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Strategic Compensation : A Human Resource Management Approach

ISBN: 9780134409832 | 0134409833
Edition: 1st
Format: Hardcover
Publisher: Simon & Schuster Adult Publishing Group
Pub. Date: 6/1/1997

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SummaryTable of Contents
This new book is a thoroughly modern approach to compensation that addresses the strategic uses and applications of compensation by organizations. This major new entry addresses traditional aspects of compensation--job analysis, salary surveys, pay structure, and so on. Then it moves beyond these issues to address HOT TOPICS--knowledge-based pay, variable pay, compensation for contingent workers, executive compensation. International aspects are highlighted. There are 2 boxes: "Reflections of Compensation," and "The Flip Side." Includes a for-sale student workbook with Windows-based software. Website at >.
... MORE
Prefacexxv(4)
Introductionxxix
PART 1 SETTING THE STAGE FOR STRATEGIC COMPENSATION1(74)
Chapter 1 Compensation: A Component of Human Resource Systems
1(26)
CHAPTER OUTLINE
1(1)
LEARNING OBJECTIVES
2(1)
EXPLORING AND DEFINING THE COMPENSATION CONTEXT
3(4)
What Is Compensation?
3(1)
The Meaning of Money
4(1)
Core Compensation
5(2)
"Fringe" Compensation, or Employee Benefits
7(1)
COMPENSATION PROFESSIONALS' GOALS WITHIN A HUMAN RESOURCE DEPARTMENT
7(5)
How Human Resource Professionals Fit into the Corporate Hierarchy
7(3)
How the Compensation Function Fits into HR Departments
10(2)
The Flip Side of the Coin: Early Retirement Incentives Backfire
12(2)
The Compensation Department's Main Goals
13(1)
Reflections: Balancing Compensation Objectives
14(1)
HOW COMPENSATION PROFESSIONALS RELATE TO VARIOUS CONSTITUENCIES
15(1)
Employees
15(1)
Line Managers
16(1)
Executives
16(1)
Unions
16(1)
U.S. Government
16(1)
THE CHANGING COMPENSATION ENVIRONMENT: FIVE ASSUMPTIONS THAT UNDERLINE THIS BOOK
16(2)
Compensation Systems in a State of Transition
17(1)
Compensation Practices as a Strategic Tool
17(1)
Incremental Change
17(1)
Current Practices of Meeting Market Pay Rates Regardless of Overall Company Strategy
17(1)
Controlling Benefits Costs and Changing the "Entitlement" Mentality
17(1)
SUMMARY
18(1)
DISCUSSION QUESTIONS
18(1)
KEY TERMS
18(1)
ENDNOTES
19(2)
Chapter 2 Strategic Compensation: Attaining a Competitive Advantage
21(28)
CHAPTER OUTLINE
21(1)
LEARNING OBJECTIVES
22(1)
A HISTORICAL PERSPECTIVE ON COMPENSATION: THE ROAD TOWARD STRATEGIC COMPENSATION
23(2)
STRATEGIC VERSUS TACTICAL COMPENSATION
25(5)
Competitive Strategy Choices
28(1)
Tactical Decisions That Support the Firm's Strategy
29(2)
FACTORS THAT INFLUENCE COMPANIES' COMPETITIVE STRATEGIES AND COMPENSATION PRACTICES
30(3)
National Culture
30(3)
Organizational Culture
33(1)
The Flip Side of the Coin: Japanese Lifetime Employment Possibly Short-Lived
33(7)
Organizational and Product Life Cycles
37(3)
Reflections: JVC and American Express Reinvent Themselves
40(1)
EVALUATING THE EFFECTIVENESS OF COMPENSATION STRATEGIES
40(5)
Measuring Employee Performance: Vital Information
41(1)
Performance Appraisals
41(1)
Periodic Compensation System Review: Is It Doing What We Want It to Do?
