Direct Financial Compensation (Monetary Compensation) 

Learning Objectives

1. Summarize the usual components of a total compensation plan and the environment of compensation practice.
2. Explain the direct financial compensation practices.
3. Discuss job structures and how they are established.
4. Summarize competitive pay policies: pay level and pay mix.
5. Explain what pay structures are and how they are created.
6. Review exceptions to the rules: compensation for sales representatives, contingent workers, and executives.

Indirect Financial Compensation (Employee Benefits) 

Learning Objectives

1. Define indirect financial compensation (employee benefits).
2. Describe legally required benefits and the various kinds.
3. Define discretionary benefits and explain the various types.
4. Explain workplace flexibility (work/life balance).
5. Describe customized benefit plans.
6. Summarize the issues of communicating information about benefit plans.

ASSIGNMENT – QUESTIONS

1. There are many contextual influences that must be taken into account when designing and implementing direct financial compensation plans, and one of them is interindustry wage or compensation differentials. Briefly, state the implications of these differentials for establishing competitive compensation programs. Then, explain the factors that contribute to the existence of interindustry wage differentials.
2. With a heterogeneous workforce, employers are having to be more flexible. How are employers using customized benefits plans and flextime to meet the needs of today’s employees?

Expectation:

–  Minimum of 450+ words and in APA format (including Times New Roman with font size 12 and double spaced)

–  Identify the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.

–  essay form (narrative form) no Bullet points should not to be used

–  2 outside scholarly or professional source related to human resource management.

–  Textbook : Title: Human Resource Management  , ISBN: 9780134739724 Authors: Martocchio Publisher: Pearson Edition: 15TH 19