(EBook PDF) Compensation 14th Edition by Barry Gerhart 1264415214 9781264415212 full chapters

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ISBN-10 :   1264415214 

ISBN-13 :  9781264415212

Author:  Barry Gerhart

Best selling title. Takes a three-pronged approach to compensation by focusing on theory research and practice. The 14th edition continues to emphasize the importance of total compensation and its relevance for achieving sustainable competitive advantage. Updates reflect new compensation research that has been published since the 13th edition.

Compensation 14th Table of contents:

PART I Introducing the Pay Model and Pay Strategy
Chapter 1 The Pay Model
Compensation: Does It Matter? (Or, “So What?”)
Compensation: Definition, Please (Stakeholders)
Society
Stockholders
Customers
Managers
Employees
How Pay Influences Beahviors: Incentive and Sorting Effects
Global Views—Vive la Difference
Forms of Pay
Cash Compensation: Base
Cash Compensation: Merit Increases/Short-Term Incentives (Merit Bonuses)/COLAs
Cash Compensation: Incentives
Long-Term Incentives
Benefits: Income Protection
Benefits: Work/Life Balance
Benefits: Allowances
Total Earnings Opportunities: Present Value of a Stream of Earnings
Relational Returns from Work
A Pay Model
Compensation Objectives
Four Policy Choices
Pay Techniques
Book Plan
Caveat Emptor—Be an Informed Consumer
1. Is the Research Useful?
2. Does the Study Separate Correlation from Causation?
3. Are There Alternative Explanations?
Your Turn: Compensation at the World’s Largest Company
(Still) Your Turn: Who are Amazon’s Peer Companies for Comparing Compensation?
Chapter 2 Strategy: The Totality of Decisions
Similarities and Differences in Strategies
Different Strategies within the Same Industry
Different Strategies within the Same Company (between business units/markets)
Different Strategies within the Same Company (Evolution over Time)
Strategic Choices
Support Business Strategy
Support HR Strategy
The Pay Model Guides Strategic Pay Decisions
Stated versus Unstated Strategies
Developing a Total Compensation Strategy: Four Steps
Step 1: Assess Total Compensation Implications
HR Strategy: Pay as a Supporting Player or a Catalyst for Change?
Step 2: Map a Total Compensation Strategy
Steps 3 and 4: Implement and Reassess
Source of Competitive Advantage: Three Tests
Align
Differentiate
Add Value
“Best Practices” versus “Best Fit”?
Guidance from the Evidence
Virtuous and Vicious Circles
Your Turn: Using Compensation to Improve Environmental, Social and Governance (Including Diversity & Inclusion) Performance: Apple and Starbucks
Still Your Turn: Mapping Compensation Strategies
PART II Internal Alignment: Determining the Structure
Chapter 3 Defining Internal Alignment
Jobs and Compensation
Compensation Strategy: Internal Alignment
Supports Organization Strategy
Supports Work Flow
Motivates Behavior
Structures Vary among Organizations
Number of Levels
Differentials
Criteria: Content and Value
What Shapes Internal Structures?
Economic Pressures
Government Policies, Laws, and Regulations
External Stakeholders
Cultures and Customs
Organization Strategy
Organization Human Capital
Organization Work Design
Overall HR Policies
Internal Labor Markets: Combining External and Organization Factors
Employee Acceptance and Perceived Fairness
Pay Structures Change
Strategic Choices in Designing Internal Structures
Tailored versus Loosely Coupled
Hierarchical versus Egalitarian and Layered versus Delayered Structures
Guidance from the Evidence
Equity Theory: Fairness
Tournament Theory (and Pay Dispersion): Motivation and Performance
Institutional Theory: Copy Others and Conform
(More) Guidance from the Evidence
Consequences of Structures
Efficiency (including Retention)
Fairness
Compliance
Your Turn: So You Want to Lead an Orchestra!
Still Your Turn: (If You Don’t Want to Lead the Orchestra…)
Still (yes, still) Your Turn: NCAA
Chapter 4 Job Analysis
Structures Based on Jobs, People, or Both
Job-Based Approach: Most Common
Why Perform Job Analysis?
Job Analysis Procedures
What Information Should Be Collected?
Job Data: Identification
Job Data: Content
Employee Data
“Essential Elements” and the Americans With Disabilities Act
Level of Analysis
How Can the Information Be Collected?
Conventional Methods
Quantitative Methods
Who Collects the Information?
Who Provides the Information?
What about Discrepancies?
Job Descriptions Summarize the Data
Using Generic Job Descriptions
Describing Managerial/Professional Jobs
Verify the Description