42(3)
SUMMARY
45(1)
DISCUSSION QUESTIONS
45(1)
KEY TERMS
45(1)
ENDNOTES
46(3)
Chapter 3 Contextual Influences on Compensation Practice
49(26)
CHAPTER OUTLINE
49(1)
LEARNING OBJECTIVES
50(1)
COMPENSATION AND THE SOCIAL GOOD
50(2)
Employees' Goals
51(1)
Employers' Goals
51(1)
Government's Goals
52(1)
EMPLOYMENT LAWS THAT INFLUENCE COMPENSATION PRACTICES
52(3)
Income Continuity, Safety, and Work Hours
53(2)
Reflections: The Minimum Wage Debate
55(4)
Pay Discrimination
59(5)
The Flip Side of the Coin: Affirmative Action Doesn't Break Glass Ceiling
64(3)
Accommodating Disabilities and Family Needs
65(1)
Prevailing Wage Laws
66(1)
CONTEXTUAL INFLUENCES ON THE FEDERAL GOVERNMENT AS AN EMPLOYER
67(1)
LABOR UNIONS AS CONTEXTUAL INFLUENCES
68(2)
National Labor Relations Act of 1935
68(1)
Compensation Issues in Collective Bargaining
68(1)
MARKET INFLUENCES
70(1)
SUMMARY
71(1)
DISCUSSION QUESTIONS
71(1)
KEY TERMS
71(1)
ENDNOTES
72(3)
PART 2 BASES FOR PAY75(78)
Chapter 4 Traditional Bases for Pay: Seniority and Merit
75(28)
CHAPTER OUTLINE
75(1)
LEARNING OBJECTIVES
76(1)
SENIORITY, OR LONGEVITY, PAY
76(5)
Historical Overview
77(1)
Who Participates?
78(1)
Effectiveness of Seniority Pay Systems
78(1)
Design of Seniority Pay and Longevity Pay Plans
79(1)
Advantages of Seniority Pay
79(2)
Fitting Seniority Pay with Competitive Strategies
81(1)
MERIT PAY
81(2)
Who Participates?
81(1)
Exploring the Elements of Merit Pay
82(1)
PERFORMANCE APPRAISAL
83(11)
Types of Performance Appraisal Plans
83(7)
Exploring the Performance Appraisal Process
90(4)
STRENGTHENING THE PAY-FOR-PERFORMANCE LINK
94(1)
Link Performance Appraisals to Business Goals
94(1)
Analyze Jobs
94(1)
Communicate
95(1)
Establish Effective Appraisals
95(1)
Empower Employees
95(1)
Differentiate among Performers
95(1)
POSSIBLE LIMITATIONS OF MERIT PAY PROGRAMS
95(1)
The Flip Side of the Coin: Merit Pay Equals Cost-of-Living Adjustment
96(1)
Failure to Differentiate among Performers
96(1)
Poor Performance Measures
96(1)
Supervisors' Biased Ratings of Employee Job Performance
96(1)
Reflections: Merit Pay for Nonperformance
97(2)
Lack of Open Communication between Management and Employees
98(1)
Undesirable Social Structures
98(1)
Factors Other Than Merit
98(1)
Undesirable Competition
99(1)
Little Motivational Value
99(1)
LINKING MERIT PAY WITH COMPETITIVE STRATEGY
99(1)
Lowest-Cost Competitive Strategy
99(1)
Differentiation Competitive Strategy
99(1)
SUMMARY
100(1)
DISCUSSION QUESTIONS
100(1)
KEY TERMS
101(1)
ENDNOTES
101(2)
Chapter 5 Incentive Pay
103(28)
CHAPTER OUTLINE
103(1)
LEARNING OBJECTIVES
104(1)
CONTRASTING INCENTIVE PAY WITH TRADITIONAL PAY
105(2)
INDIVIDUAL INCENTIVES
107(5)
Who Participates?
