L03

• compensation philosophy


  guiding principle for how the organization

  manages compensation.
• Compensation Philosophy


  • lead, match, lag
• lead


  company pays rates that are higher than the relative marketplace.
• match


  company matches the market by paying comparable rates to the relative marketplace
• lag


  will pay rates lower than those of the relative

  marketplace.
• Job Analysis


  produce job descriptions, job specifications, and performance standards, which describe the tasks and skills associated with jobs in the organizations.
• Job Analysis


  Understand the job and skills needed
• Job Analysis


  • Job descriptions​
  • Job specifications​
  • Performance standards