Job Analysis: Bedrock or Bureaucracy?
Job Analysis and Change in Work: Globalization, and Automation (Including AI)
Change in Work
Susceptibility to Offshoring
Susceptibility to Automation and AI
Job Analysis Information and Comparability across Borders
Judging Job Analysis
Reliability
Validity
Acceptability
Currency
Usefulness
A Judgment Call
Your Turn: The Customer-Service Agent
Chapter 5 Job-Based Structures and Job Evaluation
Job-Based Structures: Job Evaluation
Defining Job Evaluation: Content, Value, and External Market Links
Content and Value
Linking Content with the External Market
Technical and Process Dimensions
“How-To”: Major Decisions
Establish the Purpose
Single versus Multiple Plans
Choose among Job Evaluation Methods
Job Evaluation Methods
Ranking
Classification
Point Method
Who Should Be Involved?
The Design Process Matters
The Final Result: Structure
Balancing Chaos and Control
Your Turn: Job Evaluation at Whole Foods
Chapter 6 Person-Based Structures
Person-Based Structures: Skill Plans
Types of Skill Plans
Purpose of the Skill-Based Structure
“How-To”: Skill Analysis
What Information to Collect?
Whom to Involve?
Establish Certification Methods
Outcomes of Skill-Based Pay Plans: Guidance from Research and Experience
Person-Based Structures: Competencies
Defining Competencies
Purpose of the Competency-Based Structure
“How-To”: Competency Analysis
Objective
What Information to Collect?
Whom to Involve?
Establish Certification Methods
Resulting Structure
Competencies and Employee Selection and Training/Development
Guidance (and Caution) from the Research on Competencies
One More Time: Internal Alignment Reflected in Structures (Person-Based or Job-Based)
Administering and Evaluating the Plan
Reliability of Job Evaluation Techniques
Validity
Acceptability
Bias in Internal Structures
Wages Criteria Bias
The Perfect Structure
Your Turn: Climb the Legal Ladder
PART III External Competitiveness: Determining the Pay Level
Chapter 7 Defining Competitiveness
Compensation Strategy: External Competitiveness
Control Costs and Increase Revenues
Attract and Retain the Right Employees
What Shapes External Competitiveness?
Labor Market Factors
How Labor Markets Work
Labor Demand
Marginal Product
Marginal Revenue
Labor Supply
Modifications to the Demand Side
Compensating Differentials
Efficiency Wage
Sorting and Signaling
Modifications to the Supply Side (Only Two More Theories to Go)
Reservation Wage
Human Capital
Product Market Factors and Ability to Pay
Product Demand
Degree of Competition
A Different View: What Managers Say
Segmented Supplies of Labor and (Different) Going Rates
Organization Factors
Industry and Technology
Employer Size
People’s Preferences
Organization Strategy
Relevant Markets
Defining the Relevant Market
Globalization of Relevant Labor Markets: Offshoring and Outsourcing
Competitive Pay Policy Alternatives
What Difference Does the Pay-Level Policy Make?
Pay with Competition (Match)
Lead Pay-Level Policy
Lag Pay-Level Policy
Different Policies for Different Employee Groups
Not by Pay Level Alone: Pay-Mix Strategies
Consequences of Pay-Level and Pay-Mix Decisions: Guidance from the Research
Efficiency
Fairness
Compliance
Your Turn: Two-Tier Wages
Your Turn: Combining Pay Survey and Job Evaluation Data
Appendix 7-A: Utility Analysis 252
Chapter 8 Designing Pay Levels, Mix, and Pay Structures
Major Decisions
Specify Competitive Pay Policy
The Purpose of a Survey
Adjust Pay Level—How Much to Pay?
Adjust Pay Mix—What Forms?
Adjust Pay Structure?
Study Special Situations
Estimate Competitors’ Labor Costs
Select Relevant Market Competitors
Fuzzy Markets
Design the Survey
Who Should Be Involved?
How Many Employers?
Which Jobs to Include?
What Information to Collect?
Interpret Survey Results and Construct a Market Line
Verify Data
Statistical Analysis
Update the Survey Data
Construct a Market Pay Line
Setting Pay for Benchmark and Non-Benchmark Jobs
Combine Internal Structure and External Market Rates
From Policy to Practice: The Pay-Policy Line
Choice of Measure
Updating
Policy Line as Percent of Market Line
From Policy to Practice: Grades and Ranges
Why Bother with Grades and Ranges?
Develop Grades
Establish Range Midpoints, Minimums, and Maximums
Overlap (and Midpoint Progression)
From Policy to Practice: Broad Banding
Flexibility Control
Balancing Internal and External Pressures: Adjusting the Pay Structure
Reconciling Differences
Market Pricing
Business Strategy (More than “Follow the Leader”)
Review
Your Turn: Google’s (now Alphabet’s) Evolving Pay Strategy