108(1)
Defining Individual Incentives
108(1)
Types of Individual Incentive Plans
109(2)
Advantages of Individual Incentive Pay Programs
111(1)
Disadvantages of Individual Incentive Pay Programs
111(1)
Reflections: Culture Influences Incentive Pay Effectiveness
112(1)
GROUP INCENTIVES
113(8)
Defining Group Incentives
113(1)
Team-Based, or Small Group, Incentive Plans
114(1)
Gain Sharing
115(5)
Advantages of Group Incentives
120(1)
Disadvantages of Group Incentives
121(1)
COMPANYWIDE INCENTIVES: PROFIT SHARING
121(3)
Defining Profit Sharing Plans
121(1)
Calculating Profit Sharing Awards
122(1)
Advantages of Profit Sharing Plans
123(1)
Disadvantages of Profit Sharing Plans
124(1)
DESIGNING INCENTIVE PAY PROGRAMS
124(2)
Group versus Individual Incentives
124(1)
Level of Risk
125(1)
Complementing or Replacing Base Pay
125(1)
Performance Criteria
126(1)
The Flip Side of the Coin: "On the Folly of Rewarding A, While Hoping for B"
126(1)
Time Horizon: Short Term versus Long Term
127(1)
LINKING INCENTIVE PAY WITH COMPETITIVE STRATEGY
127(1)
Lowest-Cost Competitive Strategy
127(1)
Differentiation Competitive Strategy
128(1)
SUMMARY
128(1)
DISCUSSION QUESTIONS
128(1)
KEY TERMS
129(1)
ENDNOTES
130(1)
Chapter 6 Pay-for-Knowledge and Skill-Based Pay
131(22)
CHAPTER OUTLINE
131(1)
LEARNING OBJECTIVES
132(1)
DEFINING PAY-FOR-KNOWLEDGE AND SKILL-BASED PAY
132(2)
USAGE OF PAY-FOR-KNOWLEDGE PROGRAMS
134(1)
REASONS TO ADOPT PAY-FOR-KNOWLEDGE PROGRAMS
135(2)
Technological Innovation
135(1)
Increased Global Competition
136(1)
VARIETIES OF PAY-FOR-KNOWLEDGE PROGRAMS
137(5)
Reflections: Judging Pay-for-Knowledge Program Effectiveness
142(1)
CONTRASTING PAY-FOR-KNOWLEDGE WITH JOB-BASED PAY--Merit Pay and Incentive Pay
143(2)
ADVANTAGES OF PAY-FOR-KNOWLEDGE PROGRAMS
145(1)
Advantages to Employees
145(1)
The Flip Side of the Coin: Pay-for-Knowledge Programs Help the Competition
146(1)
Advantages to Employers
147(1)
DISADVANTAGES OF PAY-FOR-KNOWLEDGE PROGRAMS
148(1)
LINKING PAY-FOR-KNOWLEDGE WITH COMPETITIVE STRATEGY
148(2)
Lowest-Cost Competitive Strategy
149(1)
Differentiation Competitive Strategy
149(1)
SUMMARY
150(1)
DISCUSSION QUESTIONS
150(1)
KEY TERMS
151(1)
ENDNOTES
151(2)
PART 3 DESIGNING COMPENSATION SYSTEMS153(100)
Chapter 7 Building Internally Consistent Compensation Systems
153(36)
CHAPTER OUTLINE
153(1)
LEARNING OBJECTIVES
154(2)
JOB ANALYSIS
156(16)
Steps in the Job Analysis Process
157(5)
Legal Considerations for Job Analysis
162(1)
Job Analysis Techniques
162(2)
U.S. Department of Labor (DOL) Job Analysis Method
164(8)
Reflections: Relevance of the DOL Method in the 1990s
172(2)
JOB EVALUATION
174(3)
Compensable Factors
174(1)
The Job Evaluation Process
175(2)
JOB EVALUATION TECHNIQUES
177(7)
The Point Method
177(4)
Alternative Job Content Evaluation Approaches
181(3)
Alternatives to Job Evaluation
