MGMT 4030 - Managing Employee Reward Systems Compensation Goals and Strategy Basic Goals of a Compensation System Attract Employees Retain Employees Motivate.

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Presentation transcript:

MGMT Managing Employee Reward Systems Compensation Goals and Strategy Basic Goals of a Compensation System Attract Employees Retain Employees Motivate Employees Compliance with Pay Laws Administrative Simplicity Cost Effective

MGMT Managing Employee Reward Systems Compensation: Strategic Choices (Gomez-Mejia, Balkin & Cardy, 1998) Job-based vs. Individual Pay Fixed vs. Variable Pay Internal vs. External Equity Performance vs. Membership Egalitarian vs. Elitist System At Market vs. Above or Below Market Monetary vs. Non-Monetary Rewards Open Pay vs. Secret Pay Centralized vs. Decentralized Pay

MGMT Managing Employee Reward Systems Impact of Strategic Pay Choices on the Organization Strategic Choices can Strengthen or Dilute Organization Culture –Ex. What choices would support a Culture of High Employee Involvement and Empowerment? –Ex. What choices would support a culture of Security and employee Loyalty Strategic Choices should Support Human Resource and Business Strategies –Ex. What choices would support an HR strategy of Promote from Within? –Ex. What choices would support a Business strategy of Innovation and Growth?