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HRM3705 SU7
- Institution
- University Of South Africa (Unisa)
STUDY UNIT 7
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COMPENSATION MANAGEMENTHRM3705
Study unit 7
Internally consistent pay systems
Prepared by Magda Bezuidenhout,
, Learning outcomes of study unit 7
Once you have completed study unit 7, you should be able to:
• Identify and discuss the building blocks of market-competitive pay systems
• Discuss the need for conducting salary surveys
• Integrate the internal job structure with external market pay rates
• Critically discuss compensation policies and strategic mandates
• Interpret salary survey data using basic statistical analysis/terms
• Discuss and apply several of the concepts of internal alignment and
external competitiveness in analysing actual pay data of specific jobs
• Identify the internal and external environmental factors that have an impact
on the pay structure of an organisation
• Apply appropriate pay concepts to determine the pay for a position in a
company
• Differentiate and discuss the different compensation policies
Prepared by Magda Bezuidenhout,
,Market-competitive pay system
Market-competitive pay systems represents
a companies’ compensation policies that fit
the imperatives of their competitive
advantage. It also plays a key role in
recruitment and retention
Prepared by Magda Bezuidenhout
, Excessive pay levels
• Represent undue financial burdens
• Undermine lowest-cost strategies
• Restrict investments
Prepared by Magda
Bezuidenhout, Adapted from
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