184(1)
INTERNALLY CONSISTENT COMPENSATION SYSTEMS AND COMPETITIVE STRATEGY
184(1)
The Flip Side of the Coin: Job Evaluation Hinders Competitive Advantage
185(1)
SUMMARY
185(1)
DISCUSSION QUESTIONS
186(1)
KEY TERMS
186(1)
ENDNOTES
187(2)
Chapter 8 Building Market-Competitive Compensation Systems
189(34)
CHAPTER OUTLINE
189(1)
LEARNING OBJECTIVES
190(1)
MARKET-COMPETITIVE PAY SYSTEMS: THE BASIC BUILDING BLOCKS
190(1)
STRATEGIC ANALYSIS
191(8)
External Market Environment
193(5)
Internal Capabilities
198(1)
The Flip Side of the Coin: The Peril of Strategic Analyses
199(1)
COMPENSATION SURVEYS
200(14)
Preliminary Considerations
200(1)
Using Published Compensation Survey Data
201(4)
Compensation Surveys: Strategic Considerations
205(1)
Compensation Survey Data
206(8)
INTEGRATING INTERNAL JOB STRUCTURES WITH EXTERNAL MARKET PAY RATES
214(4)
Reflections: The Comparable-Worth Debate Rages On
218(2)
COMPENSATION POLICIES AND STRATEGIC MANDATES
220(1)
SUMMARY
221(1)
DISCUSSION QUESTIONS
221(1)
KEY TERMS
221(1)
ENDNOTES
222(1)
Chapter 9 Building Pay Structures That Recognize Individual Contributions
223(30)
CHAPTER OUTLINE
223(1)
LEARNING OBJECTIVES
224(1)
CONSTRUCTING A PAY STRUCTURE
224(10)
Step 1: Deciding on the Number of Pay Structures
225(1)
Step 2: Determining a Market Pay Line
226(1)
Step 3: Defining Pay Grades
227(1)
Step 4: Calculating Pay Ranges for Each Pay Grade
228(5)
Step 5: Evaluating the Results
233(1)
DESIGNING MERIT PAY SYSTEMS
234(3)
Merit Increase Amounts
234(1)
Timing
235(1)
Recurring versus Nonrecurring Merit Pay Increases
235(1)
Present Level of Base Pay
235(2)
The Flip Side of the Coin: Best-Laid Plans Fail because of Insufficient Funding
237(1)
Rewarding Performance: The Merit Pay Grid
235(3)
DESIGNING SALES INCENTIVE COMPENSATION PLANS
238(4)
Alternative Sales Compensation Plans
238(2)
Sales Compensation Plans and Competitive Strategy
240(1)
Determining Fixed Pay and the Compensation Mix
241(1)
DESIGNING PAY-FOR-KNOWLEDGE PROGRAMS
242(1)
Reflections: Ethics of Incentive Pay
243(4)
Establishing Skill Blocks
243(1)
Transition Matters
244(1)
Training and Certification
245(2)
PAY STRUCTURE VARIATIONS
247(3)
Broadbanding
247(2)
Two-Tier Pay Structures
249(1)
SUMMARY
250(1)
DISCUSSION QUESTIONS
250(1)
KEY TERMS
251(1)
ENDNOTES
251(2)
PART 4 EMPLOYEE BENEFITS253(58)
Chapter 10 Legally Required Benefits
253(20)
CHAPTER OUTLINE
253(1)
LEARNING OBJECTIVES
254(1)
COMPONENTS OF LEGALLY REQUIRED BENEFITS
255(5)
Social Security Act of 1935
255(5)
Reflections: Inadequacy of Social Security Funding
260(8)
State Compulsory Disability Laws (Workers' Compensation)
263(4)
Family and Medical Leave Act of 1993
267(1)
THE IMPLICATIONS OF LEGALLY REQUIRED BENEFITS FOR STRATEGIC COMPENSATION
268(1)
The Flip Side of the Coin: FMLA May Create Cost Burden
269(1)
SUMMARY
270(1)
DISCUSSION QUESTIONS
