Com

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\pard\li1253\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1253\ri0\sl-213\slmult0 \fs
18\cf0\par\pard\li1253\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1253\ri0\sl-213\s
lmult0 \fs18\cf0\par\pard\li1253\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1253\ri
0\sl-213\slmult0 \fs18\cf0\par\pard\li1253\ri0\sl-213\slmult0 \fs18\cf0\par\pard
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0\f0\charscalex100\b \ul {COMPENSATION MANAGEMENT}\b0 \ul0 \par\pard\li1133\ri0\
sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\l
i1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\
par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-21
3\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133
\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\p
ard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18
\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slm
ult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\
f0\charscalex100\b \ul {Unit I}\b0 \ul0 \par\pard\li5400\ri0\sl-213\slmult0 \fs1
8\cf0\par\pard\li5400\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {1}\par\pard
\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\
margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\
slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\r
i0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\par
d\li1133\ri0\sl-346\slmult0 \fs28\cf0\f0\charscalex100\b {INTRODUCTION TO COMPEN
SATION}\b0 \par\pard\li1106\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1106\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1106\ri0\sl-306\slmult0 \fs24\cf1\f0\charscalex
100\b {Importance of Pay}\b0 \par\pard\li1133\ri0\sl-400\slmult0 \fs24\cf0\f0\ch
arscalex100 {Pay represents by far the most important and contentious element in
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the employment
relationship, and is of equal interest to the employer, }\par\pard\li1133\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {employee and government - }\par\pard\l
i1493\ri0\sl-386\slmult0 \*\tx1853\fs18\cf0\f1\charscalex100 {\uc1\u61623X}\tab
\fs22\cf0\f0\charscalex100 {to the employer because it represents a significant
part of his }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {cos
ts, is increasingly important to his employees' performance and }\par\pard\li149

3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {to competitiveness, and affects
his ability to recruit and retain a }\par\pard\li1493\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {labour force of quality; }\par\pard\li1493\ri0\sl-480\s
lmult0 \*\tx1853\fs18\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs22\cf0\f0\chars
calex100 {to the employee because it is fundamental to his standard of
}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {living and is a
measure of the value of his services or performance; }\par\pard\li1493\ri0\sl-4
80\slmult0 \*\tx1853\fs18\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs22\cf0\f0\c
harscalex100 {to the government because it affects aspects of macro-economic }\p
ar\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {stability such as
employment, inflation, purchasing power and socio-}\par\pard\li1493\ri0\sl-280\s
lmult0 \fs24\cf0\f0\charscalex100 {economic development in general.}\par\pard\li
1133\ri0\sl-373\slmult0 \fs22\cf0\f0\charscalex100 {While the basic wage or pay
is the main component of compensation, }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {fringe benefits and cash and non-cash benefits influence
the level of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {w
ages or pay because the employer is concerned more about labour }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {costs than wage rates }\
fs22\cf0\f0\charscalex100\i {per se}\i0 \fs22\cf0\f0\charscalex100 {. The
tendency now is towards an }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {increasing mix of fringe benefits, which therefore have an i
mportant }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {impact
on pay levels. In industrialized countries, and sometimes in
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {countries wit
h high personal tax rates, the non-pay element of }\par\pard\li1
133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {executive compensation has su
bstantially increased in recent years.}\par\pard\li1106\ri0\sl-386\slmult0 \fs24
\cf1\f0\charscalex100\b {Objectives of Pay}\b0 \par\pard\li1133\ri0\sl-400\slmul
t0 \fs22\cf0\f0\charscalex100 {Pay determination may have one or more objectives
, which may often }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10
0 {be in conflict with each other. The objectives can be classified under }\par\
pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {four broad headings.}
\par\pard\li1133\ri0\sl-373\slmult0 \fs22\cf0\f0\charscalex100 {The first is equ
ity, which may take several forms. They include income }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {distribution through narrowing of inequa
lities, increasing the wages of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {the lowest paid employees, protecting real wages (purchasing po
wer), }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the conce
pt of equal pay for work of equal value. Even pay differentials }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {based on differences in
skills or contribution are all related to the }\par\pard\li1133\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {concept of equity. }\par\pard\li11
33\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {A second objective is efficien
cy, which is often closely related to equity }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {because the two concepts are not antithetic. Effic
iency objectives are }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {reflected in attempts to link a part of wages to productivity or profit, }
\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {group or individ
ual performance, acquisition and application of skills }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {and so on. Arrangements to achieve effic
iency may be seen also as }\par\pard\li5400\ri0\sl-213\slmult0 \fs18\cf0\par\par
d\li5400\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5400\ri0\sl-213\slmult0 \fs18\c
f0\par\pard\li5400\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {2}\par\pard\se
ct\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\mar
gbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slm
sl-413\slmult0 \fs24\cf0\f0\charscalex100 {being equitable (if they fairly rewa
rd performance) or inequitable (if }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {the reward is viewed as unfair).}\par\pard\li1133\ri0\sl-48
0\slmult0 \fs22\cf0\f0\charscalex100 {A third objective is macro-economic stabil

ity through high employment }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {levels and low inflation, for instance. An inordinately high
minimum }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {wage w
ould have an adverse impact on levels of employment, though }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {at what level this conseque
nce would occur is a matter of much }\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {debate. Though pay and pay policies are only
one of the factors which }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {impinge on macro-economic stability, they do contribute to (or impede)
}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {balanced and s
ustainable economic development. }\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\
f0\charscalex100 {A fourth objective is the efficient allocation o
f labour in the labour }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {market. This implies that employees would move to
wherever they }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10
0 {receive a net gain; such movement may be from one geograp
hical }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {location
to another, or from one job to another (within or outside an }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {enterprise). Such movement is caus
ed by the provision or availability }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {of financial incentives. For example, workers may move from
a labour }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {surpl
us or low wage area to a high wage area. They may acquire new }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {skills to benefit from th
e higher wages paid for skills. When an }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {employer's wages are below market
rates employee turnover }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {increases. When it is above market rates the emplo
yer attracts job }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {applicants. When employees move from declining to growing }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {industries, an eff
icient allocation of labour due to structural changes }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {takes place.}\par\pard\li1133\ri0\sl-213\
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {The need for a Compensation Stra
tegy-}\b0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-3
46\slmult0 \fs24\cf0\f0\charscalex100\b \ul {For any / all of the following reas
ons:}\b0 \ul0 \par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\
sl-346\slmult0 \fs24\cf0\f0\charscalex100 {1 To attract and retain the best in t
he industry }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {2 T
o have compensation strategy aligned to each business to }\par\pard\li1853\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {better serve independent business need
s}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {3 Should attra
ct lateral hires}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{4 Need for greater flexibility in taking compensation decisions}\par\pard\li149
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {5 Need to align employee career
movement}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {6 Addi
ng value through personnel costs}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b \ul {GOALS OF A C
OMPENSATION STRATEGY}\b0 \ul0 \par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {1 Capable applicants are attracted towards the Organization and it
}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {helps acquire
qualified competent personnel}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {2 To retain current employees so that they do not quit}\par\pard\l
\fs22\cf0\f0\charscalex100 { If compensation levels are not competitive, it will
result in }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {high
er turnover }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {3 M
otivate employees to perform better}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {4 Encourage value \uc1\u8211X added performance}\par\pard\li

2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u61558X}\tab \
fs24\cf0\f0\charscalex100 { Reward the desired behaviour}\par\pard\li5400\ri0\sl
-480\slmult0 \fs24\cf0\f0\charscalex100 {3}\par\pard\sect\sectd\sbkpage\pgwsxn12
240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\
f0\charscalex100 {5 Control costs}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\
fs24\cf0\f0\charscalex100 {\uc1\u61558X}\tab \fs24\cf0\f0\charscalex100 { Throu
gh a rational compensation system, employees can }\par\pard\li2573\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {be obtained and retained at a reasonable cost}
\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {6 Promoting co
ntinuous development through competence \uc1\u8211X }\par\pard\li1853\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {related and skill \uc1\u8211X
based pay schemes, effective performance }\par\pard\li1853\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {management}\par\pard\li1493\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {7 Promoting teamwork through team pay }\par\pard
\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {8 Promoting flexibility
by replacing hierarchical and rigid pay }\par\pard\li1853\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {structures}\par\pard\li1493\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {9 Providing value for money by evalua
ting the costs as well as }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {benefits of reward management practices }\par\pard\li1493\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {10 Facilitating easy understan
ding by all, including employees, }\par\pard\li1853\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {operating managers and HR personnel}\par\pard\li1493\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {11 Providing value for mone
y by evaluating the costs as well as }\par\pard\li1853\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {benefits of reward management practices}\par
\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {12 Easy administrati
on}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmu
lt0 \fs24\cf0\f0\charscalex100\b \ul {CHARACTERSTICS OF A SOUND COMPENSATION STR
ATEGY}\b0 \ul0 \par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0
\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {1 Be congruent with and supp
ort corporate values, beliefs, }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {philosophy and culture}\par\pard\li1493\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {2 Emanate from business strategy and busi
ness plans (medium }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {and long \uc1\u8211X term)}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {3 Fit the desired management style}\par\pard\li1493\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {4 Provide the competitive edge required; b
e based on an industry }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {benchmarking study}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {5 Be based on an Organization\uc1\u8217Xs ability to pay}\par\pard\li
1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {6 Be adaptable to changing b
usiness conditions}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {7 Ensures Equity \uc1\u8211X both internally and externally}\par\pard\li1493\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {8 Complies with the legal
regulations as imposed by the }\par\pard\li1853\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {government}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {9 Is effectively communicated}\par\pard\li1493\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {10 Careful selection of performance mea
sures, determination of }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {performance awards and distribution mechanisms}\par\pard\li1493\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {11 Union participation and involve
ment in designing the policy to }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {facilitate comprehension and acceptance}\par\pard\li1493\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {12 Provisions for modifications and pe
riodically reviewed }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11
33\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b \ul {A COMPENSATION STRUCTURE
COMMUNICATES}\b0 \ul0 \par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li

1493\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {1 Organization Philosophy /
Culture}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {2 Career
Progression}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {3 B
enefits to Employees}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {4 Individual v/s Team Focus}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {5 Performance Recognition giving the message to ali
gn Total }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {COMP
ENSATION with Business Situation, Needs & Goals}\par\pard\li5400\ri0\sl-213\slmu
lt0 \fs18\cf0\par\pard\li5400\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {4}\
par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\marg
tsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0
\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\
li1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {6 Generate Flexibility / V
ariability of Costs}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {7 Focus on Effectiveness of Total Compensation Policy}\par\pard\li1133\ri0\s
l-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscal
ex100\b \ul {FACTORS INFLUENCING COMPENSATION POLICY}\b0 \ul0 \par\pard\sect\sec
td\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw3293
\colsr-0\colno2\colw8146\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li113
3\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Philosophy}\par\pard\li1133\ri0
li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0
\f0\charscalex100 {Parity }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\par
d\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Positioning}\par\pard\li
1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {Paying Ability}\pa
r\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-346\slmult0 \
fs24\cf0\f0\charscalex100 {Organization Mission, Vision, Goals & Values \uc1\u82
11X }\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Inclination t
owards People Development, Attraction & }\par\pard\li0\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {Retention of Talent}\par\pard\li0\ri0\sl-213\slmult0 \fs18
\cf0\par\pard\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Inter / Intra L
evel Relativity, Compa Ratio}\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard
\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Assess Competitiveness \uc1\
u8211X Current & Targeted }\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {Percentile Positioning}\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pa
rd\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Budget Considerations}\par
\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li
1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f
0\charscalex100\b \ul {FACTORS AFFECTING COMPENSATION POLICY}\b0 \ul0 \par\pard\
\f0\charscalex100\b {EXTERNAL FACTORS}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \*
\tx1853\fs24\cf0\f0\charscalex100 {1. }\tab \fs24\cf0\f0\charscalex100 {Parity:
External equity (prevalent pay structures in industry / }\par\pard\
li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {geographic location)}\par\
pard\li1133\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {2. }\tab \fs
24\cf0\f0\charscalex100 {Demand and supply: of labour and market condition}\par\
pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\co
lno1\colw1853\colsr-0\colno2\colw9586\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {3.}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {Geographic location: cost of living and inflation}\par\pard\sect\sectd\s
bknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1133\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b
{ORGANIZATION - RELATED}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \*\tx1853\fs24\c
f0\f0\charscalex100 {1. }\tab \fs24\cf0\f0\charscalex100 {Philosophy: mission, v
ision, goals & values \uc1\u8211X inclination towards }\par\pard\li1853\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {people development, attraction & retentio
n of talent, goodwill & }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {organization culture}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn158
40\marglsxn666\margrsxn133\cols2\colno1\colw1853\colsr-0\colno2\colw9586\pard\li
1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {2.}\par\column\pard\li0\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Parity: internal equity (relevant dif
ferentiating factors }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margl
sxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pard\li1133\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performance, }\par\column\pard\li0\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {seniority, skills, responsibilitie
s, interpersonal }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn6
66\margrsxn133\cols2\colno1\colw4013\colsr-0\colno2\colw7426\pard\li1133\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {abilities, individual }\par\column\pard\
li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {vs. Team vs. Organization rol
es) }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
3\pard\li1133\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {3. }\tab \
fs24\cf0\f0\charscalex100 {Paying ability: budget considerations / financial }\p
ar\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols3
\colno1\colw4013\colsr-0\colno2\colw2880\colsr-0\colno3\colw4546\pard\li1853\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {implications / }\par\pard\li1133\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performance}\par\column\pard\li0\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {limits of ability to }\par\column\pa
rd\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {pay; business }\par\pard\s
ect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1133\ri
0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {4. }\tab \fs24\cf0\f0\char
scalex100 {Legalities: compliance of statutory and government }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {requirements}\par\pard\
li1133\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {5. }\tab \fs24\cf
0\f0\charscalex100 {Trade unions: influence in collective bargaining}\par\pard\s
ect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\c
olw6893\colsr-0\colno2\colw4546\pard\li1133\ri0\sl-280\slmult0 \*\tx1853\fs24\cf
0\f0\charscalex100 {6. }\tab \fs24\cf0\f0\charscalex100 {Fringe benefits: statut
ory (overtime }\par\column\pard\li0\ri0\sl-280\slmult0 \*\tx1440\fs24\cf0\f0\cha
rscalex100 {payment,}\tab \fs24\cf0\f0\charscalex100 {canteen }\par\pard\sect\se
ctd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw257
3\colsr-0\colno2\colw8866\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {subsidy,}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{employee provident fund, gratuity) & non-statutory }\par\pard\sect\s
ectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw32
93\colsr-0\colno2\colw8146\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {(conveyance }\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {allowance, LTA, loans, insurance) }\par\pard\sect\sectd\sbknone\pgwsxn122
40\pghsxn15840\marglsxn666\margrsxn133\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\
par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {INDIVIDUAL RELA
TED}\b0 \par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {1. Job \
uc1\u8211X related: job requirements and internal consistency}\par\pard\li1493\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {2. Competition: availability of sp
ecial competent personnel}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {3. Flexibility: due to varied levels of competencies and
skills of }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
managers}\par\pard\li5400\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5400\ri0\sl-30
6\slmult0 \fs24\cf0\f0\charscalex100 {5}\par\pard\sect\sectd\sbknone\pgwsxn12240
\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn1
5840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmu
lt0 \fs18\cf0\par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\s
ex100 {4. Responsibilities: individual productivity and performance /
}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {contribution to
output}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {5. Indiv
idual assessment: qualifications and relevant experience}\par\pard\li1133\ri0\sl
-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscale
x100\b \ul {WHAT IS A COMPENSATION SYSTEM}\b0 \ul0 \par\pard\li1133\ri0\sl-213\s
lmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {
Allocation, conversion, and transfer of a portion of the income of an }\par\pard

