Applied Human Resource Management: Strategic Issues and Experiential Exercises gives business students in-depth, hands-on experiential learning applications to help them develop the skills they will need as human resource professionals who deal with people in diverse settings and situations. Providing maximum teaching flexibility, each chapter presents ten different issues that organizations must resolve to manage their human resources effectively. These chapters also offer four distinct types of interactive learning experiences: Strategic Issues in HRM Exercises, Applications, Experiential Exercises, and Creative Exercises.
Offers four Strategic Issues in HRM exercises in each chapter that can be used for class discussions, assigned as homework problems, used as topics for group presentations, or incorporated into tests as essay questions; Includes two Applications per chapter, brief projects that require students to apply a human resource management concept to a realistic situation, which are ideal for use as homework assignments, instructor illustrations/demonstrations, or in-class projects; Provides two Experiential Exercises in each chapter to provide students with hands-on learning experiences within a realistic context; Includes two open-ended Creative Exercises per chapter that ask students or teams to develop unique solutions to realistic problems using what they have learned; Provides a list of each chapter's exercises grouped according to The Human Resource Certification Institute's Body of Knowledge in Human Resources Management categories to help instructors plan the exercises they want to use according to the HRM Body of Knowledge
This book is an ideal core or supplemental text for graduate-level courses in Human Resource Management, Advanced Human Resource Management, and Personnel Management in departments of business, management, public administration, education, and psychology.
Chapter 8: Compensation and Benefits
Compensation and Benefits
One of the most important HRM functions is compensation systems. Compensation has a direct impact on recruitment, selection, and retention. If an organization is paying below what the market is paying for jobs, it will be more difficult to attract applicants to apply for job vacancies, and it will be difficult to retain satisfactory performers if they can get paid more for the same work at another organization. Paying below the market also means that the quality of the applicant pool will be less than if the organization is paying at or above the market; and with fewer applicants, the organization cannot be as selective when making hiring decisions. Creating pay scales is an ongoing process, requiring constant monitoring ...