure
281(8)
Step 1: Deciding on the number of pay structures
281(1)
Step 2: Determining a market pay line
282(1)
Step 3: Defining pay grades
282(2)
Step 4: Calculating pay ranges for each pay grade
284(4)
Step 5: Evaluating the results
288(1)
Designing Merit Pay Systems
289(6)
Merit increase amounts
290(1)
Timing
291(1)
Recurring versus nonrecurring merit pay increases
291(1)
Present level of base pay
291(1)
Rewarding performance: The merit pay grid
291(2)
Merit pay increase budgets
293(2)
Designing Sales Incentive Compensation Plans
295(15)
Alternative sales compensation plans
296(12)
Sales compensation plans and competitive strategy
308(1)
Determining fixed pay and the compensation mix
309(1)
Designing Pay-for-Knowledge Programs
310(4)
Establishing skill blocks
310(1)
Transition matters
311(1)
Training and certification
312(2)
Pay Structure Variations
314(8)
Broadbanding
314(7)
Two-tier pay structures
321(1)
Summary
322(1)
Key Terms
322(1)
Discussion Questions
322(1)
Exercises
323(1)
Endnotes
324(1)
PART IV: EMPLOYEE BENEFITS
325(60)
Legally Required Benefits
325(20)
Chapter Outline
325(1)
Learning Objectives
325(1)
An Overview of Legally Required Benefits
326(1)
Components of Legally Required Benefits
326(15)
Social Security Act of 1935
326(5)
State Compulsory Disability Laws (Workers' Compensation)
331(6)
Family and Medical Leave Act of 1993
337(4)
The Implications of Legally Required Benefits for Strategic Compensation
341(1)
Summary
342(1)
Key Terms
342(1)
Discussion Questions
342(1)
Exercises
343(1)
Endnotes
344(1)
Discretionary Benefits
345(40)
Chapter Outline
345(1)
Learning Objectives
345(1)
An Overview of Discretionary Benefits
346(1)
Components of Discretionary Benefits
347(19)
Protection programs
347(15)
Paid time-off
362(1)
Services
363(3)
Laws That Guide Discretionary Employee Benefits
366(4)
Employee Retirement Income Security Act of 1974 (ERISA)
369(1)
Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA)
370(1)
Health Insurance Portability and Accountability Act of 1996 (HIPAA)
370(1)
Additional Pertinent Legislation
370(1)
Unions and Employee Benefits
371(1)
Designing and Planning the Benefits Program
372(9)
Determining who receives coverage
373(1)
Financing
374(1)
Employee choice
374(1)
Cost containment
374(1)
Communication
374(7)
The Implications of Discretionary Benefits for Strategic Compensation
381(1)
Summary
382(1)
Key Terms
382(1)
Discussion Questions
382(1)
Exercises
383(1)
Endnotes
384(1)
PART V: CONTEMPORARY STRATEGIC COMPENSATION CHALLENGES
385(90)
International Compensation
385(30)
Chapter Outline
385(1)
Learning Objectives
386(1)
Competitive Strategies and How International Activities Fit In
386(2)
Lowest-cost producers' relocations to cheaper production areas
387(1)
Differentiation and the search for new global markets
387(1)
How globalization is affecting HR departments
387(1)
Complexity of international compensation programs
388(1)
Preliminary Considerations
388(5)
Host country nationals, third country nationals, and expatriates: definitions and relevance for compensation issues
392(1)
Term of international assignment
392(1)
Staff mobility
392(1)
Equity: pay referent groups
393(1)
Components of International Compensation Programs
393(1)
Setting Base Pay for U.S. Expatriates
394(1)
Methods for setting base pay
394(1)
Purchasing power
395(1)
Incentive Compensation for U.S. Expatriates
395(3)
Foreign service premiums
396(1)
Hardship allowances
396(1)
Mobility premiums
397(1)
Establishing Employee Benefits for U.S. Expatriates
398(3)
Standard benefits for U.S. expatriates
398(1)
Enhanced benefits for U.S. expatriates
399(2)
Balance Sheet Approach for U.S. Expatriates' Compensation Packages
401(5)
Housing and utilities
402(1)
Goods and services
402(2)
Discretionary income
404(1)
Tax considerations
404(2)
Repatriation Pay Issues
406(1)
Compensation Issues for HCNs and TCNs
407(5)
Japan
407(1)
China
407(1)
Mexico
407(1)
European Union
407(5)
Summary
412(1)
Key Terms
412(1)
Discussion Questions
412(1)
Exercises
413(1)
Endnotes
414(1)
Compensating Executives
415(31)
Chapter Outline
415(1)
Learning Objectives
416(1)
Contrasting Executive Pay with Pay for Nonexecutive Employees
416(1)
Principles of Executive Compensation: Implications for Competitive Strategy
416(1)
Defining Executive Status
417(2)
Who are executives?
417(1)
Key employees
418(1)
Highly compensated employees
419(1)
Executive Compensation Packages
419(10)
Components of current core compensation
419(1)
Short-term incentives
420(1)
Components of deferred core compensation
421(6)
Employee benefits: enhanced protection program benefits and perquisites
427(2)
Principles and Processes for Setting Executive Compensation
429(7)
The key players in setting executive compensation
429(6)
Theoretical explanations for setting executive compensation
435(1)
Executive Compensation Disclosure Rules
436(1)
Executive Compensation: Are U.S. Executives Paid Too Much?
437(5)
Comparison between executive compensation and compensation for other worker groups
437(2)
Strategic questions: Is pay for performance?
439(1)
Ethical considerations: Is executive compensation fair?
440(1)
International competitiveness
441(1)
Summary
442(1)
Key Terms
442(1)
Discussion Questions
443(1)
Exercises
443(1)
Endnotes
444(2)
Compensating the Flexible Workforce: Contingent Employees and Flexible Work Schedules
446(29)
Chapter Outline
446(1)
Learning Objectives
447(1)
The Contingent Workforce
447(9)
Groups of contingent workers
450(5)
Reasons for U.S. employers' increased reliance on contingent workers
455(1)
Pay and Employee Benefits for Contingent Workers
456(5)
Part-time employees
457(1)
Temporary employees
458(1)
Leased workers
459(1)
Independent contractors, freelancers, and consultants
459(2)
Flexible Work Schedules: Flextime, Compressed Workweeks, and Telecommuting
461(7)
Flextime schedules
461(5)
Compressed workweek schedules
466(1)
Telecommuting
466(1)
Flexible work schedules: balancing the demands of work life and home life
467(1)
Pay and Employee Benefits for Flexible Employees
468(1)
Pay
468(1)
Employee benefits
468(1)
Unions' Reactions to Contingent Workers and Flexible Work Schedules
469(1)
Strategic Issues and Choices in Using Contingent and Flexible Workers
470(1)
Lowest-cost competitive strategy
470(1)
Differentiation competitive strategy
471(1)
Summary
471(1)
Key Terms
471(1)
Discussion Questions
472(1)
Exercises
472(1)
Endnotes
473(2)
Glossary475(16)
Author Index491(4)
Subject Index495

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