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1、Salary Survey based on Hay MethodHay Point RangeUpper Quartile(Q3)Salary Formula200-300144.89*HP-1648301-400165.55*HP-7845401-500195.67*HP-19,893501-600176.16*HP-10,140601-700194.51*HP-21,145701-800168.63*HP-3029InternalequityExternalequityEmployeeequityAdministrationConceptsCompensation TechniquesP
2、lanning,Budgeting,Monitoring,EvaluatingJobAnalysisJobDescriptionJobEvaluationJobGradesMarketDefinitionsSalarySurveysPolicyLinesPayStructuresSeniorityIncreasesPerformanceEvaluationIncreaseGuidelinesCompensation ObjectivesRole clarity and accountability.Facilitates administration and performance manag
3、ement.Competitive wage policies and practices.Influence employees workattitudes and behaviour.Attract talents.Retain talents.Motivate employees.Comply with regulations.Consistency in policyadministration.The Strategic Compensation ModelCompensation ManagementThe fundamentals of salary administration
4、Salary administration is concerned with deciding how and what staff should be paid and with the techniques and procedures for designing and maintaining salary structures,rewarding staff and exercising salary control.Aims Of Salary AdministrationThe basic aims of salary administration are to attract,
5、retain and motivate staff by developing and maintaining a competitive and equitable salary structure.q To ensure that a sufficient number of suitable staff is attracted to join the organization;q To encourage suitable staff to remain with the organization;q To develop and maintain a logical salary s
6、tructure which achieves equity in the pay for jobs of similar responsibility and consistency in the differentials between jobs in accordance with their relative values;qTo ensure that salary levels match market rates;qTo keep the salary levels adjusted in line with increases in the cost of living;Ai
7、ms Of Salary AdministrationqTo maintain consistency in methods used to fix and review salary levels and differentials;qTo provide for progression within the salary structure in accordance with performance and level of responsibility;qTo operate the salary system fairly and convince the staff that th
8、e system is fair;qTo maintain a flexible salary system which will accommodate changes in the market rates for different skills and in the companys organization structure;qTo achieve simplicity in operations as an aid to staff understanding and to minimize administrative effort;qTo operate effective
9、systems of controlling salary costs and the administrative procedures required to achieve the above aims at the least cost to the organization.Components Of Salary AdministrationThe starting point of salary administration is the determination of salary levels by job evaluation.Thereafter,salary admi
10、nistration is concerned with:q The design and maintenance of salary structures;qThe operation of salary progression systems;qThe administration and control of salary reviews;qThe design and operation of bonus schemes;qThe provision of employee benefits and other allowances;qThe development of a tota
11、l remuneration policy.Compensation Tools and TechniquesqPay StructureqSalary StructureqPerformance Related PayqMerit Payment SchemeqIncentive SchemeqBenefit PoliciesqSalary Review GuidelinesqCompa-ratioqSalary ProblemsCriteria for Pay StructuresqBe appropriate to the needs of the organization,in ter
12、ms of its:-culture,size and the degree in which changes take place-need for flexibility-type and level of employees to be coveredqBe flexible in response to internal and external pressures,especially those related to market rates and skill shortages.qProvide scope for rewarding high-flyers while sti
13、ll providing appropriate rewards for the majority of employees.qEnsure that rewards are given in line with performances and achievements.qProvide a basis for career planning which will motivate ambitious employees with high potential.qFacilitate consistency in the treatment of varying levels of resp
14、onsibility and performance.Graded Salary StructuresqAll jobs are allocated into salary grade within the structure on the basis of an assessment of their internal and external value to the organization.qEach salary grade consists of a salary range or band.qThe jobs allocated to a salary grade are ass
15、umed to be broadly of the same level normally the same minimum and maximum rates,which correspond with grade boundaries.Graded Salary StructuresA typical graded structure consists of a sequence of salary grades or ranges,each of which has a defined minimum and maximum.It is assumed that all the jobs
16、 allocated into a grade are broadly of the same value,although actual salaries earned by individuals will depend on their performance or length of service.Across the board cost of living or market rate increases will usually result in an increase to the minima and maxima of each grade.All the jobs i
17、n an organization may be covered by the same structure of salary ranges or there may be different structures for different levels or categories of jobs.Make-up of a Salary GradeqA basic principle of a salary structure is that individuals advance through the structure either by progressing within the
18、 salary grade for the job as they improve their performance,or by promotion.qIn the simplest structure,people move more or less steadily from the entry point of the grade(with might be above the minimum if they have already gained relevant experience elsewhere or within the firm)to the upper limit,u
19、nless they move to a higher grade.It is possible,however,to distinguish three stages into which this progression is divided,and for salary administration purposes it is helpful to divide the grade into three zones which correspond to these stages.Salary Structure:Ratio MethodSalary Structure:Ratio M
20、ethodSalary Structure:Dispersion MethodSalary Structure:Dispersion MethodThe learning zone covers the period when a person is on his learning curve,familiarizing himself with the knowledge and skills required if he is to become fully competent.The length of time to go through this zone will vary acc
21、ording to the individuals experience,competence and ability to learn.It would be accepted that someone might enter the range at any point in this zone,from bottom to top,depending on experience.The Learning ZoneThe qualified zone covers the period when the job holder continues to increase his capaci