270(1)
KEY TERMS
270(1)
ENDNOTES
271(2)
Chapter 11 Discretionary Benefits
273(38)
CHAPTER OUTLINE
273(1)
LEARNING OBJECTIVES
274(2)
AN OVERVIEW OF DISCRETIONARY BENEFITS
276(2)
COMPONENTS OF DISCRETIONARY BENEFITS
278(9)
Protection Programs
278(9)
Reflections: Covering Uninsureds' Health Care Costs
287(1)
Pay for Time-Not-Worked
288(1)
The Flip Side of the Coin: Sick Leave Benefits Extend Vacation
288(5)
Services
290(3)
LAWS THAT GUIDE DISCRETIONARY FRINGE COMPENSATION
293(3)
Employee Retirement Income Security Act of 1974 (ERISA)
293(1)
Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA)
294(2)
Additional Pertinent Legislation
296(1)
UNIONS AND FRINGE COMPENSATION
296(1)
DESIGNING AND PLANNING THE BENEFITS PROGRAM
297(6)
Determining Who Receives Coverage
298(1)
Deciding Whether to Include Retirees in the Plan
298(1)
Probationary Period
299(1)
Financing
299(1)
Employee Choice
299(3)
Cost Containment
302(1)
Communication
302(1)
THE IMPLICATIONS OF DISCRETIONARY BENEFITS FOR STRATEGIC COMPENSATION
303(2)
SUMMARY
305(1)
DISCUSSION QUESTIONS
306(1)
KEY TERMS
306(1)
ENDNOTES
307(4)
PART 5 CONTEMPORARY STRATEGIC COMPENSATION CHALLENGES311(82)
Chapter 12 International Compensation
311(30)
CHAPTER OUTLINE
311(1)
LEARNING OBJECTIVES
312(1)
COMPETITIVE STRATEGIES AND HOW INTERNATIONAL ACTIVITIES FIT IN
313(1)
Lowest-Cost Producers' Relocation to Cheaper Production Areas
313(1)
Differentiation and the Search for New Global Markets
313(1)
The Flip Side of the Coin: NAFTA: Job Gain or Job Loss?
314(1)
HOW GLOBALIZATION IS AFFECTING HR DEPARTMENTS
315(1)
The Complexity of International Compensation Programs
315(1)
PRELIMINARY CONSIDERATIONS
315(2)
Host Country Nationals, Third Country Nationals, and Expatriates: Definitions and Relevance
316(1)
Term of International Assignment
316(1)
Staff Mobility
317(1)
Equity: Pay Referent Groups
317(1)
COMPONENTS OF INTERNATIONAL COMPENSATION PROGRAMS
317(1)
SETTING BASE PAY FOR U.S. EXPATRIATES
317(3)
Methods for Setting Base Pay
318(1)
Purchasing Power
319(1)
INCENTIVE COMPENSATION FOR U.S. EXPATRIATES
320(2)
Foreign Service Premiums
320(1)
Hardship Allowances
321(1)
Mobility Premiums
322(1)
ESTABLISHING FRINGE COMPENSATION FOR U.S. EXPATRIATES
322(3)
Standard Benefits for U.S. Expatriates
323(1)
Enhanced Benefits for U.S. Expatriates
324(1)
BALANCE SHEET APPROACH FOR U.S. EXPATRIATES' COMPENSATION PACKAGES
325(10)
Housing and Utilities
326(1)
Goods and Services
327(1)
Discretionary Income
328(1)
Tax Considerations
329(5)
Illustration of the Balance Sheet Approach
334(1)
REPATRIATION COMPENSATION ISSUES
335(1)
Reflections: Gaining Control of International Compensation Programs
335(1)
HOST COUNTRY NATIONAL AND THIRD COUNTRY NATIONAL COMPENSATION ISSUES
336(1)
SUMMARY
337(1)
DISCUSSION QUESTIONS
338(1)
KEY TERMS
338(1)
ENDNOTES
339(2)
