Developing & Maintaining A Sound Compensation Program

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1 Developing & Maintaining A Sound Base Pay Program By Ronald C. Phillips and Jeffrey M. Robinson Synopsis Introduction Base Pay Program Objectives Establish Fairness Insure Competitive Pay Directs work Activity Controls Payroll Costs Compliance With Laws & Regulations Is Efficient Components Of A Wage Structure Job Families & Pay Grades Minimum Wage Midpoint Maximum Wage How To Develop A Wage Structure Step 1 Identification Of Jobs and Job Content Step 2 Documenting The Principal Features Of The Job Step 3 Building A Job Hierarchy Step 4 Establishing Job Worth Step 5 Assigning Pay & Pay Ranges Establishing Midpoint Determining Maximums And

6 Directs Work Activity Besides the issues of fairness and competitive pay, a good base wage program can help direct work activities. This is done through the careful use of what are referred to as merit and incentive pay.Generally speaking, merit pay helps to direct individual performance

  Maintaining, Developing, Compensation, Work, Sound, Developing amp maintaining a sound compensation