Still Your Turn: Word-of-Mouse: Dot-Com Comparisons
PART IV Employee Contributions: Determining Individual Pay
Chapter 9 Pay-for-Performance: Theory and Evidence
What Behaviors Do Employers Care About? Linking Organization Strategy to Compensation and Performance Management
What Does It Take to Get These Behaviors? What Theory Says
What Does It Take to Get These Behaviors? What Practitioners Say
Does Compensation Motivate Behavior?
Do People Join a Firm Because of Pay?
Do People Stay in a Firm (or Leave) Because of Pay?
Reminder: Not All Turnover is Bad (and at least some is necessary)
Do Employees More Readily Agree to Develop Job Skills Because of Pay?
Do Employees Perform Better on Their Jobs Because of Pay for Performance? The Short Answer is “Yes” (Especially Compared to the Alternative)
Pay for Performance: Harmful Effects on Intrinsic Motivation (Claims and Evidence)
Sorting and Incentive Effects
Risk (Unintended Consequence)
Designing a Pay-for-Performance Plan
Efficiency
Equity/Fairness
Compliance
Your Turn: Burger Boy
Chapter 10 Pay-for-Performance: Types of Plans
What Is a Pay-for-Performance Plan?
How Widely Used Is Pay for Performance (PFP)?
The Important Role of Promotion (internal or external) in Pay for Performance
Pay-for-Performance: Merit Pay Plans
Pay-for-Performance: Short-Term Incentive Plans (Individual-Based)
Merit Bonuses aka Lump-Sum Bonuses
Individual Spot Awards
Individual Incentive Plans
Individual Incentive Plans: Returns (But Also Risks)
Individual Incentive Plans: Examples
Pay-for-Performance: Short-Term Incentive Plans (“Group”-Based)
Comparing Group and Individual Incentive Plans
Large Group Incentive Plans
Gain-Sharing Plans
Profit-Sharing Plans
Earnings-at-Risk Plans
Group Incentive Plans: Advantages and Disadvantages
Group Incentive Plans: Examples
Pay-for-Performance: Long-Term Incentive Plans
Employee Stock Ownership Plans (ESOPs)
Performance Plans (Performance Share and Performance Unit)
Broad-Based Stock Plans (BBSPs)
Combination Plans: Mixing Individual and Group
Does Variable Pay (Short-Term and Long-Term Incentives) Improve Performance Results? The General Evidence
Your Turn: Pay at Delta and American Airlines
Chapter 11 Performance Appraisals
The Role of Performance Appraisals in Compensation Decisions
Performance Metrics
Strategies for Better Understanding and Measuring Job Performance
The Balanced Scorecard Approach
Strategy 1: Improve Appraisal Formats
Strategy 2: Select the Right Raters
Strategy 3: Understand How Raters Process Information
Strategy 4: Training Raters to Rate More Accurately
Strategy 5: Improving Rater Motivation and Opportunity to Rate More Accurately
Putting It All Together: The Performance Evaluation Process
“New” Performance Appraisal
A Checklist of Recommended Behaviors for Managers and Employees
Equal Employment Opportunity and Performance Evaluation
Tying Pay to Subjectively Appraised Performance (Merit Pay)
Competency: Customer Care
Performance- and Position-Based Guidelines
Designing Merit Guidelines
Your Turn: Performance Appraisal at American Energy Development
Appendix 11-A: Balanced Scorecard Example: Department of Energy (Federal Personal Property Management Program) 422
Appendix 11-B: Sample Appraisal Form for Leadership Dimension: Pfizer Pharmaceutical 425
PART V Employee Benefits
Chapter 12 The Benefit Determination Process
Overview
Why the Growth in Employee Benefits?
Wage and Price Controls
Unions
Employer Impetus
Cost (Including Tax) Effectiveness of Benefits
Government Impetus
The Value of Employee Benefits
Key Issues in Benefit Planning, Design, and Administration
Benefits Planning and Design Issues
Benefit Administration Issues
Components of a Benefit Plan
Employer Factors
Employee Factors
Administering the Benefit Program
Employee Benefit Communication
Cost Containment
Claims Processing
Your Turn: World Measurement
Chapter 13 Benefit Options
Legally Required Benefits
Workers’ Compensation
Social Security: Old Age, Survivors, Disability & Health (OASDI) + Medicare
Unemployment Insurance
Family and Medical Leave Act (FMLA)
Consolidated Omnibus Budget Reconciliation Act (COBRA)
Health Insurance Portability and Accountability Act (HIPAA)
Retirement and Savings Plan Payments
Defined Benefit Plans
Defined Contribution Plans
Individual Retirement Accounts (IRAs)
Employee Retirement Income Security Act (ERISA)
How Much Retirement Income to Provide?
Life Insurance
Medical and Medically Related Payments
General Health Care
Health Care: Cost Control Strategies