\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {organization to its emplo
yees for their monetary & in-kind claims on }\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {goods & services}\par\pard\li1133\ri0\sl-213\slmult
0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \*\tx1600\fs22\cf0\f0\charscalex1
00 {A}\tab \fs22\cf0\f0\charscalex100 {Monetary claims are wages or salaries pai
d to an employee in the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsc
alex100 {form of money / or a form that is easily and quickly transferable to }
\par\pard\li1133\ri0\sl-280\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {money a
t}\tab \fs24\cf0\f0\charscalex100 {the discretion of the employee}\par\pard\sect
\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw
2573\colsr-0\colno2\colw8866\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {1.}\par\pard\li1853\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1853\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1853\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li18
53\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {2.}\par\pard\li1853\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {3.}\par\column\pard\li0\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {Wages & salaries in the form of money could be 2 typ
es: }\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {present paymen
ts (earned & acquired at present time) & }\par\pard\li0\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {deferred payments (earned but not acquired un
til some }\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {future
time)}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Coins / paper
money / cheques, credit cards}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {Stock option plans / pension plans / post retirement income }\par\pa
rd\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {adjustments}\par\pard\sect
\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1133\ri0\s
l-280\slmult0 \*\tx1680\fs24\cf0\f0\charscalex100 {B}\tab \fs24\cf0\f0\charscale
x100 {In-kind claims are claims on goods & services made available & }\par\pard\
li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {paid for either totally o
r in some percentage by the employer}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx25
73\fs22\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs22\cf0\f0\charscalex100 {in l
ieu of money provide an equivalent value for what has }\par\pard\li2573\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {been offered & received }\par\pard\li2213
\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24
\cf0\f0\charscalex100 {little or no immediate monetary gain }\par\pard\li2213\ri
0\sl-293\slmult0 \*\tx2573\fs22\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs22\cf
0\f0\charscalex100 {organizations purchase the usually desired goods
& }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {services to
take advantage of \uc1\u8211X}\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {1. Economies of scale available through group purchasing}\par\pard
\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {2. The benefits available
through tax laws & regulations}\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {3. Government laws requiring certain services}\par\pard\li1133\r
i0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\char
scalex100\b \ul {NON-COMPENSATION SYSTEM}\b0 \ul0 \par\pard\li1133\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {S
ituation \uc1\u8211X related rewards, related to the physical & psychological we
ll }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X
being of each employee, these rewards satisfy the emotional
& }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {intellectual
demands}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {- Impac
t on the intellectual, emotional & physical well-being of the }\par\pard\li1853\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {employee}\par\pard\li1133\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex
100\b \ul {8 DIMENSIONS OF COMPENSATION SYSTEM}\b0 \ul0 \par\pard\li1133\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100\b {- PAY FOR WORK & PERFORMANCE}\b0 \par\
pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- money provided in s
hort \uc1\u8211X term (weekly / monthly / annual }\par\pard\li2573\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 { bonuses & awards)}\par\pard\li1853\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {- permits employees to pay for goods & ser
vices desired}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {depends on: job requirements; outputs that meet or exceed }\par\pard\li3733\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 { quantity, quality & timeline
ss standards; }\par\pard\li5400\ri0\sl-453\slmult0 \fs24\cf0\f0\charscalex100
{6}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\
pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn
666\margbsxn240\cols2\colno1\colw4733\colsr-0\colno2\colw6706\pard\li1133\ri0\sl
-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1
133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0
\charscalex100 {innovations leading to }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {loyalty}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf
0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs1
8\cf0\par\pard\li0\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {
improved
productivity; dependability; }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn
15840\marglsxn666\margrsxn133\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {- includes: base pay, premiums & differentials, short \
uc1\u8211X term }\par\pard\li1133\ri0\sl-280\slmult0 \*\tx2573\fs24\cf0\f0\cha
rscalex100 {bonuses,}\tab \fs24\cf0\f0\charscalex100 { merit pay, travel expens
es, clothing reimbursement etc}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100\b {- PAY FOR TIME NOT WORKED}\b0 \par\pard\li1853\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {- days off with pay for holidays, longer paid vac
ations, election }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{ official, witness in court, paternity leave, maternity leave, }\par\pard\sec
t\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\col
w3293\colsr-0\colno2\colw8146\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {time off
}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {& rest periods }\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 { to vote, personal leave, relocation payments, lunch }\par\pard\li72
0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 { etc}\par\pard\sect\sectd\sbkn
one\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1853\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {- although they increase labour costs, but they e
nhance quality \uc1\u8211X }\par\pard\li1133\ri0\sl-280\slmult0 \*\tx1853\fs24\c
f0\f0\charscalex100 {of }\tab \fs24\cf0\f0\charscalex100 { \uc1\u8211X work \u
c1\u8211X life opportunities for most employees}\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100\b {- LOSS-OF-JOB INCOME CONTINUATION}\b0 \par\par
d\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- job security is a prim
e consideration}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
- loss of job could be due to any of the following:}\par\pard\li2573\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {* accident}\par\pard\li2573\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {* sickness}\par\pard\li2573\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {* personal performance}\par\pard\li2573\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {* interpersonal dynamics problems}\par\pard\li2
573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {* firm\uc1\u8217Xs decline /
end}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- unemployme
nt insurance, supplemental unemployment }\par\pard\sect\sectd\sbknone\pgwsxn1224
0\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8
146\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {benefits}\par\col
umn\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 { (subs), severance
pay, job contract etc help }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840
\marglsxn666\margrsxn133\cols2\colno1\colw4733\colsr-0\colno2\colw6706\pard\li11
33\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {unemployed workers }\par\pard\
li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {opportunities arise }\par\
column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 { subsist until n
ew employment }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\
margrsxn133\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- }\fs24\
cf0\f0\charscalex100\b {DISABILITY INCOME CONTINUATION}\b0 \par\pard\li1853\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- health or accident disability can l
ead to non \uc1\u8211X performance of }\par\pard\li2573\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 { normal assignments}\par\pard\li1853\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {- family expenses persist}\par\pard\li1853\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {- social security, workers\uc1\u821

7X compensation, sick leave, travel }\par\pard\li1133\ri0\sl-280\slmult0
\*\tx2573\fs24\cf0\f0\charscalex100 {accident}\tab \fs24\cf0\f0\charscalex100 {
insurance, accidental death and dismemberment, short & }\par\pard\li3293\ri0\s
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ded}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- }\fs24\cf0
\f0\charscalex100\b {DEFERRED INCOME}\b0 \par\pard\li1853\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {-}{ }\fs24\cf0\f0\charscalex100 {providing income after
retirement }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- i
ncludes social security, pension plans, profit sharing (long }\par\pard\sect\sec
\colsr-0\colno2\colw8866\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
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stock option plans }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
xn666\margrsxn133\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- f
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rscalex100 { defer tax obligations}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf
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roviding dependents with income when an employee dies or is }\par\pard\li2573\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 { unable to work due to total and p
ermanent disability}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {- life insurance plans, social security, pension plans, workers\uc1\u8217X
}\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 { compensatio
n}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- }\fs24\cf0\f
0\charscalex100\b {HEALTH, ACCIDENT AND LIABILITY PROTECTION}\b0 \par\pard\sect\
sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2
573\colsr-0\colno2\colw8866\pard\li2040\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 { In
come continuation & payment for the expenses incurred }\par\pard\sect\sectd\sbkn
t0 \fs24\cf0\f0\charscalex100 {for overcoming the illness / disability}\par\pard
\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1
\colw2573\colsr-0\colno2\colw8866\pard\li2040\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {-}\par\pard\li2040\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 { wide varie
ty of insurance plans available}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 { medical, hospital, surgical insurance (for self & }\p
ar\pard\li2826\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2826\ri0\sl-306\slmult0 \
fs24\cf0\f0\charscalex100 {7}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn1584
0\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\margls
xn666\margrsxn133\margtsxn666\margbsxn240\pard\li2040\ri0\sl-213\slmult0 \fs18\c
f0\par\pard\li2040\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2040\ri0\sl-213\slmul
t0 \fs18\cf0\par\pard\li2040\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {depe
ndents)}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsx
n133\cols2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li2040\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 { major medical, dental & vision care. hearing
aid, post-}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\m
argrsxn133\pard\li2040\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {retirement
medical plans, prescription drugs, visiting nurse}\par\pard\sect\sectd\sbknone\
pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2573\colsr-0\co
lno2\colw8866\pard\li2040\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\
column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 { liability \uc1\u
8211X related insurance: group legal, group automobile, }\par\pard\sect\sectd\sb
knone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li2040\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {group umbrella liability, employee liability}\
par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \
fs24\cf0\f0\charscalex100\b {INCOME EQUIVALENT PAYMENTS}\b0 \par\pard\li1853\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- Perks or perquisites}\par\pard\li1

853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- tax free: charitable contri
butions, giving of gift, employee }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 { assistance programs, counseling, child adoption, child / }
\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {elderly
}\par
\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
care, sub
sidized food service, discounts on merchandise, fitness }\par\pard\li2573\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 { programs, parking, commuting assistan
ce (transportation }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {to & }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
from work), fly first class, professional member
ships, }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsx
0 \fs24\cf0\f0\charscalex100 {professional }\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {pay for spouse }\par\column\pard\li0\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {
journals, special relocation & moving all
owances, }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margr
sxn133\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
on business trips, home entertainment allowance, domestic }\par\pard\li113
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {staff }\par\pard\li1133\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {
allowance, mobile phone, u
se of assistant for personal services}\par\pard\li1853\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {- Tax favoured: medical expense reimbursement,
chauffeur \uc1\u8211X }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\m
arglsxn666\margrsxn133\cols2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1133
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {driven }\par\column\pard\li0\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {car, company plane / yacht, company
provided facilities, }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\ma
rglsxn666\margrsxn133\pard\li1133\ri0\sl-280\slmult0 \*\tx2573\fs24\cf0\f0\chars
calex100 {personal }\tab \fs24\cf0\f0\charscalex100 {use of credit cards, vacati
on accommodation, special loan }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {
arrangements, club membership, concierge services}\par\
pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs2
4\cf0\f0\charscalex100\b {DIMENSIONS OF NON-COMPENSATION SYSTEM}\b0 \par\pard\se
ct\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\co
lw2213\colsr-0\colno2\colw9226\pard\li1493\ri0\sl-320\slmult0 \fs24\cf0\f1\chars
calex100 {\uc1\u61623X}\par\column\pard\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\char
scalex100 {Enhance dignity and satisfaction from work performed}\par\pard\sect\s
ectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex1
00 {Least expensive & most powerful rewards}\par\pard\li1493\ri0\sl-280\slmult0
\*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {Employee
recognition leads to self - worth & pride}\par\pard\li1493\ri0\sl-280\slmult0 \
*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {Employees
should feel that they are needed & their efforts are }\par\pard\li1853\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {being appreciated}\par\pard\sect\sectd\sb
knone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2213\cols
r-0\colno2\colw9226\pard\li1493\ri0\sl-306\slmult0 \fs24\cf0\f1\charscalex100 {\
uc1\u61623X}\par\column\pard\li0\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {
Enhance physiological health, intellectual growth, and }\par\pard\sect
l-280\slmult0 \fs24\cf0\f0\charscalex100 {emotional maturity}\par\pard\sect\sect
d\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2573\
colsr-0\colno2\colw8866\pard\li1853\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex10
0 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Provide
a safe working environment: provision of safe }\par\pard\sect\sec
td\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1853\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {equipment, risk free environment,
minimization of noxious }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {fumes, avoidance of extreme heat, cold & humidity conditions, }\par
\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {elimination of c

ontact with radiation & other disease\uc1\u8211Xrelated }\par\pard\li1
853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {materials, reduced noise leve
ls, clean workstation, }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
glsxn666\margrsxn133\cols2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1853\r
i0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 { stress & technological advancements \uc1\u
8211X affect emotional }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
f0\f1\charscalex100 {\uc1\u61623X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {well-being of the individual: providing a stable & secure
lifestyle, }\par\pard\li0\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {trainin
g & development opportunities to overcome health-related }\par\pard\li0\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {problems}\par\pard\li1440\ri0\sl-293\slmu
lt0 \fs22\cf0\f0\charscalex100 {Promote constructive social relationships
with }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsx
n133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {coworkers}\par\p
ard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
- an inexpensive
& valuable reward is a work environment where }\par\pard\li1853\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {trust, fellowship & loyalty emanate fr
om the top levels of }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {management, percolating to the grassroots}\par\pard\li5400\ri0\sl
-426\slmult0 \fs24\cf0\f0\charscalex100 {8}\par\pard\sect\sectd\sbknone\pgwsxn12
240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghs
xn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1133\ri0\sl-213\s
0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\chars
calex100 {
comradeship of workplace associates}\par\pard\li1133\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {
opportunity to d
evelop productivity \uc1\u8211X promoting social }\par\pard\li1133\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {relationships}\par\pard\li1133\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {
moving towards team \uc1\u8211
X based operations}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\cha
rscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Design jobs that requi
re attention and effort}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {- restructuring job tasks to make it challenging}\par\pard\li1853\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {- sense of accomplishment from work}\pa
r\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- job rotation to i
ncrease flexibility}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {- turning supervisors to mentors}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {- making jobs more interesting & less repetitive}\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Organizations increase
quality & productivity; reduce employee }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {turnover, absenteeism, tardiness, waste of phy
sical resources, theft & }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {malicious damage}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf
0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Allocate suffi
cient resources to perform work assignments}\par\pard\li1853\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 { - all necessary human, technical and physical resou
rces should }\par\pard\li1133\ri0\sl-280\slmult0 \*\tx1853\fs22\cf0\f0\charscale
x100 {be }\tab \fs22\cf0\f0\charscalex100 { made available to support & aid th
e employee in accomplishing }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 { the assignment}\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {- the organization must enable employees to gain the required }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {skills
& knowl
edge necessary to perform the assignment}\par\pard\li1853\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {- organization should do everything possible
to assist the }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {employee
in completing the assigned work successfully}\par\pard\li1493\
ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\
cf0\f0\charscalex100 {Grant sufficient control over job to meet personal demands
}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\co
ls2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1760\ri0\sl-306\slmult0 \fs24
\cf0\f1\charscalex100 {\uc1\u8722X}\par\pard\li1760\ri0\sl-306\slmult0 \fs22\cf0
\f1\charscalex100 {\uc1\u8722X}\par\pard\li1760\ri0\sl-306\slmult0 \fs22\cf0\f1\
charscalex100 {\uc1\u8722X}\par\pard\li1760\ri0\sl-306\slmult0 \fs22\cf0\f1\char
scalex100 {\uc1\u8722X}\par\column\pard\li0\ri0\sl-293\slmult0 \fs24\cf0\f0\char
scalex100 {employee participation in decision-making process}\par\pard\li0\ri0\s
l-306\slmult0 \fs24\cf0\f0\charscalex100 {casual dress day}\par\pard\li0\ri0\sl306\slmult0 \fs24\cf0\f0\charscalex100 {scheduling work activities}\par\pard\li7
20\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {flexible work schedules:
compressed workweeks, }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\m
arglsxn666\margrsxn133\pard\li1760\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{flextime programs, work from home choice}\par\pard\sect\sectd\sbknone\pgwsxn12
240\pghsxn15840\marglsxn666\margrsxn133\cols3\colno1\colw1760\colsr-0\colno2\col
w813\colsr-0\colno3\colw8866\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\l
f1\charscalex100 {\uc1\u61623X}\par\column\pard\li0\ri0\sl-306\slmult0 \fs24\cf0
\f1\charscalex100 {\uc1\u8722X}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {job) }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl
-400\slmult0 \fs24\cf0\f1\charscalex100 {\uc1\u8722X}\par\pard\li0\ri0\sl-306\sl
mult0 \fs24\cf0\f1\charscalex100 {\uc1\u8722X}\par\pard\li0\ri0\sl-306\slmult0 \
fs24\cf0\f1\charscalex100 {\uc1\u8722X}\par\pard\li0\ri0\sl-306\slmult0 \fs24\cf
0\f1\charscalex100 {\uc1\u8722X}\par\column\pard\li720\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {job sharing (2 part-time employees share 1 full-time }\par
24\cf0\f0\charscalex100 {Offer supportive leadership & management}\par\pard\li0\
ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {employee faith & trust in managem
ent}\par\pard\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {skill & interes
t in coaching & counseling of employees}\par\pard\li0\ri0\sl-306\slmult0 \fs24\c
f0\f0\charscalex100 {praise for a job well done}\par\pard\li0\ri0\sl-293\slmult0
\fs24\cf0\f0\charscalex100 {constructive feedback leading to improvemen
t in job }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\m
argrsxn133\pard\li1760\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performanc
e}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\c
ols2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1760\ri0\sl-320\slmult0 \fs2
4\cf0\f1\charscalex100 {\uc1\u8722X}\par\column\pard\li0\ri0\sl-306\slmult0 \fs2
4\cf0\f0\charscalex100 {sufficiently flexible leadership with policies,
rules, }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margr
sxn133\pard\li1760\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {regulations
so that an employee can meet job responsibilities }\par\pard\li176
0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {without infringing on rights &
opportunities of other employees}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li1133\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100\b {TRADITIONAL COMP
ONENTS OF A COMPENSATION PROGRAM}\b0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\c
f0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Fixed cash c
ompensation}\b0 \par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666
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f0\f0\charscalex100 {operation of the law}\par\pard\sect\sectd\sbknone\pgwsxn122
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worked}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {Retrenchmen
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alex100 {Canteen facility \uc1\u8211X factories act, 1948 \uc1\u8211X canteen in
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grsxn133\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {employing mo
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}\par\pard\li2213\ri0\sl293\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\
charscalex100 {IT from 13% to 18%
}\par\p
ard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u61553X}
\tab \fs24\cf0\f0\charscalex100 {Manufacturing from 10% to 16%
}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0\charsca
lex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {FMCG from 14% to 18%}\par\
4\cf0\f0\charscalex100\b {PERCEIVED BENEFITS}\b0 \par\pard\li1493\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {1 International Educational Advancement P
rogram & Tuition }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {Reimbursement }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {2 Signing Bonus}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {3 Investment company makes on Employee & Training imparted }\par\pard\l
i1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {(National/ International)}\
par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {4 OPPORTUNITIES
OF LEARNING \uc1\u8211X Early responsibility in career, }\par\pard\
li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {freedom at work and innova
te}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {5 JOB PROFILE
\uc1\u8211X Work Content, Challenging Assignments}\par\pard\li1493\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {6 CAREER PROSPECTS & GROWTH OPPORTUNITIES \uc
1\u8211X \uc1\u8220XGrowing our }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {own timber\uc1\u8221X}\par\pard\li1493\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {7 FUTURE PLANS OF COMPANY \uc1\u8211X Growing organizatio
n}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {8 TREATMENT OF
PEOPLE \uc1\u8211X Strong values of trust, caring, fairness }\par\pard\li1853\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {and respect within organization, h
ealthy relationship at work.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\p
ard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {NEW COMPENSATION APP
ROACHES}\b0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl
-346\slmult0 \fs24\cf0\f0\charscalex100\b {Changing environmental pressures}\b0
\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Three changes ha
ving impact on organization structure & management }\par\pard\li1133\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {systems:}\par\pard\li1493\ri0\sl-306\slmult0
\*\tx1853\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex1
00 {Product markets have become global}\par\pard\li2573\ri0\sl-306\slmult0 \fs24
\cf0\f0\charscalex100 { increased competition in domestic & foreign markets}\par
\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {\uc1\u61553
X}\tab \fs24\cf0\f0\charscalex100 {Rapidly changing technology}\par\pard\li2573\
ri0\sl-306\slmult0 \fs22\cf0\f0\charscalex100 { greater need to employ technical
ly & professionally skilled }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {workers}\par\pard\li2573\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex
100 { keep their knowledge \uc1\u8211X base & competencies current}\par\pard\sec
alex100 {\uc1\u61553X}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1
133\ri0\sl-360\slmult0 \fs24\cf0\f0\charscalex100 {employees,}\par\column\pard\l
i0\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {Fast \uc1\u8211X changing demo
graphic composition of Workforce}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {
* higher age group of employees, more women }\pa
r\pard\li2160\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
rising level o
f formal education}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn
666\margrsxn133\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl346\slmult0 \fs24\cf0\f0\charscalex100\b {Organization\uc1\u8217Xs response}\b0
\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {\uc1\u6
1553X}\tab \fs24\cf0\f0\charscalex100 {Major changes in organization structure &