22、ty to do the work and to improve his performance.The minimum salary in this zone should be the market rate for the job,so far as this can be ascertained,the assumption being that the market rate is the salary level required to attract a competent individual from another job to join the company.The m
23、id-point in this zone,which is also the mid-point of the grade,is the salary level which all competent employees would be expected to achieve.This is above the market rate in order to retain these individuals.An employee who is no more than competent could stop at this point,but most would continue
24、to advance until they reach the top of the qualified zone,which would be regarded as the normal maximum for the job.Many such employees would in any case be promoted to a higher grade before they reach the upper limit of this zone.The Qualified Zone The premium zone is reserved for those employees,e
25、specially in the higher grade jobs,who achieve exceptional results but for whom suitable promotion opportunities do not exist.This zone enables outstanding staff to be given additional rewards and encouragement.In some salary structures,the published salary grades for each job only cover the learnin
26、g and qualified zones,the premium zone being reserved for use in special cases.Progression through that zone would not be regarded as normal by management or staff.The Premium ZoneMake-up of a Salary RangeRelationships Between Grades20%20%Graded Salary StructuresqThe range may be defined in terms of
27、 the difference between the lowest and highest points in the range,using the minimum as the anchor(Maxmin ratio method):MinMidpointMaxMaxmin$20,000$24,000$30,0001:50$20,000$25,000$32,0001:60$20,000$26,000$34,0001:70Alternatively,the range may be defined as a percentage of the midpoint using the midp
28、oint as the anchor(Salary dispersion method):Min Midpoint MaxDispersion Max Point (100%)PointRatio$20,000(80%)$25,000(100%)$30,000(120%)+20%1.50$18,750(75%)$25,000(100%)$31,250(125%)+25%1.67$17,500(70%)$25,000(100%)$32,5000(130%)+30%1.85qThe midpoint of the range is regarded as the“target salary”for
29、 the grade,which would be the average salary of the staff in the grade.The target salary is the salary that you will pay to a fully competent professional doing the job on that gradeThe midpoint is usually aligned to the market rates for jobs in the grade.The salary policy of the organization determ
30、ines whether the midpoint is equated to the median market rate or whether it is related to another point.eg upper quartileGraded Salary StructuresqThe rate of salary progression through a range is determine by:-time or length of service(service increments)-individual performance(variable or merit in
31、crements)qThe number of salary ranges required depend on:-the upper and lower salary levels of the jobs to be covered by the structure,which give the overall range of salaries within which the individual salary ranges have to be fitted-the number of distinct levels of responsibility in the hierarchy
32、 which needs to be catered for by separate grades-the size of the differentials between each salary range.Graded Salary StructuresGraded Salary StructuresqThere is a differential between the midpoints of each salary range which provides adequate scope for rewarding increased responsibility on promot
33、ion.It does not create too wide a gap between adjacent grades or reduce the amount of flexibility available for grading jobs.qThe salary ranges are sufficiently wide to allow recognition of the fact that people in same job grade can perform differently,from satisfactory performance to outstanding pe
34、rformance.qThere is an overlap between two consecutive salary grades which acknowledges that an experienced person should be of more value on the current grade than a newcomer in the next higher grade.Designing the Salary Structure Step 1qConduct market rate surveys for existing jobs.qReview existin
35、g salary structures and differentials between the salary levels of the most senior and junior jobs to be covered by the new structure.q Identify key problem areas(if any)in existing structures.Step 2qConduct an update of the job evaluation exercise,taking into consideration all changes to jobs since
36、 the last job evaluation reviewStep 3qObtain market rate data for the evaluated jobs,bearing in mind that there is likely be a range of market rates rather than a precise figure.qPreferably the market rate data should be based on a similar job evaluation system for comparability.Designing the Salary
37、 Structure Step 4qDraw up a salary grade structure between the upper and lower limits,according to policies for differentials,the width of salary grades and the size of overlap between two consecutive grades.Step 5qSlot all jobs into grade structure in accordance with the results of both the job eva
38、luations and the market rate surveys.Step 6qIdentify all cases that are below the salary range and cases that have exceeded the salary range(max-out cases)and review their job evaluation scores and gradesAdvantages of Graded StructuresqThe relative levels of jobs in different functions can be readil
39、y assessed and recognized.qConsistent methods of grading jobs and establishing differentials between them can be maintained.qA well-defined and comprehensible framework exists within which salary and career progression can be planned and controlled.qBetter control can be exercised over salaries for
40、new hires,merit increments and promotion increases.qGraded structures facilitate order,consistency and control.Disadvantages of Graded StructuresqIt can be inflexible at times,unless periodic review is carry out every 3 years or so.qFixed grades make it more difficult to accommodate the many changes
41、 to which reward structures are subject because of internal and external pressures.qThe sort of people they employ cannot be confined within rigid range boundaries,unless incentive schemes are available.qIt brings people to the top of the range barriers where they become stuck if there are no opport
42、unities for promotion to the next grade.Key topics coveredqMinimum Point of Salary RangeqMaximum Point of Salary RangeqEntry Point for new staffqAnnual incrementsqSalary adjustmentsqPromotion incrementsqLumpsum paymentsqIncentive schemesqFlexible benefitsSalary AdministrationCurrent and Proposed Salary Structure Midpoints,Market Current and Proposed Salary Structure Midpoints,Market Average,and Company Average SalaryAverage,and Company Average Salary31