Compensation Handbook, 5th Ed.

Compensation Handbook, 5th Ed.






For over thirty-five years, human resources and management professionals have been turning to a single source for the most astute and up-to-date commentary about the state of the industry-The Compensation Handbook. Composed of one-hundred percent brand-new material from more than sixty authorities in the field, this fully updated edition provides direct insight into the most critical issues compensation and human resources professionals face today.

Among the many human-capital topics covered are new reward strategies for attracting and retaining highly qualified employees from America's fast-draining talent pool; addressing the mass retirement of baby boomers-the decade's most vexing HR problem; and responding to the varying needs and desires of a multicultural, multi-generational workforce ranging from the over-sixty traditionalists to the new Millennials.�

Contents:

Part 1 Introduction

1 Employee Pay: A Riddle Wrapped in a Mystery Inside an Enigma 3

2 Total Rewards and the Future Workforce 11

3 Total Rewards Strategy 21

4 Three Trends Shaping the Future of Compensation and Human Resources 31

5 Demographics: The Tempest Driving Compensation 49



Part 2 Base Salary

6 Salary Administration 63

7 Merit Pay 85

8 Job Analysis, Documentation, and Job Evaluation 95

9 Salary Surveys 111

10 Benchmarking 125

11 Skills, Knowledge, and Competency-Based Pay 143

12 Broadbanding 159

13 Nonmonetary Awards 167

14 Salary Administration at a Prestigious Cultural Institution:

Pennsylvania Academy of the Fine Arts 187

15 Compensation Practices in a Middle Market Company 191

16 A Vision for Information Technology in Compensation 197



Part 3 Variable Compensation

17 Incentive Compensation Program Design 205

18 Using Variable Pay Programs to Support Organization Goals 215

19 Rationalizing Variable Pay Plans 227

20 Sales Compensation 239

21 Team-Based Incentives 259

22 Gainsharing or Profit Sharing 277

23 Scanlon Gainsharing 295



Part 4 Executive Compensation

24 Executive Compensation Strategy 311

25 Long-Term Incentives 323

26 Executive Compensation: A Recruiter's Recommendations 339

27 Executive Compensation: An Academic's Perspective 349

28 Regulation of Executive Compensation 365

29 Executive Employment Agreements 385



Part 5 Compensation and the Board

30 The Compensation Committee and Executive Pay 397

31 New Dynamics of CEO Pay 415

32 Board Compensation 423

33 Board Critical Issues in Executive Pay 433



Part 6 Performance and Compensation

34 Performance Management Best Practices 447

35 Guidelines for Effective Executive Performance Appraisals 459

36 Forced Ranking 479

37 The Balanced Scorecard and Compensation 493

38 Performance Metrics and Compensation 511

39 Using Compensation to Drive Workforce Productivity 521

40 Return on Investment of Compensation Expenditures 531

41 Pay-for-Performance: New Developments and Issues 543



Part 7 Talent Management and Compensation

42 Using Compensation to Win the Talent Wars 559

43 Talent Management, Organization Transformation, and Compensation 571

44 Work“Life Effectiveness and Total Rewards Strategy 585

45 Compensating and Motivating a Diverse Workforce 597

46 Communicating Compensation Programs 607

47 Talent Management and Compensation in the Fast Food Industry 617



Part 8 Global Compensation

48 Expatriate Compensation Practices 627

49 Global Local National Compensation Practices 641

50 Global Compensation Processes 653



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