management systems}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0\ch
arscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { new model: flat
, flexible, team-based, participative, }\par\pard\li2573\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {diverse, quality- focused, dynamic, globally-orie
nted}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-400\sl
mult0 \fs24\cf0\f0\charscalex100 {14}\par\pard\sect\sectd\sbknone\pgwsxn12240\pg
hsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn1584
0\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li2213\ri0\sl-213\slmult0
13\slmult0 \fs18\cf0\par\pard\li2213\ri0\sl-440\slmult0 \*\tx2573\fs24\cf0\f0\ch
arscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { changes in the
job from being specialized & stable }\par\pard\li2573\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {multidimensional}\par\pard\li2213\ri0\sl-306\sl
mult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charsc
alex100 { horizontal growth of employees}\par\pard\li2213\ri0\sl-293\slmult0 \*\
tx2573\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {
new approaches to compensation & rewards}\par\pard\li1133\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {FOUR NE
W APPROACFHES TO COMPENSATION}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100\b {SKILL-BASED PAY}\b0 \par\pard\li1493\ri0\sl-306\slmult0 \*\t
x1853\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {E
mployees are paid according to their number of skills}\par\pard\li1853\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {- skills are grouped in \uc1\u8216Xskill-b
locks\uc1\u8217X \uc1\u8211X as an employee acquires }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {each block, his pay goes up}\par\pard\li18
53\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- skill block includes differe
nt types of skills:}\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {**breadth skills which focus on all related jobs in an}\par\pard\li3293\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {integrated production process}\par\pa
rd\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {**depth skills whic
h aim to increase specialization in a }\par\pard\li3293\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {particular area}\par\pard\li2573\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {**vertical skills which are generall
y possessed by }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsx
l-280\slmult0 \fs24\cf0\f0\charscalex100 {managers & }\par\column\pard\li0\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {professionals}\par\pard\sect\sectd\sbk
none\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2573\colsr
-0\colno2\colw8866\pard\li1493\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {\u
c1\u61553X}\par\column\pard\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {A
dvantages to organizations}\par\pard\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\charsca
lex100 { a workforce is created that can perform multiple tasks}\par\pard\li0\ri
0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 { organization gets flexibility to
rotate employees & take }\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {care of organization menaces like absenteeism, overtime, }\par\pard\li0\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {turnover, work-flow interrupt
ions due to production }\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {bottlenecks and variations in product demand}\par\pard\li0\ri0\sl-293
\slmult0 \fs24\cf0\f0\charscalex100 { better problem solving capability}\par\par
d\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 { improved productivity & qu
ality of services/ products}\par\pard\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\charsc
alex100 { stronger employee commitment}\par\pard\li0\ri0\sl-306\slmult0 \fs24\cf
0\f0\charscalex100 { employees become familiar with the operations & tend to }\p
ar\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {recognize the value t
heir own contributions }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
glsxn666\margrsxn133\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri
0\f0\charscalex100 {Advantages to the employees}\par\pard\li2573\ri0\sl-293\slmu
lt0 \fs24\cf0\f0\charscalex100 { acquire more self-control over their own earnin
gs}\par\pard\li2573\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 { develop grea

ter capacity for self-management}\par\pard\li2573\ri0\sl-306\slmult0 \fs24\cf0\f
0\charscalex100 { experience more varied and enriched task assignments}\par\pard
\li2573\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 { these contribute to job
satisfaction to a great extent}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par
\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {BROADBANDING}\b0 \
par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {\uc1\u61
553X}\tab \fs24\cf0\f0\charscalex100 {Delayering of pay structure}\par\pard\li18
53\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- a typical pay structure cons
ists of grades & ranges}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {- a grade is a grouping of jobs falling within a certain range of }\
par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {evaluation points
}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- attached to
grades are pay ranges \uc1\u8211X minimum to maximum }\par\pard\li11
33\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {spread }\par\pard\li1853\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {* successively higher grades w
ill have higher minimum & }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {higher maximum pay rates}\par\pard\li5333\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li5333\ri0\sl-453\slmult0 \fs24\cf0\f0\charscalex100 {15}\pa
r\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\s
ect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\ma
rgbsxn240\pard\li1853\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1853\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li1853\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1853\ri0
\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {- pay structure typically consists o
f a tall hierarchy of narrowly }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {defined grades, each with a relatively limited pay range}\par\
pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {* such structures cre
ate in employees a strong motivation to }\par\pard\sect\sectd\sbknone\pgwsxn
12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw6893\colsr-0\colno2\c
olw4546\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {strive toward
s upward mobility as a }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {compensation rewards}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\
cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Broadbanding
is defined as }\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {means to obtain higher }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840
53\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {Consolidation of existing pay grades int
o a small number of }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
xn666\margrsxn133\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {wid
e bands}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsx
0 \fs24\cf0\f0\charscalex100 {-}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {band}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {resul
ts in broad minimum-maximum pay spread for each }\par\pard\li0\ri0\sl-213\slmult
0 \fs18\cf0\par\pard\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {compared
to conventional pay structures, broadband }\par\pard\sect\sectd\sbkno
ne\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1853\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {structures have fewer bands & broader pay ranges}\
par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols
2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1853\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {best \uc1\u8211X suited to the needs of flexible, fla
tter & }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margr
sxn133\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performance-or
iented organizations of today}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn158
1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {Allow flexibility in moving employ
ees between jobs }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsx

n666\margrsxn133\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {with
in a band without formal job titles & pay grade changes}\par\pard\sect\sectd\sbk
-0\colno2\colw8146\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}
\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Flat structu
res place increased emphasis on lateral }\par\pard\sect\sectd\sbknone\pgwsxn1
0\f0\charscalex100 {career moves & skill development that can be rewarded throug
h }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {broadbanding}
\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\col
s2\colno1\colw3293\colsr-0\colno2\colw8146\pard\li1853\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {Greater scope for pay growth through within- band-}\par\pard\sect\se
ctd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1853\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {pay increases than through promotions to
a higher band}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\
sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Example1 of how broad banding works}\
553X}\tab \fs24\cf0\f0\charscalex100 {Band I - Executives, entry-level staff}\pa
r\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {\uc1\u6155
3X}\tab \fs24\cf0\f0\charscalex100 {Band II - Sr. Executives, supervisors, coord
inators}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100
{\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Band III - Assistant managers}\pa
3X}\tab \fs24\cf0\f0\charscalex100 {Band IV - Managers, business managers}\par\p
\tab \fs24\cf0\f0\charscalex100 {Band V - General managers, national managers}\p
53X}\tab \fs24\cf0\f0\charscalex100 {Band VI \uc1\u8211X CTO, CFO, CMO }\par\par
d\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\t
ab \fs24\cf0\f0\charscalex100 {Band VII - President & CEO}\par\pard\li1133\ri0\s
ex100 {Example2 of how broad banding works}\par\pard\li1493\ri0\sl-306\slmult0 \
*\tx1853\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100
{In a HR consultancy firm there are 3 bands across the }\pa
r\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {organization with a
wide pay range in the same band:}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsx
n15840\marglsxn666\margrsxn133\cols2\colno1\colw2573\colsr-0\colno2\colw8866\par
d\li2040\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Entry level: requires good quantit
ative skills, knowledge of }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840
\marglsxn666\margrsxn133\pard\li2040\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {basic MSOffice, ability to analyze & ability to learn fast}\par\pard\sect\se
100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Profi
ciency level: skills in project management, problem-}\par\pard\sect\
sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li2040\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {solving, resource management, thorough
subject knowledge }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn
666\margrsxn133\cols2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li2040\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {Mastery level: a leadership position re
quiring visionary }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
xn666\margrsxn133\pard\li2040\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {ski
lls & ability to give direction to the organization}\par\pard\li1133\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {To move up the ladder, the employee needs to
add value that would }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {clearly separate his accountability & key performance indicator}\par\pard
\li3293\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {*here advancement mea

ns adding newer }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {competencies}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
\b {VARIABLE PAY}\b0 \par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li53
33\ri0\sl-360\slmult0 \fs24\cf0\f0\charscalex100 {16}\par\pard\sect\sectd\sbknon
e\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn
12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri
\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-440\slmult0 \*\tx185
3\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Defin
ed as}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- financia
lly measurable reward paid to an individual based on }\par\pard\li1133\ri0\sl-28
0\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {his }\tab \fs24\cf0\f0\charscalex
100 {overall performance}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {- a powerful tool that enhances employee productivity &
}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performance}\
\fs24\cf0\f0\charscalex100\b {TEAM REWARDS}\b0 \par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {- These are awarded to teams or gro
ups based on their collective }\par\pard\li1133\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {performance in achieving the assigned targets}\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {- periodically targets
are monitored to encourage improved }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {productivity & reward}\par\pard\li1133\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {- provide each member an opportun
ity to receive a bonus on the }\par\pard\li1133\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {output of the team a whole}\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {- most appropriate when jobs are inter-rel
ated}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {- generally
payouts are determined by team rankings (based on criteria }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {like ratings by internal & external
customers, achievement of quarterly }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {team objectives & the management input recogni
zing special }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
circumstances)}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {within same team also, all members do not receive same payout \uc1\u8211X it }\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {is subject to pee
r evaluation }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {major problem in this is designing a model team-based pay system }\par\pard\li11
\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100\b {Steps for setting
up team rewards}\b0 \par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsx
l-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\pard\li1853\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {Appraising teams }\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {to evaluate the performance of team against kras / preset }\par
1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {targets}\par\pard\sect\sectd
\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2573\c
olsr-0\colno2\colw8866\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{-}\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {-}\par\colum
n\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {communicate the result
s to ensure transparency}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {measure the performance of the team (actuals vs. Targets) }\par\pard\sect\
-280\slmult0 \fs24\cf0\f0\charscalex100 {every month}\par\pard\sect\sectd\sbknon
e\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2573\colsr-0\
colno2\colw8866\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\pa
r\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {-}\par\column\pard\
li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {rewarding teams}\par\pard\li0

\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Make the minimum level of perfor
mance the benchmark of }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
glsxn666\margrsxn133\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
team reward}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\mar
grsxn133\cols2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1853\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {-}\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {make team performance mandatory for individual rewards}\par\pard\li0\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {distribute the team reward in prop
ortion to the basic pay of }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840
00 {the grade to which each team member belongs }\par\pard\sect\sectd\sbknone\pg
wsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2573\colsr-0\coln
o2\colw8866\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\co
lumn\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {build a geometric r
ate of progression of the award for each }\par\pard\sect\sectd\sbknone\pgwsxn122
f0\charscalex100 {successive target}\par\pard\sect\sectd\sbknone\pgwsxn12240\pgh
sxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2573\colsr-0\colno2\colw8866\p
ard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0
\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {link the individual award to the
basic pay of the grade to }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840
00 {which the individual belongs}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {VARIABLE PERFORM
ANCE LINKED PAY }\b0 \fs24\cf0\f0\charscalex100 {(VPLP)}\par\pard\li1493\ri0\sl293\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\
charscalex100 {The corporate buzzword today}\par\pard\li1493\ri0\sl-306\slmult0
0 {Becoming a more common method for rewarding employees }\par\par
d\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {while linking their perf
ormance more closely to the employer\uc1\u8217Xs }\par\pard\li5333\ri0\sl-213\sl
\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {17}\par\pard\sect\sectd\sbknone\pgws
xn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\
pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1853\ri0\sl-2
harscalex100 {financial success}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs
24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Some co
mpanies are allowing all levels of employees to }\par\pard\li1853\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {participate in these programs}\pa
3X}\tab \fs22\cf0\f0\charscalex100 {Variable pay is an innovative way to bring w
ages and salaries in }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {line with companies\uc1\u8217X market performance}\par\pard\li1493\ri0\sl293\slmult0 \*\tx1853\fs22\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs22\cf0\f0\
charscalex100 {A simple concept that\uc1\u8217Xs based on rewarding
employees for }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {increased sales or efficiency}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\f
s22\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs22\cf0\f0\charscalex100 {rewardin
g employees who increase productivity or }\par\pard\li2573\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {efficiency provides incentive for other empl
oyees who want }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
to share in the bounty}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs22\cf0\f0
\charscalex100 {\uc1\u61553X}\tab \fs22\cf0\f0\charscalex100 {rather than reward
ing every employee with a pay raise or }\par\pard\li2573\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {bonus, variable pay rewards the individual w
orker, or a }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{team of workers, for extraordinary efforts}\par\pard\li1493\ri0\sl-306\slmult0

0 {Indian companies increasingly adopting VPLP}\par\pard\li2213\ri0\sl-306\slmul
t0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscale
x100 {more than 85% organizations having VPLP}\par\pard\li1133\ri0\sl-213\slmult
0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Obj
ectives / Benefits of VPLP}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {A powerful tool to enhance employee productivity &
thus impact }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{bottomline}\par\pard\li2573\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {alig
n rewards to business goals}\par\pard\li2573\ri0\sl-306\slmult0 \fs24\cf0\f0\cha
rscalex100 {build a high-performing organizational culture }\par\pard\li2573\ri0
\sl-306\slmult0 \fs22\cf0\f0\charscalex100 {links overall compensation strategy
with the organization\uc1\u8217Xs }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {business strategy}\par\pard\li2573\ri0\sl-306\slmult0 \fs24\
cf0\f0\charscalex100 {helps differentiate between a mediocre & a star employee}\
par\pard\li2573\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {a very effective
motivational technique}\par\pard\li2573\ri0\sl-293\slmult0 \fs24\cf0\f0\charscal
ex100 {helps team members understand their job expectations }\par\pard\li1853\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {better}\par\pard\li2573\ri0\sl-306\
slmult0 \fs24\cf0\f0\charscalex100 {a valuable retention tool}\par\pard\li2573\r
i0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {helps upgrade skills of team membe
rs by inducing a }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{competitive environment}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard
\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Types of Plans}\b0 \par
X}\tab \fs24\cf0\f0\charscalex100\b {Individual \uc1\u8211X Based Pay}\b0 \par\p
\tab \fs24\cf0\f0\charscalex100 {Individual-based plans are the most widely used
}\par\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {\uc1\u
61553X}\tab \fs24\cf0\f0\charscalex100 {Of the individual-based plans commonly u
sed, merit pay is by far }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {the most popular}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {- its use is almost universal}\par\pard\li1853\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {- merit pay consists of an increase in base pay, normal
ly given }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {once
a year}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- supe
rvisors\uc1\u8217X ratings of employee performance are typically }\par\pard\sec
alex100 {used to }\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 { determine the amount of merit pay granted}\par\pard\sect\sectd\sbknone\p
gwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw7613\colsr-0\col
no2\colw3826\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- once a
merit pay increase is given to an}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {employee, it }\par\pard\sect\sectd\sbknone\pgwsxn12240\pg
hsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\
pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {remains a }\par\par
d\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {his or her }\par\colum
n\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 { part of that employ
ee\uc1\u8217Xs base salary for the rest of }\par\pard\li0\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 { tenure with the firm}\par\pard\li2040\ri0\sl-213\slm
ult0 \fs18\cf0\par\pard\li2040\ri0\sl-440\slmult0 \fs24\cf0\f0\charscalex100 {18
}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pa
rd\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn66
6\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-21
\tab \fs24\cf0\f0\charscalex100\b {Team \uc1\u8211X based pay}\b0 \par\pard\li14
93\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs

24\cf0\f0\charscalex100 {Normally reward all team members equally based on group
}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {outcomes}\par\
pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u61553X
}\tab \fs24\cf0\f0\charscalex100 { these outcomes may be measured objectively or
}\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {subjectively}\
553X}\tab \fs24\cf0\f0\charscalex100 { the criteria for defining a desirable out
come may be broad }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {or narrow}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f0\charscale
x100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { as is less commonly done in
individual-based programs, }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {payments to team members may be made in the form of a }\par\pard\li
2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {cash bonus or in the form of
non-cash awards such as trips, }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {time off, or luxury items}\par\pard\li1493\ri0\sl-213\slmult0 \
fs18\cf0\par\pard\li1493\ri0\sl-373\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100
{\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100\b {Plant \uc1\u8211X wide / compan
y \uc1\u8211X based pay }\b0 \par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\
cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Plant-wide o
r company-wide pay-for-performance plans reward }\par\pard\li1853\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {all workers in a plant or business unit on the
basis of the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {pe
rformance of the entire plant or business unit}\par\pard\li1493\ri0\sl-293\slmul
x100 { profit and stock prices are generally not meaningful }\par\pard\li1853\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performance measures for a plant or
unit because they are the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {result of the entire corporation\uc1\u8217Xs performance}\par\pard\l
\fs24\cf0\f0\charscalex100 { most corporations have multiple plants or units, a
factor that }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {mak
es it difficult to attribute financial gains or losses to any }\par\pard\li1853\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {single segment of the business}\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- therefore, the p
erformance indicator most frequently used to }\par\pard\li1133\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {distribute rewards at the plant level is plant or
business unit efficiency, }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {which is normally measured in terms of labor or material cost savings
}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {compared to an
earlier period or another plant or business unit}\par\pard\li1853\ri0\sl-306\sl
mult0 \fs24\cf0\f0\charscalex100 {They are the broadest type of variable-pay inc
entive programs}\par\pard\li1853\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {
Reward employees on the basis of the entire corporation\uc1\u8217Xs }\par\pard\l
i1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performance}\par\pard\li257
3\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {the most widely used program of
this kind is profit sharing. }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {Profit sharing is a company-wide pay-for-performance plan that }\
par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {uses a formula to
allocate a portion of declared profits to }\par\pard\li1853\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {employees}\par\pard\li2573\ri0\sl-293\slmult0 \fs24\
cf0\f0\charscalex100 {typically, profit distributions under a profit-sharing pla
n are }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {used to f
und employee retirement plans}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\
pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Features of VPLP}\b
0 \par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-373\slmul
x100 {Can be in cash or kind}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\
cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { generally o
ffered in terms of extra perks as soft housing }\par\pard\li2573\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {loans, company cars, junkets abroad, mediclaim p

olicies}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100
{\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {If overall company performance is
poor, SBU / team }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {performance does not warrant VPLP}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\c
t0 \fs24\cf0\f0\charscalex100 {19}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsx
n15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li2213\ri0\sl-213\sl
\sl-213\slmult0 \fs18\cf0\par\pard\li2213\ri0\sl-440\slmult0 \*\tx2573\fs24\cf0\
f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Largely, it does
not exceed 30% of an executive\uc1\u8217X s annual }\par\pard\li2573\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {pay}\par\pard\li1133\ri0\sl-213\slmult0 \fs
18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Minuses of
VPLP}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {\
uc1\u61558X}\tab \fs24\cf0\f0\charscalex100 {Recalculations in the case to rewar
d nonexempt (hourly) }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {employees}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0\charsc
alex100 {\uc1\u61558X}\tab \fs24\cf0\f0\charscalex100 { VPLP requires employers
to include certain types of }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {variable compensation, such as bonuses, in employees\uc1\u8217X }\p
ar\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {regular hourly wag
e rates}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100
{\uc1\u61558X}\tab \fs24\cf0\f0\charscalex100 { as a result, companies that pay
variable compensation to }\par\pard\li2573\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {nonexempt employees must often recalculate employees\uc1\u8217X }\par\
pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {regular hourly pay ra
tes by factoring in the variable pay}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx25
73\fs24\cf0\f0\charscalex100 {\uc1\u61558X}\tab \fs24\cf0\f0\charscalex100 { the
recalculation then affects the overtime pay }\par\pard\li2573\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {calculations}\par\pard\li2213\ri0\sl-306\slmult0 \
{ employers who are designing variable compensation }\par\pard\li2573\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {programs that include nonexempt employees
must be sure }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {to
review their programs. }\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\
f0\charscalex100 {\uc1\u61558X}\tab \fs24\cf0\f0\charscalex100 { failure to do s
o could cost significantly more in penalties }\par\pard\li2573\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {and payment of back wages}\par\pard\li1133\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex
100 {Unspoken assumptions}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {Several underlying assumptions are behind the variable-pay concept, }\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {which derive from
the very nature of the society that we live in and are }\par\pard\li1133\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {not necessarily accurate:}\par\pard\li1
493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\
charscalex100 {money motivates people to work harder}\par\pard\li1493\ri0\sl-280
\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100
{increased motivation will increase performance}\par\pard\li1493\ri0\sl-280\slmu
lt0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {fair
measurement of work performance is possible}\par\pard\li1133\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\i {Mone
y as a motivator}\i0 \par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\c
harscalex100 {\uc1\u8226X}\tab \fs24\cf0\f0\charscalex100 { there is no doubt th
at money can be a powerful motivator}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx18
53\fs24\cf0\f0\charscalex100 {\uc1\u8226X}\tab \fs24\cf0\f0\charscalex100 { howe
ver, it isn\uc1\u8217Xt always}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par
\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\i {Performance measur
ement}\i0 \par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f0\charscalex10
0 {!}\tab \fs24\cf0\f0\charscalex100 { motivation is clearly linked to performan
ce}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {!}\t

ab \fs24\cf0\f0\charscalex100 { however, in many cases motivation is not the pro
blem}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
fs24\cf0\f0\charscalex100 {- the performance problem may be due to }\par\pard\li
1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {organization, bad strategy e
tc}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {lack of s
kills, poor }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\ma
rgrsxn133\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- measuring
performance is difficult and the most significant}\par\pard\li1853\ri0\sl-280\s
lmult0 \fs24\cf0\f0\charscalex100 {practical problem in VPLP}\par\pard\sect\sect
0 {- even harder to manage is the problem of }\par\column\pard\li0\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {perception: even }\par\pard\sect\sectd\sbknone
\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2573\colsr-0\c
olno2\colw8866\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {where
}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {there are r
eal, perhaps obvious, performance differences, }\par\pard\sect\sectd\sbknone\pg
wsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1133\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {the employee who doesn\uc1\u8217Xt perform well is mor
e likely to attribute }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {his or her low output to favoritism rather than performance}\par\pard\li1
\charscalex100 {Implementation}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par
\pard\li5333\ri0\sl-360\slmult0 \fs24\cf0\f0\charscalex100 {20}\par\pard\sect\se
ctd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkp
age\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard
0 \fs18\cf0\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscalex1
00 {\uc1\u8226X}\tab \fs24\cf0\f0\charscalex100 {Failure of this motivational te
chnique due to }\par\pard\li2213\ri0\sl-280\slmult0 \*\tx2573\fs24\cf0\f0\charsc
alex100 {\uc1\u8226X}\tab \fs24\cf0\f0\charscalex100 { inadequate planning}\par\
pard\li2213\ri0\sl-280\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u8226X}
\tab \fs24\cf0\f0\charscalex100 { poor implementation}\par\pard\li2213\ri0\sl-28
0\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u8226X}\tab \fs24\cf0\f0\cha
rscalex100 { poor communication of details of the scheme across the }\par\pard\l
i2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {organization}\par\pard\li22
13\ri0\sl-280\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u8226X}\tab \fs2
4\cf0\f0\charscalex100 { undefined evaluation method}\par\pard\li2933\ri0\sl-293
\slmult0 \*\tx3293\fs24\cf0\f0\charscalex100 {\uc1\u8226X}\tab \fs24\cf0\f0\char
scalex100 { individual objectives are not quantified for variable }\par\pard\li3
293\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {pay calculation}\par\pard\li1
133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Effective implementation by}\
par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-well \uc1\u8211X
defined individuals & group targets}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {-effective communication of the scheme to the employees}\pa
r\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-commitment from th
e top}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-effective
performance-evaluation mechanism}\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {* simple, measurable performance criteria that is }\par\pard\s
olw4013\colsr-0\colno2\colw7426\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {understood }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {-timely payouts}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 { by all}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsx
n666\margrsxn133\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl
-346\slmult0 \fs24\cf0\f0\charscalex100 {Employers need to do a better
job of mapping individual employee }\par\pard\li1133\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {performance and linking it with compensation }\par\par

f0\f0\charscalex100\b {Conclusion}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {To create and implement an efficient variable-pay plan, an
employer }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {must
make a commitment to define employee expectations in }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {behavioral and measurable terms}\par\pard\
li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\
f0\charscalex100 {This means making goals achievable, profitable, and practical
for }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {both the co
mpany and its workers}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\
charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 { the key to the success of var
iable compensation is to have }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {something you can measure and understand\uc1\u8212Xsomething that
is }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {linked to c
reating economic value for the company}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx
1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 { instead of c
ontinually ratcheting up base pay, manufacturing }\par\pard\li1853\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {and service companies are adopting and expandi
ng the use of }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {i
ncentive compensation programs, at all levels, to reward }\par\pard\li1853\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {outstanding achievement without increa
sing fixed costs}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\r
i0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {EVA (Economic Value Added)}\b0 \
623X}\tab \fs24\cf0\f0\charscalex100 {It is a performance metric that calculates
the creation of }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{shareholder value}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\ch
arscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Eva is the calculatio
n of what profits remain after the costs of a }\par\pard\li1853\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {company's capital - both debt and equity \uc1\u82
11X are deducted from }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {operating profit}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f
1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {True profit shoul
d account for the cost of capital}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\
fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Steps t
o calculate EVA:}\par\pard\li2933\ri0\sl-293\slmult0 \*\tx3293\fs24\cf0\f0\chars
calex100 {!}\tab \fs24\cf0\f0\charscalex100 {Calculate net operating profit afte
r tax (NOPAT) }\par\pard\li2933\ri0\sl-293\slmult0 \*\tx3293\fs24\cf0\f0\charsca
lex100 {!}\tab \fs24\cf0\f0\charscalex100 {Calculate total invested capital (TC)
}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-440\slmult
0 \fs24\cf0\f0\charscalex100 {21}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn
15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\ma
rglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li2933\ri0\sl-213\slmult0 \fs
lmult0 \fs18\cf0\par\pard\li2933\ri0\sl-440\slmult0 \*\tx3293\fs24\cf0\f0\charsc
alex100 {!}\tab \fs24\cf0\f0\charscalex100 {Determine a cost of capital (WACC)}\
par\pard\li2933\ri0\sl-306\slmult0 \*\tx3293\fs24\cf0\f0\charscalex100 {!}\tab \
fs24\cf0\f0\charscalex100 {Calculate EVA = NOPAT \uc1\u8211X WACC% * (TC)}\par\p
\tab \fs24\cf0\f0\charscalex100 {It is a financial performance method to calcula
te the true }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {eco
nomic profit of a company}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0
\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Used for: setti
ng organizational goals, performance }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {management, determining bonuses, communication with }\par\
pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {shareholders & invest
ors, motivation of managers, capital }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {budgeting, corporate valuation, analyzing equity securitie
s (the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {non-debt
securities of a corporation representing an ownership }\par\pard\li1853\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {interest)}\par\pard\li1493\ri0\sl-306\sl

alex100 {Links employee performance with profits}\par\pard\li1493\ri0\sl-306\slm
ult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charsca
lex100 {It is the net operating profit minus an appropriate charge for the }\par
\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {opportunity cost of
all capital invested in an enterprise}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1
853\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {An
estimate of true economic profit}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\f
s24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Amount b
y which earnings exceed or fall short of the required }\par\pard\li1853\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {minimum rate of return that shareholders
could get by investing }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {in other securities of comparable risk}\par\pard\li1493\ri0\sl-306\slmul
x100 {Calculated by combining 3 factors: net operating profit after }\par\pard\l
i1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {taxes, capital & cost of ca
pital}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\
uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Continuous improvement in EVA bring
s continuous increase in }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {shareholder\uc1\u8217Xs wealth since a sustained increase in EVA bring
s }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {increase in m
arket value of the company}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf
0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Incorporates 2
principles of finance into management decision \uc1\u8211X }\par\pard\li1853\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {making}\par\pard\li2213\ri0\sl-306\
slmult0 \*\tx2573\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\char
scalex100 {Primary objective of any company is to maximize the }\par\pard\li2573
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {wealth of its shareholders}\par\
}\tab \fs24\cf0\f0\charscalex100 {The value of a company depends on the extent t
o which }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {investo
rs expect future profits to exceed or fall short of the }\par\pard\li2573\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {cost of capital}\par\pard\li1493\ri0\sl
-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0
\charscalex100 {NIIT, TCS & Godrej have implemented EVA in India}\par\pard\li149
4\cf0\f0\charscalex100 {Across the world, Seimens, Sony, Whirlpool, Johnson & Jo
hnson, }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Cadbury,
Bausch & Lomb have implemented EVA}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx185
3\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {New c
oncept for productivity enhancement, investor\uc1\u8217Xs }\par\pard\li1853\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {confidence & employee motivation}\par
\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Steps for implementi
ng EVA-}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100
{\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Measuring of EVA \uc1\u8211X conc
ept defined & explaining throughout the }\par\pard\li1853\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {company}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\f
s24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Managing
through training programmes \uc1\u8211X oriented to educate }\par\pard\li1853\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the managers how they would earn i
n direct proportion to the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {wealth that the company would make}\par\pard\li1493\ri0\sl-306\slmul
x100 {Motivation of employee benefits / rewards through performance }\par\pard\l
i1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {linked remuneration scheme}
1623X}\tab \fs24\cf0\f0\charscalex100 {Preparing mindset of employees in the lon
g-run, to understand }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {the impact of EVA on their personal remuneration}\par\pard\li5333\ri0\sl-2

13\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex1
00 {22}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn
133\margtsxn666\margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li
fs18\cf0\par\pard\li1133\ri0\sl-320\slmult0 \fs24\cf0\f0\charscalex100\b {INCENT
IVE PLANS:}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b
{Five Types:}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{Merit Pay}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Gains
haring}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {ProfitSha
ring}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Stock Optio
ns}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {ESOPs}\par\pa
cf0\f0\charscalex100\b {Merit Pay}\b0 \fs24\cf0\f0\charscalex100 {: An ince
ntive plan implemented on an institutional wide }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {basis to give all employees
an equal opportunity for consideration, }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {regardless of funding source. The
merit increase program is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {implemented when funds are designated for that pu
rpose by the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{institution's administration, dependent upon the availability of funds }\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {and other constra
ints. . }\par\pard\li1066\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100\b {Advan
tages}\b0 \par\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs20\cf0\f1\charscalex10
0 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {Allows the employer to differen
tiate pay given to high performers. }\par\pard\li1426\ri0\sl-266\slmult0 \*\tx17
86\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {Allo
ws a differentiation between individual and company performance. }\par\pard\li14
20\cf0\f0\charscalex100 {Allows the employer to satisfactorily reward an employe
e for accomplishing a }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscal
ex100 {task that might not be repeated (such as implementation of new systems).
}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Gainsharing}\
b0 \fs24\cf0\f0\charscalex100 {: A technique that compensates workers
based on }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {imp
rovements in the company's productivity. }\par\pard\li1133\ri0\sl-360\slmult0 \f
s24\cf0\f0\charscalex100\b {How does Gainsharing work?}\b0 \par\pard\li1133\ri0\
sl-480\slmult0 \fs24\cf0\f0\charscalex100 {A Company shares productivity
gains with the workforce. Workers }\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {voluntarily participate in management to a
ccept responsibility for }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {major reforms. This type of pay is based on factors directly under
a }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {worker\uc1\u
8217Xs control (i.e., productivity or costs). Gains are measured and }\par\pard\
li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {distributions are made
frequently through a predetermined formula. }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {Because this pay is only impleme
nted when gains are achieved, }\par\pard\li1133\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {gainsharing plans do not adversely affect company costs.}
\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {What are the '
Gains' that are measured?}\b0 \par\pard\li1493\ri0\sl-493\slmult0 \*\tx1853\fs20
\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Increases i
n production with equal or less effort. }\par\pard\li1493\ri0\sl-480\slmult0 \*\
Equal levels of production with less effort. }\par\pard\li1133\ri0\sl-466\slmult
0 \fs24\cf0\f0\charscalex100\b {What are examples of Gainsharing formulas?}\b0 \
623X}\tab \fs24\cf0\f0\charscalex100 {Calculate gain in hours: The act
ual hours worked minus the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf

