Exam (elaborations)
HRM3705 STUDY NOTES (Summary)
- Institution
- University Of South Africa
- Book
- Reward Management
HRM3705 Summary Study Notes
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Content preview
HRM3705NOTES SUMMARY
, lOMoARcPSD|18222662
HRM3705 Flash Cards - Summary Compensation
Management
Compensation Management (University of South Africa)
Scan to open on Studocu
Studocu is not sponsored or endorsed by any college or university
Downloaded by Thomas Mboya (tom.tommy356@gmail.com)
, lOMoARcPSD|18222662
12/11/2009
COMPENSATION MANAGEMENT
CHAPTER 1 (Study unit 1)
THE PAY MODEL
1
Chapter Topics
• Compensation: Definition
• Forms of Pay
• A Pay Model
• Book Plan
• Your Turn: Glamorous Internships, or House Elves?
2 2
1
Downloaded by Thomas Mboya (tom.tommy356@gmail.com)
, lOMoARcPSD|18222662
12/11/2009
Learning Objectives
After studying Chapter 1, students should be able to:
• Explain how perceptions of compensation differ among society, stockholders,
managers and employees.
• Discuss the difference between cash compensation (direct compensation) and
benefits (indirect compensation) and define each of the direct and indirect forms of
compensation.
• Explain how the employment relationship combines both transactional and relational
returns to form an implicit contract between employers and employees.
• Identify and describe the three main components of a pay model.
• Understand how the pay model integrates objectives, policies, and techniques into a
compensation system.
• Distinguish empirical research from surveys and opinions.
3
Key Questions and Issues
• How differing perspectives affect our views of compensation
• Definition of compensation
– The meaning of compensation most appropriate from an employee's
view: return, reward, or entitlement
• Examining “network of returns” a college offers an instructor
• Four policy issues in the pay model
– Objectives of the pay model
• Forms of pay received from work
4 4
2
Downloaded by Thomas Mboya (tom.tommy356@gmail.com)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LIBRARYpro. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,42. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now