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Compensacin: Mtodos y Polticas

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Un Sistema deCompensacion

debe ser:

(*Enfoque del capitulo)

Adecuado

Equitativo

Balanceado*

Costo-efectivo*

Seguro*

Incentivado

Aceptado por el

empleado*

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Para un empleado, la

decisin de compensacin

mas importante es cuanto

l o ella ganar.

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La determinacin de Paga Individual

Tres asuntos deben ser abordados:

Cmo debe ser pagado a un empleado en relacin al otro;

cuando ambos tienen el mismo trabajo en la organizacin?

Se debe pagar el mismo salario a todos los empleados que

realizan el mismo trabajo bajo el mismo nivel?

De ser no, sobre qu base se debe hacer la distincin?

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Las Diferencias salariales se basan en:

1. Las diferencias individuales en la experiencia, las

habilidades y el desempeo en el trabajo.

2. En la expectativa de que los empleados con ms

seniority, rendimiento ms alto (o ambos)

merecen una paga ms alta

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Razones para elegir sueldos diferentes en el mismo puesto de

trabajo: (1 de 3)

Las diferencias en sueldos permiten a las empresas reconocer

que diferentes empleados que realizan el mismo trabajo que

hagan contribuciones sustancialmente diferentes para cumplircon las metas organizacionales.

Los diferencias permiten a los empleadores , comunicar un

cambio de nfasis en los roles de trabajo importantes,

habilidades, conocimientos, etc

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Razones para elegir sueldos diferentes en el mismo

puesto de trabajo: (2 de 3)

Las diferencias en sueldos proporciona a las organizaciones

una herramienta importante para enfatizar las normas de la

empresa sin que los empleados tengan que cambiar de

trabajo(ascenso)

Los diferenciales en sueldos permiten a las empresas a

reconocer los cambios del mercado entre los puestos de trabajo

en el mismo grado, sin necesidad de una revisin a total del

sistema de compensacin .

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Razones para elegir sueldos diferentes en el mismo

puesto de trabajo: (3 de 3)

Sin las diferencias en el sueldo, el sistema de pago viola las

normas internas de equidad de la mayora de los empleados,

reduciendo la satisfaccin del sueldo, y hac mas dificil atraer

y retener a los empleados en la compaia.

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Payment for Time Worked

General, across-the-board increase for all

employees

Merit increases paid to some employees

based on some indicator of job performance

Cost-of-living adjustment (COLA)

based on the consumer price index (CPI)

Seniority

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Variable Pay

Percentage of an employees paycheck is put

at risk

If business goals are not met, the pay rate will

not rise above the lower base salary

Annual raises are not guaranteed

Helps manage labor costs

Does not guarantee equitable treatment of

employees

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Support bymanagement

Acceptance byemployees

Supportiveorganizational

culture

Timing

Variable Pay: Key Design Factors

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Types of Variable Pay

Individual Incentives

Group Incentives

Organization Incentives

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Individual Variable Pay

Merit incentives

Individual incentivespiecework

production bonuses

commissions

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Merit Pay Problems

1. Employees fail to make the connection

between pay and performance

2. The secrecy of the reward is perceived by

other employees as inequity

3. The size of the merit award has little effect

on performance

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Individual Incentives

Possible only in situations where performance

can be specified in terms of output

e.g., sales dollars generated

e.g., number of items completed

Employees must work independently of each

other so that individual incentives can beapplied equitably

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Conditions for Effective IndividualIncentive Plans

1. The task is liked

2. The task is not boring

3. The supervisor reinforces and supports the system

4. The plan is acceptable to employees and managers

5. The incentive is financially sufficient to induce

increased output

6. Quality of work is not especially important

7. Most delays in work are under the employees control

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Reasons to Use Team Incentives

When it is difficult to measure individual

output

When cooperation is needed to complete a

task or project

When management feels this is a more

appropriate measure on which to base

incentives

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Organization-wide Incentives

Usually based on one of two performance

concepts:

A sharing of profits generated by all employees

altogether

A sharing of money saved as a result of

employees efforts to reduce costs

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Approaches to Organization-wide Incentives

SuggestionSystems Gainsharing

Profit Sharing Ownership

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Suggestion Systems: Essential Elements

1. Management commitment

2. Clear goals

3. Designated administrator

4. Structured award system

5.Regular publicity

6. Immediate response to each suggestion

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Gainsharing Plans

Employees earn bonuses tied to unit-wide

performance as measured by a predetermined,

gainsharing formula

Commonly used gainsharing plans:

Lincoln Electric Plan

Scanlon Plan

Rucker Plan

ImproShare

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Key Elements in Designing a GainsharingPlan

Strength of reinforcement

Productivity standards

Sharing the gainsScope of the formula

Perceived fairness of the formula

Production variability

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Newer Approaches to Gainsharing

Business PlanGainsharing

Winsharing

Spot Gainsharing

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Typical Profit Sharing Plans

1. Cash or current distribution plans provide full

payment to participants soon after profits have been

determined

2. Deferred plans credit a portion of current profits to

employees accounts with cash payments made at

the time of retirement, disability, severance, or death

3. A combination of both incorporates aspects of currentand deferred options

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Ownership

Employee stock ownership plan (ESOP)

employees receive stock in the company

ESOPs are tax qualified

i.e., in return for meeting certain rules designed to

protect the interests of plan participants, ESOP

sponsors receive various tax benefits

ESOPs are defined contribution plansthe employers makes yearly contributions that

accumulate to produce a benefit that is not defined

in advance

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People-Based Pay

Skill-BasedPay Knowledge-Based Pay

Credential-Based Pay

Feedback Pay

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Executive Pay

More likely to be based on comparative performance:

1. Compensation committees link CEOs pay to

returns to shareholders

2. Variable performance-based pay is emphasizedover guarantees

3. CEOs are encouraged to invest in company stock

4. Performance yardsticks are linked to actual keyproductivity indices, to the competition, or to both

5. CEOs are held responsible for the cost of capital

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Issues in Compensation Administration

Pay Secrecy orOpenness

Pay Security

Pay Compression

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Guaranteed

Annual Wage(GAW)

Supplementary

UnemploymentBenefits (SUB)

Cost of Living

Adjustments

(COLAS)

Severance Pay

Pay Security Plans

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Solutions to the Problem of PayCompression (1 of 2)

1. Reexamining how many entry-level people

are needed

2. Reassessing recruitment itself

3. Focusing on the job evaluation process,

emphasizing performance instead of salary-

grade assignment

4. Basing all salaries on longevity

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Solutions to the Problem of PayCompression (2 of 2)

5. Giving first-line supervisors and other

managers the authority to recommend equity

adjustments for incumbents who have been

unfairly victimized by pay compression6. Limiting the hiring of new employees seeking

excessive salaries

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Summary

There is a growing realization that traditional

pay systems do not effectively link pay to

performance

The trend is toward a total compensationapproach made up of base pay, variable pay,

and benefits

Flexibility is an essential ingredient in anycompensation plan and can be built using a

variable pay approach