0\f0\charscalex100 {expected hours (for the given level of output) equals the ga
in in }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {hours.}\p
0\f0\charscalex100\b {Advantages}\b0 \par\column\pard\li0\ri0\sl-386\slmult0 \fs
24\cf0\f0\charscalex100\b {Disadvantages}\b0 \par\pard\sect\sectd\sbknone\pgwsxn
olw5613\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs20\cf0\f1\charscalex100 {\uc1
\u61623X}\tab \fs20\cf0\f0\charscalex100 {Helps companies achieve sustained }\pa
r\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {increases in produc
tivity. }\par\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs18\cf0\f1\charscalex100
{\uc1\u61623X}\tab \fs18\cf0\f0\charscalex100 {Employees become more invo
lved }\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {the produc
tivity gains made by the }\par\pard\li5333\ri0\sl-453\slmult0 \fs24\cf0\f0\chars
calex100 {23}\par\column\pard\li0\ri0\sl-266\slmult0 \*\tx360\fs20\cf0\f1\charsc
alex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {Adherence to the FL
SA requires }\par\pard\li360\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {em
ployers to recalculate each }\par\pard\li360\ri0\sl-226\slmult0 \fs18\cf0\
f0\charscalex100 {worker's "regular rate" of pay. To }\par\pard\li360\
ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {overcome this limitation, employe
rs }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133
\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsx
n666\margbsxn240\cols2\colno1\colw6186\colsr-0\colno2\colw5253\pard\li1786\ri0\s
0\charscalex100 {employer. }\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\pa
r\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf
0\par\pard\li0\ri0\sl-373\slmult0 \fs20\cf0\f0\charscalex100 {may restrict t
his type of }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn66
6\margrsxn133\cols4\colno1\colw6186\colsr-0\colno2\colw2053\colsr-0\colno3\colw8
53\colsr-0\colno4\colw2346\pard\li1426\ri0\sl-280\slmult0 \*\tx1786\fs20\cf0\f1\
charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {Employees can share
in the benefits }\par\pard\li1786\ri0\sl-226\slmult0 \*\tx2693\*\tx4400\fs20\cf
0\f0\charscalex100 {of}\tab \fs20\cf0\f0\charscalex100 {employee}\tab \fs18\cf0\
f0\charscalex100 {sponsored }\par\column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f
0\charscalex100 {compensation}\par\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\char
scalex100 {employees. }\par\column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\char
scalex100 {to}\par\column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100
{exempt }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margr
sxn133\cols3\colno1\colw5240\colsr-0\colno2\colw586\colsr-0\colno3\colw5613\pard
\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {improvements. }\par\pard\
li1426\ri0\sl-280\slmult0 \*\tx1786\*\tx3360\fs20\cf0\f1\charscalex100 {\uc1\u61
623X}\tab \fs20\cf0\f0\charscalex100 {Enhances}\tab \fs20\cf0\f0\charscalex100 {
commitment}\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {organ
izational goals. }\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0
\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {to }\par\column\pard\li0\ri0\sl266\slmult0 \*\tx360\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\c
harscalex100 {The formulas and program may be }\par\pard\li360\ri0\sl-226\slmult
0 \fs20\cf0\f0\charscalex100 {difficult to understand. }\par\pard\li0\ri0\sl-266
\slmult0 \*\tx360\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\char
scalex100 {Requires a shift to a more team }\par\pard\sect\sectd\sbk
-0\colno2\colw5253\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs20\cf0\f1\charscal
ex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {Leads to improvements
in other }\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {mea
sures of company performance, }\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\
charscalex100 {including: teamwork, product }\par\pard\li1786\ri0\sl-226\slm
ult0 \fs18\cf0\f0\charscalex100 {quality, lower rates of absenteeism, }\par\pard
\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {defects, and "downtime."
0 \fs24\cf0\f0\charscalex100\b {When does Gainsharing work best?}\b0 \par\column
\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {oriented management sty
le. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
3\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Works best when
company performance levels can be easily }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {quantified. Employee involvement si
gnificantly enhances the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {effectiveness of incentive pay. When used simultaneously, producti
vity }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {gains fr
om combining these techniques can exceed gains achieved }\par\pard
\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {separately. }\par\pard\li
0\charscalex100\b {What is the best way to implement Gainsharing?}\b0 \par\pard\
li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Meet with executives to de
velop a clear understanding of Gainsharing. }\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {Develop various formulas and models to be used in p
redicting future }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{gains and the costs associated with sharing those gains. Prepare rules, }\par\
pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {presentation material
s, and dissemination of policy. Retrain }\par\pard\li1133\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {supervisors and administrators. Teams of employees are
selected by }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {pee
rs to develop cost-saving measures. Through their personal }\par\pard\li1133\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {knowledge about their jobs, employee
s are able to reduce waste and }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {increase efficiency.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\c
f0\par\pard\li1133\ri0\sl-400\slmult0 \fs22\cf0\f0\charscalex100\b {Profit Shari
ng}\b0 \fs22\cf0\f0\charscalex100 {: An incentive based compensation program to
award }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {employee
s a percentage of the company's profits. }\par\pard\li1133\ri0\sl-373\slmult0 \f
s22\cf0\f0\charscalex100\b {How does Profit sharing work?}\b0 \fs22\cf0\f0\chars
calex100 { The company contributes a portion }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {of its pre-tax profits to a pool that will be dist
ributed among eligible }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {employees. The amount distributed to each employee may b
e }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {weighted by t
he employee's base salary so that employees with higher }\par\pard\li1133\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {base salaries receive a slightly higher
amount of the shared pool of }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {profits. Generally this is done on an annual basis.}\par\pard\sec
alex100\b {Advantages}\b0 \par\column\pard\li0\ri0\sl-346\slmult0 \fs20\cf0\f0\c
harscalex100\b {Disadvantages}\b0 \par\pard\sect\sectd\sbknone\pgwsxn12240\pghsx
ab \fs20\cf0\f0\charscalex100 {Brings groups of employees to work }\par\pard\li1
786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {together toward a commo
n goal }\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {(the
success/benefit of the }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\ch
arscalex100 {company). }\par\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs18\cf0\f
1\charscalex100 {\uc1\u61623X}\tab \fs18\cf0\f0\charscalex100 {Helps employees
focus on }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {p
rofitability. }\par\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs18\cf0\f1\charsca
lex100 {\uc1\u61623X}\tab \fs18\cf0\f0\charscalex100 {The costs of implementing
the plan }\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {rise
and fall with the company's }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\
cf0\f0\charscalex100 {revenues. }\par\column\pard\li0\ri0\sl-280\slmult0 \*\tx36
0\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {The p
ay for each employee moves }\par\pard\li360\ri0\sl-226\slmult0 \fs18\cf0\f0\char

scalex100 {up or down together (no individual }\par\pard\li360\ri0\sl-226\slmult
0 \fs18\cf0\f0\charscalex100 {differences for merit or }\par\pard\li360\ri
0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {performance). }\par\pard\li0\ri0\sl
-266\slmult0 \*\tx360\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\
charscalex100 {Focuses only on the goal of }\par\pard\li360\ri0\sl-226
\slmult0 \fs18\cf0\f0\charscalex100 {profitability (which may be at th
e }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {expense of qua
lity). }\par\pard\li0\ri0\sl-266\slmult0 \*\tx360\fs20\cf0\f1\charscalex100 {\uc
1\u61623X}\tab \fs20\cf0\f0\charscalex100 {For smaller companies, these plans }\
par\pard\li360\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {may result in
drastic swings in }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\ma
rglsxn666\margrsxn133\cols4\colno1\colw3360\colsr-0\colno2\colw1880\colsr-0\coln
o3\colw946\colsr-0\colno4\colw5253\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs20
\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {Enhances}\p
ar\column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {commitment}\pa
r\column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {to }\par\pard\l
i93\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li93\ri0\sl-306\slmult0 \fs24\cf0\f0\c
harscalex100 {24}\par\column\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex
100 {earnings for employees which the }\par\pard\sect\sectd\sbknone\pgws
xn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\
pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\cols2\colno1\colw582
6\colsr-0\colno2\colw5613\pard\li1786\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li17
\pard\li1786\ri0\sl-373\slmult0 \fs20\cf0\f0\charscalex100 {organizational goals
. }\par\column\pard\li360\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li360\ri0\sl-213
\slmult0 \fs18\cf0\par\pard\li360\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li360\ri
0\sl-373\slmult0 \fs20\cf0\f0\charscalex100 {employees may find difficult
to }\par\pard\li360\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {manage thei
r personal finances. }\par\pard\li0\ri0\sl-266\slmult0 \*\tx360\fs20\cf0\f1\char
scalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {Adherence to the
FLSA requires }\par\pard\li360\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {
employers to recalculate each }\par\pard\li360\ri0\sl-226\slmult0 \fs18\cf
0\f0\charscalex100 {worker's "regular rate" of pay. To }\par\pard\li36
0\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {overcome this limitation, emplo
yers }\par\pard\li360\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {may restr
ict this type of }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
glsxn666\margrsxn133\cols3\colno1\colw8240\colsr-0\colno2\colw853\colsr-0\colno3
\colw2346\pard\li6186\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {compensatio
n}\par\pard\li6186\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {employees. }\p
ar\column\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {to}\par\column
\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {exempt }\par\pard\sect\
x100\b {When does Profit sharing work best?}\b0 \fs24\cf0\f0\charscalex100 { Whe
n company earnings are }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {relatively stable (or steadily increasing).}\par\pard\li1133\ri0\sl-213\
slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\
b {What is the best way to implement Profit sharing?}\b0 \fs24\cf0\f0\charscalex
100 { Meet with }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{executives to develop a clear understanding of profit sharing. Develop }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {various formulas and mo
dels to be used in predicting future gains and }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {the costs associated with sharing those gains. P
repare rules.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\
sl-400\slmult0 \fs22\cf0\f0\charscalex100\b {Stock Options}\b0 \fs22\cf0\f0\char
scalex100 {: The \uc1\u8216Xright\uc1\u8217X to purchase stock at a given price
at some }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {time in
the future. Stock Options come in two types: }\par\pard\li1493\ri0\sl-386\slmul
t0 \*\tx1853\fs22\cf0\f0\charscalex100 {1.}\tab \fs22\cf0\f0\charscalex100\b {In
centive stock options (ISOs)}\b0 \fs22\cf0\f0\charscalex100 { in which the emplo

yee is able }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {to
defer taxation until the shares bought with the option are sold. }\par\pard\li14
93\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {The company does not r
eceive a tax deduction for this type of }\par\pard\li1493\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {option. }\par\pard\li1493\ri0\sl-480\slmu
lt0 \*\tx1853\fs22\cf0\f0\charscalex100 {2.}\tab \fs22\cf0\f0\charscalex100\b {N
onqualified stock options (NSOs)}\b0 \fs22\cf0\f0\charscalex100 { in wh
ich the employee }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {must pay infome tax on the 'spread' between the value of the stock }\par\p
ard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {and the amount paid fo
r the option. The company may receive a tax }\par\pard\li1493\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {deduction on the 'spread'.}\par\pard\li1133\ri0\sl480\slmult0 \fs22\cf0\f0\charscalex100\b {How do Stock options work?}\b0 \fs22\c
f0\f0\charscalex100 { An option is created that specifies that }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the owner of the option
may 'exercise' the 'right' to purchase a }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {company\uc1\u8217Xs stock at a c
ertain price (the 'grant' price) by a certain }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {(expiration) date in the fu
ture. Usually the price of the option (the }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {'grant' price) is set to the market pr
ice of the stock at the time the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\
f0\charscalex100 {option was sold. If the underlying stock increases in value, t
he option }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {becom
es more valuable. If the underlying stock decreases below the }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {'grant' price or stays the same i
n value as the 'grant' price, then the }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {option becomes worthless.}\par\pard\li1133\ri0\sl-480\sl
mult0 \fs22\cf0\f0\charscalex100 {They provide employees the right, but not the
obligation, to purchase }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsc
alex100 {shares of their employer's stock at a certain price for a certain perio
d }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {of time. Opti
ons are usually granted at the current market price of the }\par\pard\li1133\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {stock and last for up to 10 years. T
o encourage employees to stick }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {around and help the company grow, options typically carry a four
to }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {five year v
esting period, but each company sets its own parameters.}\par\pard\sect\sectd\sb
r-0\colno2\colw6133\pard\li1786\ri0\sl-333\slmult0 \fs20\cf0\f0\charscalex100\b
{Advantages}\b0 \par\column\pard\li0\ri0\sl-333\slmult0 \fs20\cf0\f0\charscalex1
00\b {Disadvantages}\b0 \par\pard\li26\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2
6\ri0\sl-386\slmult0 \fs24\cf0\f0\charscalex100 {25}\par\pard\sect\sectd\sbknone
\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn1
2240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\cols4\colno1\co
lw3226\colsr-0\colno2\colw2800\colsr-0\colno3\colw720\colsr-0\colno4\colw4693\pa
cf0\par\pard\li2506\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2506\ri0\sl-400\slmu
lt0 \fs20\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\
cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li0\ri0\sl-373\slmult0 \fs20\cf0\f0\charscalex100 {Allows a
company }\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0
\sl-400\slmult0 \fs20\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-21
3\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-373\slmult0 \fs20\cf0\f0\charscalex100 {
In a down market, }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\ma
rglsxn666\margrsxn133\cols2\colno1\colw6026\colsr-0\colno2\colw5413\pard\li2506\
ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {to share ownership with }\p
ar\pard\li2506\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {the employees. }\p

ar\column\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {because they
quickly }\par\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {become
valueless}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margr
sxn133\cols5\colno1\colw3226\colsr-0\colno2\colw2800\colsr-0\colno3\colw720\cols
r-0\colno4\colw1866\colsr-0\colno5\colw2826\pard\li2506\ri0\sl-253\slmult0 \fs20
\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\ch
arscalex100 {Used to align the }\par\column\pard\li0\ri0\sl-253\slmult0 \f
s20\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0
\charscalex100 {Dilution}\par\column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\ch
arscalex100 {of }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn66
6\margrsxn133\cols2\colno1\colw6026\colsr-0\colno2\colw5413\pard\li2506\ri0\sl-2
26\slmult0 \fs20\cf0\f0\charscalex100 {interests of the employees }\par\column\p
ard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {ownership }\par\pard\sect
6026\colsr-0\colno2\colw720\colsr-0\colno3\colw4693\pard\li2506\ri0\sl-226\slmul
t0 \fs20\cf0\f0\charscalex100 {with those of the company. }\par\column\pard\li0\
ri0\sl-253\slmult0 \fs20\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-226
\slmult0 \fs20\cf0\f0\charscalex100 {Overstatement of }\par\pard\sect\sectd\sb
r-0\colno2\colw5413\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0
\sl-413\slmult0 \fs24\cf0\f0\charscalex100\b {Nonqualified Stock Options}\b0 \pa
r\column\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {operating incom
e }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\
pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {Grants the option to
buy stock at a fixed price for a fixed exercise }\par\pard\li1133\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {period; gains from grant to exercise taxed
at income-tax rates }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
xn666\margrsxn133\cols2\colno1\colw5306\colsr-0\colno2\colw6133\pard\li1786\ri0\
sl-346\slmult0 \fs20\cf0\f0\charscalex100\b {Advantages}\b0 \par\column\pard\li0
\ri0\sl-346\slmult0 \fs20\cf0\f0\charscalex100\b {Disadvantages}\b0 \par\pard\se
lw3226\colsr-0\colno2\colw2800\colsr-0\colno3\colw720\colsr-0\colno4\colw4693\pa
rd\li2506\ri0\sl-253\slmult0 \fs20\cf0\f0\charscalex100 {o}\par\column\pard\li0\
ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {Aligns executive }\par\column\p
ard\li0\ri0\sl-253\slmult0 \fs20\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri
0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {Dilutes EPS }\par\pard\sect\sectd\s
sr-0\colno2\colw720\colsr-0\colno3\colw4693\pard\li2506\ri0\sl-226\slmult0 \fs20
\cf0\f0\charscalex100 {and shareholder interests. }\par\column\pard\li0\ri0\sl-2
40\slmult0 \fs20\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-226\slmult0
\fs20\cf0\f0\charscalex100 {Executive }\par\pard\sect\sectd\sbknone\pgwsxn12240
\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw6026\colsr-0\colno2\colw54
13\pard\li2506\ri0\sl-253\slmult0 \*\tx3226\fs20\cf0\f0\charscalex100 {o}\tab \f
s20\cf0\f0\charscalex100 {Company receives }\par\column\pard\li0\ri0\sl-226\sl
mult0 \fs20\cf0\f0\charscalex100 {investment is required }\par\pard\sect\sectd\s
\cf0\f0\charscalex100 {tax deduction. }\par\pard\li2506\ri0\sl-240\slmult0 \*\tx
3226\fs20\cf0\f0\charscalex100 {o}\tab \fs20\cf0\f0\charscalex100 {No charge
to }\par\column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {o}\par\
pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {term}\par\column\pard\li
0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {May incent short-}\par\pard
\li960\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {stock-price }\par\pard\sec
alex100 {earnings. }\par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex1
00\b {Restricted Stock}\b0 \par\column\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\
charscalex100 {manipulation }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn1584
0\marglsxn666\margrsxn133\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex
100 {Outright grant of shares to executives with restrictions to

