The new edition of this SAGE Handbook builds on the success of the first by providing a fully updated and expanded overview of the field of human resource management. Bringing together contributions from leading international scholars - and with brand new chapters on key emerging topics such as firm ownership, talent management, engagement and big data - the Handbook focuses on familiarising the reader with the fundamentals of applied human resource management, while contextualizing practice within wider theoretical considerations. Internationally minded chapters combine a critical overview with discussion of key debates and research, as well as comprehensively dealing with important emerging interests. The second edition of this Handbook remains an indispensable resource for advanced students and researchers in the field. PART 01: Context of Human Resource Management; PART 02: Fundamentals of Human Resource Management; and PART 03: Contemporary Issues.

Compensation
Compensation
Barry Gerhart Ingo Weller
Introduction

Employee compensation or remuneration is a major cost, often the single largest operating cost for organizations (Blinder, 1990).1 Thus, to be successful, an organization must effectively manage not only what it spends on compensation, but also what it gets in return. Contextual factors serve to place some limits on compensation decisions. Legal, institutional, cultural, and market factors vary across and often within countries, meaning that the degree of discretion an organization has in managing compensation decisions will also vary. Nevertheless, organizations typically have at least some discretion in compensation design.2 This choice can have a major impact at every level of the organization: on decisions made by individuals (through its incentive ...

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