ch 1

describes a company’s success when the company acquired or develops capabilities that facilitate outperforming the competition

designing HR practices with the competitive advantage in mind puts HR as a ________

represents the reward employees receive for performing their job

represents employees’ critical psychological states that result from performing their jobs e.g., believing your work matters

includes both monetary and non monetary rewards

monetary compensation

non monetary rewards including PTO and services (daycare, fitness, etc.)

annual compensation increases have lowered to

refers to the design and implementation of compensation system to reinforce the objectives of both HR strategies and competitive business strategies

competitive strategy, human resource strategy, compensation strategy

recruitment, selection, performance appraisal, compensation, training

seniority pay, merit pay, incentive pay, pay for knowledge, skill-based pay, boardbanding, two-tier pay structure, discretionary benefits options

refers to the factors that enable companies to generate income, higher stock prices, economic value, and reputation

refers to sets of collective KSAs that employees can apply to create value for their employees

merit pay can

incentive programs can

describes a company’s success when the company acquired or develops capabilities that facilitate outperforming the competition

discretionary benefits can

focus on being lowest cost producer/seller of goods or services

focus on offering unique goods or services to the public that are different than their competitor

lowest cost strategy is effective when jobs:

differentiation strategy is effective when jobs:

hourly wage, annual salary

cost of living, seniority, merit, incentive, person-focused

social security act, worker’s comp laws, FMLA, affordable care act

disability insurance, life insurance, retirement plans, PTO, accommodation and enhancement

hourly wage, annual salary

an employees: skill level, effort, level of responsibility

COLA, seniority pay, merit pay, incentive pay, person-focused pay

represent periodic base pay increases that are founded on changes in prices as indexed by the consumer price index (cpi)

individuals or entities directly affected by compensation practices

programs assume that employees’ compensation over time should be determined, at least in part, by differences in job performance

rewards employees for partially or completely attaining a predetermined work objective

reward managerial, service, or professional workers, for successfully learning specific curricula

used mostly for employees who perform physical with and increases these workers’ pay as they master new skills

clearly define the relative value of each job among all jobs within a company

systematic process for gathering, documenting, and analyzing information to describe jobs

systematic process to recognize differences in the relative worth among a set of jobs and to establish pay differentials accordingly

determined by employees’ credentials, job knowledge, and job performance

based on compensable factors

built on grades, uses midpoint, minimum, and maximum pay rates

directly involved in producing companies’ goods or delivering services such as manufacturing leaders

support the line functions, HR professionals and accountants are examples

report directly to the corporation’s CEO or head of a major division

perform tasks in a variety of HR related areas

work within only one of the areas of compensation practice such as compensation survey development

individuals or entities directly affected by compensation practices