sale, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {transf
er, or pledging; shares forfeited if executive terminates }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employment; value of sh
ares as restrictions lapse taxed as ordinary }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {income }\par\pard\sect\sectd\sbknone\pgwsxn12240\
pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw5306\colsr-0\colno2\colw613
3\pard\li1786\ri0\sl-333\slmult0 \fs20\cf0\f0\charscalex100\b {Advantages}\b0 \p
ar\column\pard\li0\ri0\sl-333\slmult0 \fs20\cf0\f0\charscalex100\b {Disadvantage
s}\b0 \par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn1
33\cols4\colno1\colw3226\colsr-0\colno2\colw2800\colsr-0\colno3\colw720\colsr-0\
colno4\colw4693\pard\li2506\ri0\sl-253\slmult0 \fs20\cf0\f0\charscalex100 {o}\pa
r\column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {Aligns execut
ive }\par\column\pard\li0\ri0\sl-253\slmult0 \fs20\cf0\f0\charscalex100 {o}\par\
column\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {Immediate dilut
ion }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
fs20\cf0\f0\charscalex100 {and shareholder interests. }\par\column\pard\li0\ri0\
sl-226\slmult0 \fs20\cf0\f0\charscalex100 {of EPS for total shares }\par
\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols4\c
olno1\colw3226\colsr-0\colno2\colw1080\colsr-0\colno3\colw1720\colsr-0\colno4\co
lw5413\pard\li2506\ri0\sl-253\slmult0 \fs20\cf0\f0\charscalex100 {o}\par\column\
pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {No}\par\column\pard\li0\
ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {executive }\par\column\pard\li0\r
i0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {granted. }\par\pard\sect\sectd\sbk
-0\colno2\colw720\colsr-0\colno3\colw4693\pard\li2506\ri0\sl-226\slmult0 \fs20\c
f0\f0\charscalex100 {investment required. }\par\column\pard\li0\ri0\sl-226\slmul
t0 \fs20\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-226\slmult0 \fs20\c
f0\f0\charscalex100 {Fair-market value }\par\pard\sect\sectd\sbknone\pgwsxn122
5413\pard\li2506\ri0\sl-253\slmult0 \*\tx3226\fs20\cf0\f0\charscalex100 {o}\tab
\fs20\cf0\f0\charscalex100 {If stock appreciates }\par\pard\li2506\ri0\sl-226
\slmult0 \fs18\cf0\f0\charscalex100 {after grant, company's tax }\par\pard\li250
6\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {deduction exceeds fixed }\p
ar\pard\li2506\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {charge to earnings
. }\par\pard\li1133\ri0\sl-400\slmult0 \fs24\cf0\f0\charscalex100\b {Performance
shares/units}\b0 \par\column\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscale
x100 {charged to earnings over }\par\pard\li0\ri0\sl-240\slmult0 \fs20\cf0
\f0\charscalex100 {restriction period. }\par\pard\sect\sectd\sbknone\pgwsxn12240
\pghsxn15840\marglsxn666\margrsxn133\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0
\charscalex100 {Grants contingent shares of stock or a fixed cash value at begin
ning of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {perform
ance period; executive earns a portion of grant as performance }\par\pard\li1133
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {goals are hit }\par\pard\sect\se
100\b {Advantages}\b0 \par\column\pard\li0\ri0\sl-346\slmult0 \fs20\cf0\f0\chars
calex100\b {Disadvantages}\b0 \par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn158
40\marglsxn666\margrsxn133\cols4\colno1\colw3226\colsr-0\colno2\colw2800\colsr-0
\colno3\colw720\colsr-0\colno4\colw4693\pard\li2506\ri0\sl-253\slmult0 \fs20\cf0
\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charsc
alex100 {Aligns executives }\par\column\pard\li0\ri0\sl-253\slmult0 \fs20\cf0\
f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charsca
lex100 {Charge to earnings, }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn1584
0\marglsxn666\margrsxn133\cols2\colno1\colw6026\colsr-0\colno2\colw5413\pard\li2
506\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {and shareholders if stock is
}\par\column\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {marked to m
arket. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsx
n133\cols3\colno1\colw6026\colsr-0\colno2\colw720\colsr-0\colno3\colw4693\pard\l
i2506\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {used. }\par\column\pard\li0

\ri0\sl-253\slmult0 \fs20\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-22
6\slmult0 \fs20\cf0\f0\charscalex100 {Difficulty in setting }\par\pard\sect\
226\colsr-0\colno2\colw2800\colsr-0\colno3\colw5413\pard\li2506\ri0\sl-226\slmul
t0 \fs20\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-226\slmult0 \fs20\c
f0\f0\charscalex100 {Performance }\par\column\pard\li0\ri0\sl-226\slmult0 \fs20\
cf0\f0\charscalex100 {performance targets. }\par\pard\sect\sectd\sbknone\pgwsxn1
lw7133\pard\li2506\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {oriented. }\pa
r\pard\li2506\ri0\sl-253\slmult0 \*\tx3226\fs20\cf0\f0\charscalex100 {o}\tab \fs
20\cf0\f0\charscalex100 {No}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\pa
r\pard\li0\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {executive }\par\pard\s
0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {investment required. }\par\pard\sec
alex100 {o}\par\column\pard\li0\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {C
ompany receives }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn
-226\slmult0 \fs20\cf0\f0\charscalex100 {tax deduction at payout. }\par\column\p
ard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-466\slmult0 \fs24\c
f0\f0\charscalex100 {26}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
glsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666
\margrsxn133\margtsxn666\margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\pa
s18\cf0\par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100\b {When do
Stock options work best?}\b0 \par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\c
harscalex100 {-Appropriate for small companies where future growth is expected.
-For }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {publicly o
wned companies who want to offer some degree of company }\par\pard\li1133\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {ownership to employees.}\par\pard\li113
3\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100\b {What are important considerat
ions when implementing Stock }\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100\b {Options?}\b0 \par\pard\li1853\ri0\sl-386\slmult0 \fs24\cf0\
f0\charscalex100 {-How much stock a company be willing to sell.}\par\pard\li1853
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-Who will receive the options.}\
par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-How many options
are available to be sold in the future. }\par\pard\li1853\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {-Is this a permanent part of the benefit plan or just
an incentive.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\
sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {ESOPs}\b0 \par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {Employee Stock Ownership Plan (ES
OP): An ESOP is a defined }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {contribution employee benefit plan that allows employees to
become }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {owners o
f stock in the company they work for. It is an equity based }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {deferred compensation plan. Several
features make ESOPs unique as }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {compared to other employee benefit plans. First, o
nly an ESOP is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {required by law to invest primarily in the securities of the sponsoring }\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employer. Secon
d, an ESOP is unique among qualified employee }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {benefit plans in its ability to bo
rrow money. As a result, "leveraged }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {ESOPs" may be used as a technique of corporate finance.}\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {ESOPs}\b0 \par\p
\tab \fs24\cf0\f0\charscalex100 {An opportunity to buy stock at a set price some

time in future for }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {a stated period}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\c
harscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Stock option is the
right or privilege to buy stock under an offer }\par\pard\li1853\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {valid for a stated period}\par\pard\li1493\ri0\s
l-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f
0\charscalex100 {A form of variable pay compensation package}\par\pard\li1133\ri
calex100\b {Objectives of ESOPs}\b0 \par\pard\li2213\ri0\sl-306\slmult0 \*\tx257
3\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Instr
ument for attracting critical skills / highly valued or }\par\pard\li2573\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {scarce skills}\par\pard\li1493\ri0\sl-3
harscalex100 {Inculcates employee feeling of ownership and commitment}\par\pard\
li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab
\fs24\cf0\f0\charscalex100 {Creates additional wealth for employees}\par\pard\l
\fs24\cf0\f0\charscalex100 {Supplement retirement / social security benefits}\pa
3X}\tab \fs24\cf0\f0\charscalex100 {For employee retention particularly for grou
ps apprehended of }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {high turnover}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\chars
calex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Helps introduce a perfor
mance management system without }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {incurring full cash out flow / lessening possible individual }\
par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {differences in th
e immediate cash bonus}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1
\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Enforces corporate
governance}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl
-333\slmult0 \fs24\cf0\f0\charscalex100 {Infosys, Wipro, Maruti Udyog Limited, G
E, Godrej, P & G, Zee Network, }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {Castrol etc have introduced ESOPs}\par\pard\li5333\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li5333\ri0\sl-400\slmult0 \fs24\cf0\f0\charscalex100 {2
7}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\m
argtsxn666\margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\
cf0\f0\charscalex100\b {Features of ESOPs}\b0 \par\pard\li1493\ri0\sl-306\slmult
0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex
100 {It is a qualified, defined contribution employee benefit plan that }\par\pa
rd\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {invests primarily in th
e stock of the employer}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f
1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {A company has to
create a trust fund for employees and funds it }\par\pard\li1853\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {by contributions of stock, cash or buy stock or
cash to pay back }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{the ESOP\uc1\u8217Xs loan and to buy back stock in order to set-up a ESOP }\pa
r\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {system}\par\pard\li
fs24\cf0\f0\charscalex100 {Shares held by ESOP trust are distributed to the empl
oyees }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {through a
n employee option scheme}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\
f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Return on an ESO
P portfolio is linked to company performance }\par\pard\li1853\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {since investment is through employer\uc1\u8217Xs s
ecurities}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs22\cf0\f1\charscalex10
0 {\uc1\u61623X}\tab \fs22\cf0\f0\charscalex100 {All employees except part-time
directors are eligible to ESOPs of }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {the company}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs
24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {The terms

, price & offer of ESOPs is done by compensation }\par\pard\li1853\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {committee of the board of directors}\par\pard\
\fs24\cf0\f0\charscalex100 {Options granted to employee are not transferable to
any other }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {pers
on}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc1
\u61623X}\tab \fs24\cf0\f0\charscalex100 {ESOP trust provides a warehouse for sp
onsoring company\uc1\u8217Xs }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {shares which can be sold or transferred to employees in future}\pa
3X}\tab \fs24\cf0\f0\charscalex100 {Reservation up to 5% can be made by the issu
er of the company }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {for employees of his company or promoters of the company}\par\pard\li1493\ri0
alex100\b {3 stages:}\b0 \par\pard\li1493\ri0\sl-320\slmult0 \*\tx1853\fs24\cf0\
f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Grant of option
(enable employee to purchase a certain number }\par\pard\li1853\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {of shares of the company stock at a determined pr
ice, usually }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {wi
thin a specified period of time)}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\f
s24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Vesting
(employee gets right to apply for the shares)}\par\pard\li1493\ri0\sl-306\slmult
100 {Exercise of option (on payment of exercise price, employee is }\par\pard\li
1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {conferred the shares of the
company)}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100
{\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {There is a minimum period of one
year between grant of options }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {and vesting of options & company shall have the freedom to }\par
\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {specify lock in peri
od}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc1
\u61623X}\tab \fs24\cf0\f0\charscalex100 {Typically, lock-in period of 3-5 years
with the provision that if }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {employee separates from the service of the company (except in }\par
\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the case of death /
medical incapacity), the shares would be }\par\pard\li1853\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {forfeited & reverted to the trust}\par\pard\li1493\ri0
\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0
\f0\charscalex100 {Shares are not physically transferred to employees at this st
age}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc
1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Once the shares are transferred in fa
vour of the employee, only }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {then the latter may decide to sell them in the market (this sale }\p
ar\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {will attract capit
al gains tax)}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscal
ex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {During the lock-in period,
the shares registered in the name of }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {the employee would be kept in the custody of the trust}\pa
slmult0 \fs24\cf0\f0\charscalex100 {28}\par\pard\sect\sectd\sbkpage\pgwsxn12240\
harscalex100\b {Types of ESOPs}\b0 \par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853
\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {One-of
f, uniform}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f1\charscalex1
00 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {An offer plan where the compan
y may decide to include }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {non-performers, trainees, short-service staff, temps}\par\pard\li2213\r

i0\sl-306\slmult0 \*\tx2573\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\c
f0\f0\charscalex100 {A one-time allotment for an equal number of shares, }\par\p
ard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {options or warrants to
all at the market value}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\
f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {SEBI guidelines
allow allotment of options below the }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {market price for shares, subject to the differential being
}\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {accounted in t
he books of the company}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f
1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {One-off, differen
tial / discretionary}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f1\c
harscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Also a one-off schem
e where company may differentiate }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {allotments by grades, seniority or market value of special }\
par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {skills}\par\pard\
\fs22\cf0\f0\charscalex100 {Factors like achievements, potential, loyalty, hard
work & }\par\pard\li2573\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {contrib
ution to corporate performance if considered, then }\par\pard\li2573\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {the discretionary element will go up conside
rably}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\
uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Ongoing schemes}\par\pard\li2213\ri
0\f0\charscalex100 {Use a combination of uniform, differential & discretionary }
\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {allotments dynam
ically.}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f1\charscalex100
{\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {May be warrants, shares or option
s that can be issued as }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {\uc1\u8220Xsign-on\uc1\u8221X bonus on confirmation / promotion / }\par
\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {superannuating / rec
ognition of outstanding contribution}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx25
73\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Give
n to some or all individuals}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\
cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Have a vesti
ng schedule}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f1\charscalex
100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Are structured to enable flex
ibility}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100
{\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Proxy: stock appreciation rights
/ phantom shares}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f1\chars
calex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Notional units apportion
ed to employees }\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs24\cf0\f1\chars
calex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Are productivity / contr
ibution \uc1\u8211X linked incentive }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {programmes rather than stock option plans}\par\pard\li2213
\cf0\f0\charscalex100 {An employee is allotted notional units / shares of the }\
par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {company based on
certain criteria at a set price}\par\pard\li2213\ri0\sl-306\slmult0 \*\tx2573\fs
24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Employee
is required to exercise his option within a given }\par\pard\li2573\ri0\sl-280\s
lmult0 \fs24\cf0\f0\charscalex100 {period (say 2 years) \uc1\u8211X when the sha
re price is high & will be }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {eligible to draw the differential or the whole in cash on }\par\pard
\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {deduction of tax}\par\par
ab \fs24\cf0\f0\charscalex100 {Provision is made to enable employees to decline
the }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {shares & op
t for the cash differential between the cost of }\par\pard\li2573\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {exercise & the market price}\par\pard\li2933\ri