Chapter 13 Compensating Executives
341(26)
CHAPTER OUTLINE
341(1)
LEARNING OBJECTIVES
342(1)
PRINCIPLES OF EXECUTIVE COMPENSATION: IMPLICATIONS FOR COMPETITIVE STRATEGY
342(1)
DEFINING EXECUTIVE STATUS: KEY EMPLOYEES AND HIGHLY PAID EMPLOYEES
343(1)
Key Employees (IRS Guidelines)
343(1)
Highly Paid Employees (IRS Guidelines)
343(1)
EXECUTIVE COMPENSATION PACKAGES
343(9)
Components of Current Core Compensation
345(2)
Components of Deferred Core Compensation: Stock Compensation
347(3)
Components of Deferred Core Compensation: The Golden Parachute
350(1)
Components of Fringe Compensation: Enhanced Protection Program Benefits and Perquisites
350(2)
PRINCIPLES AND PROCESSES FOR SETTING EXECUTIVE COMPENSATION
352(4)
The Key Players in Setting Executive Compensation
353(1)
Theoretical Explanations for Setting Executive Compensation
354(2)
The Flip Side of the Coin: Should Tax Laws Drive Executive Compensation Programs?
356(1)
EXECUTIVE COMPENSATION DISCLOSURE RULES
356(2)
ARE U.S. EXECUTIVES PAID TOO MUCH?
358(4)
Comparison between Executive Compensation and Compensation for Other Worker Groups
358(1)
A Strategic Question: Is Pay Commensurate with Performance?
359(1)
An Ethical Consideration: Is Executive Compensation Fair?
359(2)
International Competitiveness
361(1)
Reflections: In Defense of U.S. Executive Compensation Practices
362(2)
SUMMARY
364(1)
DISCUSSION QUESTIONS
364(1)
KEY TERMS
365(1)
ENDNOTES
365(2)
Chapter 14 Compensating the Flexible Work Force: Contingent Employees and Flexible Work Schedules
367(26)
CHAPTER OUTLINE
367(1)
LEARNING OBJECTIVES
368(1)
THE CONTINGENT WORK FORCE
369(4)
Groups of Contingent Workers
369(4)
Reflections: Independent Contracting: The Best of Both Worlds
373(8)
Reasons for U.S. Employers' Increased Reliance on Contingent Workers
373(2)
The Flip Side of the Coin: Contingent Employment Compromises Employee Loyalty
375(1)
CORE AND FRINGE COMPENSATION FOR CONTINGENT WORKERS
376(7)
Part-Time Employees
376(2)
Temporary Employees
378(2)
Leased Employees
380(1)
Independent Contractors, Free-Lancers, and Consultants
380(3)
FLEXIBLE WORK SCHEDULES: FLEXTIME, COMPRESSED WORK WEEKS, AND TELECOMMUTING
383(2)
Flextime Schedules
383(1)
Compressed Work Week Schedules
384(1)
Telecommuting
384(1)
Balancing the Demands of Work Life and Home Life
385(1)
CORE AND FRINGE COMPENSATION FOR FLEXIBLE EMPLOYEES
385(2)
Core Compensation
385(1)
Fringe Compensation
386(1)
UNIONS' REACTIONS TO CONTINGENT WORKERS AND FLEXIBLE WORK SCHEDULES
387(1)
STRATEGIC ISSUES AND CHOICES IN USING CONTINGENT AND FLEXIBLE WORKERS
388(1)
Lowest-Cost Competitive Strategy
388(1)
Differentiation Competitive Strategy
389(1)
SUMMARY
389(1)
DISCUSSION QUESTIONS
390(1)
KEY TERMS
390(1)
ENDNOTES
391(2)
Glossary of Key Terms393(18)
Author Index411(6)
Subject Index417

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