WOW, what a day. Today left me with a long list of things to explore and implement. I will admit, WordPress and linking it to Twitter hasn’t hit the list. I don’t think I have this linked to Twitter and I have even less of an idea where to start to look. Terry, I will be your ‘patience test’ so hopefully you can endure and maybe adore me just a little.
What were my takeaways from today – everything it seems. But the first one on my list will be the Rubric Builder in D2L for the Week 3 Org Chart Assignment in my Hotel Housekeeping Operations class. Yeah!
Today I had something I wanted to share when we were exploring the CATs. Some of you may adore this and again, reading through to the end of my post may require endurance for others. Nevertheless here is a tool I use that is a bit of a takeoff from the Empty Outline CAT … Meow!
Several years ago a GAS Prof introduced a document similar to this to me. I have integrated the idea into my Compensation Administration class and the students love it. They walk into the classroom looking for it each week. Compensation is heavy in theory and content with concepts that are difficult to apply in a classroom. I find it material that is challenging to deliver in an engaging manner and this course continues to be true work in progress. I have provided an example of an Empty Outline (at least I think that’s what it is), to assist students to organize and map material. Each week they receive the same summary style page based on the content that week. I encourage students to use these as study guides for the mid-term and final. To encourage attendance, these are never posted on D2L, rather they are distributed in class. I’m curious to hear what Mary’s thoughts may be on this tool.
Over and out my NFE and LDS friends.
MGMT 1 – Compensation Administration
Week 3 – Components of Compensation Strategy
| CONCEPTS:
Identify the three components of Compensation. Give types of pay examples for each.
What are the advantages and disadvantages of Base Pay, Performance Pay and Indirect Pay.
Identify three methods used to determine Base Pay rates? What are the advantages and disadvantages of each?
What is the difference between skill-based pay and competency-based pay. When are each more likely to be used.
What is meant by lag, meet or lead in developing compensation strategy?
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TERMS:
$ Base Pay
$ Performance Pay
$ Indirect Pay
$ Wage
$ Salary
$ Market Pricing
$ Job Evaluation
$ Pay For Knowledge
$ Skill-Based Pay
$ Competency-Based Pay |
| Discussion Questions: Page 140
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LOOKING AHEAD
Week #4 – Required Reading: Chapter 5 Assignment #1 – ½ of the presentations – remainder in Week 5
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EXERCISE #1 – Describe the compensation mix for your most recent employer, focusing on the extent to which base pay, performance pay, and indirect pay is utilized. Comparing with others in your group, what types of employers seem to use more or less of a particular component? Do the different pay systems seem to fit with the firm’s managerial strategy, as far as you can determine?
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| EXERCISE #2 – On your own record three potential benefits, offered by an employer, that are the most important to you. In your group compare your choices to others. Do these vary across individuals in your group? If so, discuss why.
In groups, discuss how important benefits will be to you in choosing your next job.
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| Exercise #3 – #3 on Page 141
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Jo Tully at Fleming College 