0\f0\charscalex100 {It would have the effect of a stock appreciation right / }\p
ar\pard\li3293\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {phantom share}\par
\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Some definitions}\pa
3X}\tab \fs24\cf0\f0\charscalex100 {Phantom stock \uc1\u8211X a bonus that rewar
ds employees based on the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {value of the company\uc1\u8217Xs stock & the dividend performance of
the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {stock}\par\
4\cf0\f0\charscalex100 {29}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\
marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \
fs18\cf0\par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-213
\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-440\slmult0 \*\tx1853\fs24\cf0\f1\char
scalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Discount stock option \
uc1\u8211X stock option with an exercise price which }\par\pard\li1853\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {is less than the fair market value on the
sale of the grant}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\char
scalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Indexed stock option \u
c1\u8211X the exercise price is equal to the fair }\par\pard\li1853\ri0\sl-280\s
lmult0 \fs24\cf0\f0\charscalex100 {market value at grant, but the price adjusts
upward or downward }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {depending on an index (in relation to the market / industry / peer }\par\par
d\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {group performance / any
other measure)}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charsca
lex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Performance accelerated st
ock option \uc1\u8211X has a fair market value }\par\pard\li1853\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {exercise price & a service \uc1\u8211X based ves
ting schedule (longer than }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {traditional options which are generally for 10 years), but which }\p
ar\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {becomes exercisabl
e at an earlier date in case specified }\par\pard\li1853\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {performance goals are achieved}\par\pard\li1493\ri0\sl-3
harscalex100 {Performance contingent stock \uc1\u8211X has a fair market value p
rice, }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {which bec
omes exercisable only when performance goals are }\par\pard\li1853\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {achieved. It lapses in case the set goals are
not achieved}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscale
x100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Purchased stock option \uc1\
u8211X down payment required to be made (% }\par\pard\li1853\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {of the market price) before the option may be exerci
sed}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charscalex100 {\uc
1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Reload/restoration stock option \uc1\
u8211X stock option automatically }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {granted upon the exercise of a previously granted stock optio
n to }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the extent
that the optionee uses shares rather than cash to pay }\par\pard\li1853\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {the purchase price of the original optio
n (the exercise price of }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {the reload option is the fair market value on the date of the grant }\
par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {& reload option e
xpires on the same date as the original option}\par\pard\li1493\ri0\sl-306\slmul
x100 {Variable - priced stock option \uc1\u8211X with an exercise price that }\p
ar\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {fluctuates upward
or downward in relation to stock price }\par\pard\li1853\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {performance (yo-yo stock option or indexed stock option)
}\par\pard\li1133\ri0\sl-360\slmult0 \fs24\cf0\f0\charscalex100 {Premium stock
option \uc1\u8211X exercise price greater than the fair marke
t }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {value on the

date of the grant}\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100
\b {How does ESOP work? }\b0 \par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\ch
arscalex100 {The ESOP operates through a trust, setup by the company that accept
s }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {tax deductibl
e contributions from the company to purchase company }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {stock.}\par\pard\li1493\ri0\sl-480\slmult0
00 {The contributions made by the company are distributed to }\p
ar\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {individual employe
e accounts within the trust.}\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs18\
cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs22\cf0\f0\charscalex100 {The amount o
f stock each individual receives may vary according }\par\pard\li1493\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {to pre-established formulas based on salary
, service, or position. }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs18\cf0\
f0\charscalex100 {\uc1\u61553X}\tab \fs22\cf0\f0\charscalex100 {The employees ma
y \uc1\u8216Xcash out\uc1\u8217X after vesting in the program or }\par\pard\li14
93\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {when they leave the company. T
he amount they may cash out may }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {depend on the vesting requirements.}\par\pard\li1493\ri0\sl-480
\slmult0 \*\tx1853\fs18\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs22\cf0\f0\cha
rscalex100 {When an ESOP employee who has at least ten years
of }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {participati
on in the ESOP reaches age 55, he or she must be given }\par\pard\li1493\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {the option of diversifying his/her ESOP
account up to 25% of the }\par\pard\li5333\ri0\sl-453\slmult0 \fs24\cf0\f0\chars
calex100 {30}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\ma
rgrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\p
\cf0\par\pard\li1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {value. Thi
s option continues until age sixty, at which time the }\par\pa
rd\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employee has a one-time
option to diversify up to 50% of his/her }\par\pard\li1493\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {account. This requirement is applicable to ESOP share
s allocated to }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
employee's accounts after December 31, 1986. }\par\pard\li1493\ri0\sl-480\slmult
100 {Employees receive the vested portion of their accounts at either }\par\pard
\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {termination, disability,
death, or retirement. These distributions may }\par\pard\li1493\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {be made in a lump sum or in installments over a p
eriod of years. If }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {employees become disabled or die, they or their beneficiarie
s }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {receive the v
ested portion of their ESOP accounts right away.}\par\pard\sect\sectd\sbknone\pg
o2\colw5973\pard\li1066\ri0\sl-346\slmult0 \fs20\cf0\f0\charscalex100\b {Advanta
ges}\b0 \par\column\pard\li0\ri0\sl-346\slmult0 \fs20\cf0\f0\charscalex100\b {Di
sadvantages}\b0 \par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666
6\slmult0 \*\tx1786\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\ch
arscalex100\b {Capital Appreciation}\b0 \fs20\cf0\f0\charscalex100 {. Compan
ies }\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {sell some
or all of their equity to }\par\pard\li1786\ri0\sl-226\slmult0 \fs1
8\cf0\f0\charscalex100 {employees and by doing so convert }\par\pard\li1786\ri0\
sl-226\slmult0 \fs18\cf0\f0\charscalex100 {corporate and personal taxes
into }\par\pard\li1786\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {tax-free
capital appreciation. This }\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f
0\charscalex100 {allows the owner to sell 100% of his }\par\pard\li1786\ri0\sl-2
26\slmult0 \fs20\cf0\f0\charscalex100 {or her company, get money out tax-}\par\p
ard\li1786\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {free and still maintai

n control of the }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{company. }\par\pard\li1426\ri0\sl-280\slmult0 \*\tx1786\fs18\cf0\f1\charscalex
100 {\uc1\u61623X}\tab \fs18\cf0\f0\charscalex100\b {Incentive Based Retirem
ent}\b0 \fs18\cf0\f0\charscalex100 {. }\par\pard\li1786\ri0\sl-226\slmult0 \fs18
\cf0\f0\charscalex100 {Provides a cost-effective plan to }\par\pard\li17
86\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {motivate employees. After all,
who }\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {works ha
rder, owners or }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex
100 {employees?}\par\pard\li1426\ri0\sl-280\slmult0 \*\tx1786\fs18\cf0\f1\charsc
alex100 {\uc1\u61623X}\tab \fs18\cf0\f0\charscalex100\b {Tax Advantages}\b0 \f
s18\cf0\f0\charscalex100 {. Enables tax }\par\pard\li1786\ri0\sl-226\slmult0
\fs18\cf0\f0\charscalex100 {advantaged purchasing of stock of }\par\pard\l
i1786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {a retiring company owner. W
ith this }\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {purpos
e, a company owner may sell }\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\ch
arscalex100 {their shares to the ESOP and incur }\par\pard\li1786\ri0\sl-240\slm
ult0 \fs18\cf0\f0\charscalex100 {no taxable gain on the sale. A }\pa
r\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {company owner can s
ell all or some }\par\pard\li1786\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100
{of the company to the employees }\par\pard\li1786\ri0\sl-226\slmult0
\fs18\cf0\f0\charscalex100 {cost free. Owners who sell 30% or }\par\pard\li1786\
ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100 {more of their company to an ESOP
}\par\pard\li1786\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {are allowed
to "roll-over" the }\par\pard\li1786\ri0\sl-240\slmult0 \fs18\cf0\f0\charsc
alex100 {proceeds into other securities and }\par\pard\li1786\ri0\sl-226
\slmult0 \fs20\cf0\f0\charscalex100 {defer taxation on the gain. }\par\pard\li14
20\cf0\f0\charscalex100\b {Company reduces it's tax }\b0 \par\pard\li1786\
ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100\b {liability}\b0 \fs20\cf0\f0\char
scalex100 {. A company can reduce its }\par\pard\li1786\ri0\sl-226\slmult0 \fs20
\cf0\f0\charscalex100 {corporate income taxes and }\par\pard\li1786\ri0\sl
-226\slmult0 \fs20\cf0\f0\charscalex100 {increase its cash flow and net worth }\
par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {by simply issuing
treasury stock or }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex1
00 {newly issued stock to its ESOP. }\par\column\pard\li0\ri0\sl-266\slmult0 \*\
tx360\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100\b
{Dilution}\b0 \fs20\cf0\f0\charscalex100 {. If the ESOP is used to }
\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {finance the compa
ny\uc1\u8217Xs growth, the }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\cha
rscalex100 {cash flow benefits must be weighed }\par\pard\li360\ri0\sl-226\slmul
t0 \fs20\cf0\f0\charscalex100 {against the rate of dilution. }\par\pard\li0\ri0\
sl-280\slmult0 \*\tx360\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f
0\charscalex100\b {Fiduciary Liability}\b0 \fs20\cf0\f0\charscalex100 {. The
plan }\par\pard\li360\ri0\sl-226\slmult0 \*\tx2053\*\tx3613\fs20\cf0\f0\chars
calex100 {committee}\tab \fs20\cf0\f0\charscalex100 {members}\tab \fs18\cf0\f0\c
harscalex100 {who }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{administer the plan are deemed to }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf
0\f0\charscalex100 {be fiduciaries, and can be held }\par\pard\li360\r
i0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {liable if they knowingly p
articipate }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {in im
proper transactions. }\par\pard\li0\ri0\sl-293\slmult0 \*\tx360\fs20\cf0\f1\char
scalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100\b {Liquidity}\b0 \fs20\c
f0\f0\charscalex100 {. If the value of the stock }\par\pard\li360\ri0\sl-226\slm
ult0 \fs20\cf0\f0\charscalex100 {appreciates substantially, the ESOP }\par\pard\
li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {and/or the company may not
have }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {sufficient
funds to repurchase stock, }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\char
scalex100 {upon employees\uc1\u8217X retirement. }\par\pard\li0\ri0\sl-280\slmul
t0 \*\tx360\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex
100\b {Stock Performance}\b0 \fs20\cf0\f0\charscalex100 {. If the value of }\par

\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {the company does not
increase, the }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {em
ployees may feel that the ESOP }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\
charscalex100 {is less attractive than a profit }\par\pard\li360\ri0\s
l-226\slmult0 \fs20\cf0\f0\charscalex100 {sharing plan. In an extreme case, if }
\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {the company f
ails, the employees }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charsca
lex100 {will lose their benefits to the extent }\par\pard\li360\ri0\sl-240\slmul
t0 \fs20\cf0\f0\charscalex100 {that the ESOP is not diversified in }
\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {other investments
}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\p
\cf0\f0\charscalex100\b {What is the best way to implement ESOP?}\b0 \par\pard\l
i1493\ri0\sl-386\slmult0 \fs24\cf0\f0\charscalex100 {1. Determine how you want t
o use the ESOP. Will it be used as an }\par\pard\li1853\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {employee benefit plan? Or, as an incentive program? }\par
31}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\
666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li14
93\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {2. Conduct a feasibility
study to determine the value of the }\par\pard\li1853\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {company\uc1\u8217Xs stock and impact of the co
ntributions that must be }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {made to the trust.}\par\pard\li1493\ri0\sl-480\slmult0 \fs22\cf0\f0\ch
arscalex100 {3. An ESOP requires different accounting procedures and a different
}\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {method of allo
cating stocks and other investments among the }\par\pard\li1853\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {employees than other types of plans. For this rea
son the plan }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {sh
ould be designed by an ESOP specialist in order to avoid IRS }\par\pard\li1853\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {difficulties. }\par\pard\li1133\ri
0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {What are the alternatives to ESOP
?}\b0 \par\pard\li1493\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {1. Employe
e stock options. }\par\pard\li1853\ri0\sl-386\slmult0 \fs24\cf0\f0\charscalex100
{Profit Sharing. An ESOP differs from a profit sharing plan in that }\par\pard\
li1133\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {an}\tab \fs24\cf0
\f0\charscalex100 {ESOP is required to invest primarily in employer securities,
while }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn
\fs24\cf0\f0\charscalex100 {a }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {in }\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {profit sharing plan is usually prohibited from investing primarily }\par
\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {employer securities.}\p
\fs24\cf0\f0\charscalex100\b \ul {LAWS & REGULATIONS RELATED TO COMPENSATION}\b
0 \ul0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\
slmult0 \fs24\cf0\f0\charscalex100\b {PAYMENT OF WAGES ACT, 1936}\b0 \par\pard\l
i1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {An Act to regulate
the payment of wages to certain classes of }\par\pard\li1133\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {employed persons }\par\pard\li1133\ri0
alex100\b {MINIMUM WAGES ACT, 1948}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs22
\cf0\f0\charscalex100 {An Act to provide for fixing minimum rates
of wages in certain }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\ch

arscalex100 {employments }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard
\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {EQUAL REMUNERATION ACT,
1976}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {An Act
to provide for the payment of equal remuneration to men and }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {women workers and for the preventi
on of discrimination, on the ground }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {of sex, against women in the matter of employment and for m
atters }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {connecte
d therewith or incidental thereto. }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf
0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {PAYMENT OF BO
NUS ACT, 1965}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{Act to provide for the payment of bonus to persons employed in }\par\pard\li11
33\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {certain establishments on the
basis of profits or on the basis of }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {production or productivity and for matters connected therew
ith.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\sl
mult0 \fs24\cf0\f0\charscalex100\b {EMPLOYEES' STATE INSURANCE ACT, 1948}\b0 \pa
r\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {An Act to provide f
or certain benefits to employees in case of sickness, }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {maternity and employment injury and
to make provision for certain }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {other matters in relation thereto}\par\pard\li1133\ri0\sl-21
0\b {EMPLOYEES' PROVIDENT FUNDS AND MISC. PROVISIONS ACT, }\b0 \par\pard\li5333\
ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-360\slmult0 \fs24\cf0\f0\cha
rscalex100 {32}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\
margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn
133\margtsxn666\margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li
ar\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100\b {1952}\b0 \par\pa
rd\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {An Act to provide for t
he institution of provident funds 2*[3*[, family }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {pension fund and deposit-linked insura
nce fund]] for employees in }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {factories and other establishments }\par\pard\li1133\ri0\sl
x100\b {THE PAYMENT OF GRATUITY ACT, 1972}\b0 \par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {An Act to provide for a Scheme for
the payment of gratuity to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {employees engaged in factories, mines, oilfields,
plantations, ports, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {railway companies, shops or other establishments and for
matters }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {conn
ected therewith or incidental thereto }\par\pard\li1133\ri0\sl-213\slmult0 \fs18
\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {THE WORKME
N'S COMPENSATION ACT, 1923 }\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {An Act to provide for the payment by certain classes of employer
s to }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {their work
men of compensation for injury by accident}\par\pard\li1133\ri0\sl-213\slmult0 \
fs18\cf0\par\pard\li1133\ri0\sl-400\slmult0 \fs24\cf0\f0\charscalex100\b {PROBLE
MS & ISSUES}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
Whether extrinsic rewards such as performance-related pay actually }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {motivate employees to bette
r performance is a matter of controversy. }\par\pard\li1133\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {It has been claimed that monetary rewards usually hav
e a limited time-}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{span in regard to their motivating effect. Therefore extrinsic rewards }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {such as performance pa
y, even if they can exert a continuing impact }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {on performance, should }\par\pard\li1493\ri0\sl-3

harscalex100 {be consistent with overall management objectives, so
that }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {performan
ce pay may not be consistent with, for example, a }\par\pard\l
i1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {purely cost reduction strat
egy &}\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs18\cf0\f1\charscalex100 {\
uc1\u61623X}\tab \fs22\cf0\f0\charscalex100 {only be used to reinforce a motivat
ional system in which intrinsic }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {(non monetary) rewards exist, such as reorganizatio
n of work }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {p
rocesses, training, employee involvement/consultation in }\par\pard\li18
53\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {decision-making, two-way c
ommunication, opportunities to }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {contribute ideas, career development plans and goal setting.
}\par\pard\li1133\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100 {Some of the re
asons for the failure of performance-related pay and }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {some of the problems and issues facing emp
loyers flow from a variety }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {of circumstances such as the following: }\par\pard\li1360\ri0\sl-37
3\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {i.}\tab \fs24\cf0\f0\charscalex10
0 {Inadequate criteria to measure performance, or criteria which }\par\pard\li18
53\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {are not easily understood, com
municated and accepted. }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {Performance pay should therefore be negotiated. }\par\pard\li1306\ri0\s
l-480\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {ii.}\tab \fs24\cf0\f0\charsca
lex100 {Inappropriate performance appraisal systems in that the }\par\pard\li185
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {objectives of the appraisal sys
tem (}\fs24\cf0\f0\charscalex100\i {e.g.}\i0 \fs24\cf0\f0\charscalex100 { where
it is intended to }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {identify training needs or suitability for promotion) do not match }\par\pard
\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the objectives of the rew
ard system. }\par\pard\li1213\ri0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscale
x100 {iii.}\tab \fs24\cf0\f0\charscalex100 {The absence of regular feedback on p
erformance. }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\s
5333\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100 {33}\par\pard\sect\sectd\sbkp
0 \*\tx1853\fs24\cf0\f0\charscalex100 {iv.}\tab \fs24\cf0\f0\charscalex100 {The
reward system is not designed to meet the objectives sought }\par\pard\li1853\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {to be achieved. There could be a va
riety of objectives }\fs24\cf0\f0\charscalex100\i {e.g.}\i0 \fs24\cf0\f0\charsca
lex100 { to }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {sat
isfy distributive justice, attract and retain capable staff, match }\par\pard\li
1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {particular levels of pay in
the labour market, change }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {organizational culture (}\fs24\cf0\f0\charscalex100\i {e.g.}\i0 \fs24
\cf0\f0\charscalex100 { towards greater customer }\par\pard\li1853\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {satisfaction) or to reinforce it. }\par\pard\l
i1280\ri0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {v.}\tab \fs24\cf0\
f0\charscalex100 {The absence of a right mix of extrinsic and intrinsic rewards.
}\par\pard\li1213\ri0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {vi.}\
tab \fs24\cf0\f0\charscalex100 {The lack of an appropriate quantum of pay which
should be }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {subje
ct to performance criteria. This occurs when the amount }\par\pard\li1853\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {which depends on performance is too sma
ll, or it is too large and }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {therefore the amount placed at risk (when performance is poor) }\par
\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {is not acceptable to