Short- and Long-Term Disability
Dental Insurance
Vision Care
More Benefits
Paid Time Off during Working Hours
Payment for Time Not Worked
Family-Friendly Policies (including Child Care, Family Leave, and Flexible Work)
Elder Care
Domestic Partner Benefits
Legal Insurance
Addressing Financial Precarity (and Financial Wellness)
Benefits (or Lack Thereof): Contingent and Alternative Work Arrangement Workers
Your Turn: Evolving Benefits: Paid Leave
(Still) Your Turn: Evolving Benefits: Telehealth
PART VI Extending the System
Chapter 14 Compensation of Special Groups: Executives and Others
Special Groups: Overview
Supervisors
Corporate Directors
Executives
How Aligned are Executive Pay and Performance?
Say on Pay (Shareholder Votes)
Why Is Everyone So Interested in Executive Compensation? And… Some Different Perspectives
Scientists and Engineers in High-Tech Industries
Sales Forces
Contingent Workers and Workers under Alternative Work Arrangements (Including Independent Contractors, Gig Workers)
Your Turn: A Sports Sales Plan
Chapter 15 Union Role in Wage and Salary Administration
The Impact of Unions in Wage Determination
Union Impact on Compensation
The Structure of Wage Packages
Union Impact: The Spillover (or Threat) Effect
Role of Unions in Wage and Salary Policies and Practices
Role of Unions in Discipline, Job Security, and Assignments
Unions and Alternative Reward Systems (and Variable Pay)
Lump-Sum Awards/Bonuses
Employee Stock Ownership Plans (ESOPs)
Pay-for-Knowledge Plans
Gainsharing Plans
Profit-Sharing Plans
Your Turn: Collective Bargaining and Compensation in Health Care
Chapter 16 International Pay Systems
The Global Context
The Social Contract
Centralized or Decentralized Pay-Setting
Regulation
(National) Culture
Is National Culture a Major Constraint on Compensation?
Trade Unions and Employee Involvement
Ownership and Financial Markets
Managerial Autonomy
Comparing Costs (and Productivity)
Labor Costs and Productivity
Cost of Living and Purchasing Power
Comparing Systems
Japanese Traditional National System
German Traditional National System
Comparison of Traditional Systems in Japan, Germany, United States
Evolution and Change in the Traditional Japanese and German Models
Strategic Market Mind-Set
Localizer: “Think Global, Act Local”
Exporter: “Headquarters Knows Best”
Globalizer: “Think and Act Globally and Locally”
Expatriate Pay
Elements of Expatriate Compensation
The Balance Sheet Approach
Expatriate Systems → Objectives? Quel dommage!
Borderless World → Borderless Pay? Globalists
Your Turn: Globalization of the Labor Market: The English Premier League
PART VII Managing the System
Chapter 17 Government and Legal Issues in Compensation
Government as Part of the Employment Relationship
Overviews
Fair Labor Standards Act of 1938
Minimum Wage
Overtime and Hours of Work
Child Labor
Living Wage
Employee or Independent Contractor?
Prevailing Wage Laws
Antitrust Issues
Pay Discrimination and Pay Equity: What Are They?
Pay Discrimination
Pay Equity
The Equal Pay Act (and Related State Laws)
Definition of Equal
Definitions of Skill, Effort, Responsibility, Working Conditions
Factors Other than Sex
“Reverse” Discrimination
Title VII of the Civil Rights Act of 1964 and Related Laws
Disparate Treatment
Disparate Impact
Executive Order 11246
Pay Discrimination and Dissimilar Jobs
Evidence of Discrimination: Use of Market Data
Evidence of Discrimination: Jobs of Comparable Worth
More Recent Developments
Earnings Gaps
Sources of the Earnings Gaps
Compliance: A Proactive Approach
Your Turn: From Barista to Manager
Still Your Turn: The Case of Lady Gaga’s (Former) Personal Assistant
Chapter 18 Management: Making It Work
Managing Labor Costs and Revenues
Managing Labor Costs
Number of Employees (a.k.a.: Staffing Levels or Headcount)
Hours
Benefits
Average Cash Compensation (Fixed and Variable Components)
Budget Controls: Top Down
Budget Controls: Bottom Up
Embedded (Design) Controls
Managing Revenues
Using Compensation to Retain (and Recruit) Top Employees
Managing Pay to Support Strategy and Change
Communication: Managing the Message
Pay Secrecy Versus Transparency/Openness
Pay Communication: General Principles
Say What? (Or, What to Say?)
Opening the Books
Structuring the Compensation Function and Its Roles
Centralization-Decentralization (and/or Outsourcing)
Ethics: Managing or Manipulating?
Your Turn: Communication by Copier
Still Your Turn: Managing Compensation Costs, Headcount, and Participation/Communication Issues

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