employees.}\par\pard\li1146\ri0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscalex
100 {vii.}\tab \fs24\cf0\f0\charscalex100 {The absence of periodic evaluation of
the scheme.}\par\pard\li1120\ri0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscale
x100 {viii.}\tab \fs24\cf0\f0\charscalex100 {Non-recognition of the fact that pe
rformance, especially profit, is }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {sometimes (even often) dependent on factors outside the contro
l }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {of employees
}\fs24\cf0\f0\charscalex100\i {e.g.}\i0 \fs24\cf0\f0\charscalex100 { management
decisions, exchange rates, }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {recessions. }\par\pard\li1133\ri0\sl-386\slmult0 \fs24\cf0\f0\charsc
alex100 {There are many arguments in favour of performance-related pay which }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {are theoretically
attractive. However, it is not easy to find evidence }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {which unequivocally supports or disproves
these views, because of the }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {scarcity of empirical evidence or because the introduction of the }
\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {scheme has been
faulty. Governments can sometimes facilitate the }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {introduction of performance-based pay. In Brit
ain for instance, the }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {Finance Act of 1987 introduced tax relief for approved schemes to }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {encourage their adopti
on and proliferation. }\par\pard\li1133\ri0\sl-373\slmult0 \fs24\cf0\f0\charscal
ex100 {Two benefits at the macro level have been claimed for performance }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {pay. The first relates
to employment. If increases in basic pay are }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {transferred to a profit-related scheme (}\fs24\cf
0\f0\charscalex100\i {e.g.}\i0 \fs24\cf0\f0\charscalex100 { 10% of basic pay), t
he }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {employer may
be more inclined to hire new employees as his wage }\par\pard\li1133\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {cost is less than otherwise. If the percent
age of profit to be shared }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {remains fixed, additions to the workforce do not cost the employer }
\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {more in terms of
the profit-related pay. On the other hand, new }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {recruitment would reduce the quantum existing e
mployees will receive }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {unless profits increase, and consequently dissatisfaction among }\par\par
d\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {employees could set in.
}\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {The second argu
ment is that if basic pay is reduced as a percentage of }\par\pard\li1133\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {total earnings, increased earnings will
not result in inflationary }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {tendencies as such increases are the result of increased }\par\pard
\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {profits/productivity. }\p
ar\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {The benefits to ma
nagement and employees are: }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\
4\cf0\f0\charscalex100 {34}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\
marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \
\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-426\slmult0 \*\tx1853\fs20\cf0\f1\char
scalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {where performance/profi
ts increase, higher pay is an incentive to }\par\pard\li1853\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {employees }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx
1853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {wh
ere profits reduce, the reduction in the performance-related }\par\pard\li1853\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {pay can cushion employees against
redundancies }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\cf0\f1\charscal
ex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {employee identification wit

h the success of the business is }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {enhanced }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\c
f0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {variations in
pay lead to employees becoming more familiar with }\par\pard\li1853\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {the fortunes (or misfortunes) of the busines
s. This would depend }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {on the information-sharing practices of the management.}\par\pard\li1133\r
i0\sl-373\slmult0 \fs24\cf0\f0\charscalex100 {Several criticisms of a general na
ture (apart from those directed at }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {particular types of schemes) have been made against performa
nce-}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {related pay
. Among them are the following: }\par\pard\li1360\ri0\sl-373\slmult0 \*\tx1853\
fs24\cf0\f0\charscalex100 {i.}\tab \fs24\cf0\f0\charscalex100 {where the perform
ance earnings fall employees are less inclined }\par\pard\li1853\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {to accept reductions in their guaranteed pay }\p
ar\pard\li1280\ri0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {ii.}\tab
\fs24\cf0\f0\charscalex100 {positive employment effects could be negated due to
opposition }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {from
employees to recruitment as it would dilute their earnings }\par\pard\li1213\ri
0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {iii.}\tab \fs24\cf0\f0\cha
rscalex100 {since performance/profits depend on a variety of factors beyond }\pa
r\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the control of empl
oyees, it is not possible to link pay to the }\par\pard\li1853\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {performance of employees. If it is linked to the o
verall }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performa
nce of the enterprise, then management decisions }\par\pard\li1853\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {should logically be subject to scrutiny by emp
loyees. }\par\pard\li1213\ri0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100
{iv.}\tab \fs24\cf0\f0\charscalex100 {it is difficult to determine whether the
amounts paid out under }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {schemes are more than matched by performance gains.}\par\pard\li1133\ri0
\sl-386\slmult0 \fs24\cf0\f0\charscalex100 {Even though the evidence is not alwa
ys clear whether profit-sharing, }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {for instance, raises productivity levels, the positive link be
tween profit-}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {sh
aring and productivity is clearer in enterprises with employee }\par\pard\li1133
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {participation arrangements. Wher
e the extra payments replace a fixed }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {wage component and is not an additional component of pay,
there is a }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {grea
ter likelihood that the extra pay is matched by performance }\par\pard\li1133\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {increases. In the case of group inc
entives payments are never }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {proportionate to individual performance, as poor performers ("free }
\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {riders") benefit
from the efforts of others.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\p
ard\li1133\ri0\sl-426\slmult0 \fs28\cf0\f0\charscalex100\b \ul {Unit II : }\b0 \
ul0 \fs24\cf0\f0\charscalex100\b \ul {WAGE THEORIES & LABOUR MARKET}\b0 \ul0 \pa
s24\cf0\f0\charscalex100\b {ECONOMIC THEORIES}\b0 \par\pard\li1133\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100\b \ul {CLASSICAL SOCIAL WAGE THEORIES}\b0 \ul0
\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b \ul {A. Subsist
ence Theory}\b0 \ul0 \par\pard\li1240\ri0\sl-280\slmult0 \*\tx1600\fs24\cf0\f0\c
harscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Propounded by David
Ricardo, 1817}\par\pard\li1240\ri0\sl-280\slmult0 \*\tx1600\fs24\cf0\f0\charscal
ex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Also known as the "Iron Law
of Wages\uc1\u8220X}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li53
33\ri0\sl-400\slmult0 \fs24\cf0\f0\charscalex100 {35}\par\pard\sect\sectd\sbkpag
e
X}\tab \fs24\cf0\f0\charscalex100 {Was an alleged law of economics that asserted
that real wages in }\par\pard\li1600\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {the long run would tend to the value needed to keep the workers' }\par\pard
\li1600\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {population constant}\par\
}\tab \fs24\cf0\f0\charscalex100 {Ricardo drew a distinction between a natural p
rice and a market }\par\pard\li1600\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {price. For Ricardo, the natural price of labor was the cost of }\par\pard\li1
600\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {maintaining the laborer. Howe
ver, Ricardo believed that the }\par\pard\li1600\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {market price of labour or the actual wages paid could exceed }\p
ar\pard\li1600\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {subsistence level
indefinitely due to countervailing economic }\par\pard\li1600\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {tendencies }\par\pard\li1240\ri0\sl-293\slmult0 \*\
Ricardo believed that the market price of labor could long exceed }\par\pard\li1
600\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the subsistence or natural wa
ge}\par\pard\li1240\ri0\sl-293\slmult0 \*\tx1600\fs24\cf0\f0\charscalex100 {\uc1
\u61553X}\tab \fs24\cf0\f0\charscalex100 {He also claimed that the natural wage
was not what was needed to }\par\pard\li1600\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {physically sustain the laborer, but depended on "habits and }\par\pa
rd\li1600\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {customs}\par\pard\li124
4\cf0\f0\charscalex100 {The labourers are paid to enable them to subsist & perpe
tuate the }\par\pard\li1600\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {race
without increase or diminution }\par\pard\li1240\ri0\sl-293\slmult0 \*\tx1600\fs
24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {The theor
y maintains that wages cluster around the bare }\par\pard\li1600\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {subsistence level of workers. A wage rate much a
bove the }\par\pard\li1600\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {subsis
tence level causes an increase in the number of workers; }\par\pard\li1600\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {competition will then lead to a depres
sion of wages back towards }\par\pard\li1600\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {the cost of subsistence. Wages that are below subsistence reduce }\p
ar\pard\li1600\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the size of the wo
rking population; in that case competition will }\par\pard\li1600\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {raise wages, but only up to the subsistence lev
el again. }\par\pard\li2053\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {* Sub
sistence means minimum resources required for existence}\par\pard\li2146\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {* Diminution means change toward somethi
ng smaller or lower}\par\pard\li1240\ri0\sl-493\slmult0 \fs24\cf0\f0\charscalex1
00\b \ul {B.}\b0 \ul0 \par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {1 Developed by Adam Smith (18Century)}\par\pard\li1493\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {2 The wage-fund theory is that wages are advanced ou
t of a fixed }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {fu
nd of capital, from which an excess withdrawal, either through }\par\pard\li1853
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {legislation or through union pre
ssure, will ultimately reduce the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {amount available for other workers. }\par\pard\li1493\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {3 Any increase in wages would also have
to be taken out of profits, }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {and their reduction would cause a decline in savings, which }\par\p
ard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {provide the capital fr
om which the wage fund is derived.}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {4 Basic assumption \uc1\u8211X wages are paid out of a pre-de
termined fund }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {o
f wealth which lay surplus with wealthy persons \uc1\u8211X as a result of }\par
\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {savings. This fund c
ould be utilized for employing labourers for }\par\pard\li1853\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {work.}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx257
3\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {If th
e fund was large, the wages would be high; if it was }\par\pard\li2573\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {small, the wages would be reduced to the s
ubsistence level}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0\chars
calex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {The demand for labour &
the wages that could be paid }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {them were determined by the size of the fund}\par\pard\li1240\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100\b \ul {C}\b0 \ul0 \fs24\cf0\f0\charsca
lex100\b \ul { Residual Claimant Theory}\b0 \ul0 \par\pard\li1853\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {- Propounded by Francis Walker in 19th Century
}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- There are 4 f
actors of any business activity:}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\p
ar\pard\li5333\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {36}\par\pard\sect\
sectd\sbkpage

X}\tab \fs24\cf0\f0\charscalex100 { Land, Labour, Capital, Entrepreneurship}\par
X}\tab \fs24\cf0\f0\charscalex100 { Wages represent the amount of value created
in the }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {producti
on which remains after payment has been made }\par\pard\li2573\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {for all these factors of production, thus implying
that}\par\pard\li2933\ri0\sl-293\slmult0 \*\tx3293\fs24\cf0\f0\charscalex100 {\
uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { The labour is the residual claiman
t}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- After all th
e factors of production have received their }\par\pard\li1133\ri0\sl-280\slmult0
\*\tx3293\fs24\cf0\f0\charscalex100 {compensation }\tab \fs24\cf0\f0\charscalex
100 {for their contribution to the process, only then the }\par\pard\li1133\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {labourers\uc1\u8217X wages come to t
he fore}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100
{\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Theory does not explain how trade
unions are able to }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {increase the wages}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f
0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {No role of labour
ers in productivity}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li113
3\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100\b \ul {D}\b0 \ul0 \par\pard\li11
33\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- In the surplus-value theory
as propounded by Karl Marx, the value }\par\pard\li1133\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {produced by the worker in excess of what is paid in wages
is called }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {surp
lus value}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- The
surplus value, exacted from the worker, constitutes the }\par\pard\li1133\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {capitalist's profit}\par\pard\li1133\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- According to this theory, labour
was an article of commerce \uc1\u8211X could }\par\pard\li1133\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {be purchased on payment of subsistence price}\par\
}\tab \fs24\cf0\f0\charscalex100 { The price of any product was determined by th
e labour }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {time n
eeded for producing it}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0
\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { The labourer was
not paid in proportion to the time spent }\par\pard\li2573\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {on work, but much less}\par\pard\li2213\ri0\sl-293\slm
lex100 { The surplus went over, to be utilized for paying other }\par\pard\li257
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {expenses}\par\pard\sect\sectd\s
ult0 \fs24\cf0\f0\charscalex100\b \ul {A.}\b0 \ul0 \par\column\pard\li0\ri0\sl-2
{\uc1\u61623X}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0
\sl-373\slmult0 \fs24\cf0\f0\charscalex100\b \ul {JUSTIFICATION THEORIES}\b0 \ul
0 \par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\p
ard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- Developed by Philips
Wicksteed & John Bates}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {The wages are based upon an entrepreneur\uc1\u8217Xs estimate of the val
ue }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {that will pr
obably be produced by the last of marginal worker}\par\pard\li1133\ri0\sl-293\sl
alex100 {It assumes that the wages depend on the demand for, and supply of }\par
\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {labour}\par\pard\li1

133\ri0\sl-293\slmult0 \*\tx1493\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \f
s24\cf0\f0\charscalex100 {Workers are paid what they are economically worth}\par
X}\tab \fs24\cf0\f0\charscalex100 {The employer has a larger share in profit as
has not to pay for the }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {non-marginal workers}\par\pard\li1133\ri0\sl-293\slmult0 \*\tx1493\fs24\
cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {As long as e
ach additional worker contributes more to the total }\par\pard\li1493\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {value than the cost in wages, it pays the e
mployer to continue }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {hiring}\par\pard\li1133\ri0\sl-293\slmult0 \*\tx1493\fs24\cf0\f0\charscalex
100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {When this process becomes non
-viable & uneconomic, the employer }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {may resort to superior technology}\par\pard\li1853\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {- This theory maintains that employers wil
l only pay a wage that }\par\pard\li1133\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f
0\charscalex100 {is,}\tab \fs24\cf0\f0\charscalex100 {at most, equal to the amou
nt of extra value added to the total }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {product by one additional worker }\par\pard\li1133\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100\b \ul {B. Bargaining Theory}\b0 \ul0 \par
ctd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkp
0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {Propou
nded by John Davidson}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\
charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {Wages are determined by the re
lative bargaining power of the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {workers / trade unions & of employers}\par\pard\li1493\ri0\sl-28
0\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100
{When a trade union is involved, basic wages, fringe benefits, job }\par\pard\l
i1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {differentials, and individu
al differences tend to be determined by }\par\pard\li1853\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {the relative strength of the organization & the trade u
nion}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}
\tab \fs24\cf0\f0\charscalex100 {The bargaining theory modifies the marginal-pro
ductivity theory }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{by:}\par\pard\li2213\ri0\sl-280\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\
uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Taking into consideration other fac
tors (e.g., laws and }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {social and political changes) that might affect the }\par\pard\li2573\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {determination of wage levels}\par\par
ab \fs24\cf0\f0\charscalex100 {Acknowledging that certain basic assumptions (equ
al }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {bargaining p
ower of employer and employee, free }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {competition between the two, and mobility of labor) that }\
par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {characterize the
marginal-productivity theory do not hold }\par\pard\li2573\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {in our present economic system}\par\pard\li1133\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100\b \ul {C. Supply & Demand Theory}\b0 \ul
0 \par\pard\li1853\ri0\sl-280\slmult0 \*\tx2213\fs24\cf0\f0\charscalex100 {-}\ta
b \fs24\cf0\f0\charscalex100 {Inter-relation between wages & employment}\par\par
d\li1853\ri0\sl-293\slmult0 \*\tx2213\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf
0\f0\charscalex100 {Unemployment were to disappear if workers were to accept a }
\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {voluntary cut in
wages \uc1\u8211X have wage flexibility for promoting }\par\pard\li2213\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {employment at a time of depression.}\par
\pard\li1853\ri0\sl-280\slmult0 \*\tx2213\fs24\cf0\f0\charscalex100 {-}\tab \fs2

4\cf0\f0\charscalex100 {These wage cuts would bring down costs and thereby fall
in }\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {price}\par\p
ard\li1853\ri0\sl-280\slmult0 \*\tx2213\fs24\cf0\f0\charscalex100 {-}\tab \fs24\
cf0\f0\charscalex100 {This lowering in prices would cause additional demand whic
h }\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {will increase
production}\par\pard\li1853\ri0\sl-280\slmult0 \*\tx2213\fs24\cf0\f0\charscalex
100 {-}\tab \fs24\cf0\f0\charscalex100 {This will increase employment of workers
0 \fs24\cf0\f0\charscalex100\b \ul {D. Competitive Theory}\b0 \ul0 \par\pard\li1
charscalex100 {Employers compete amongst themselves by offering a higher }\par\p
ard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {pay / wage to attract
employees while employees compete }\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {with another for jobs by offering their services for a lower
}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {wage}\par\pard\
li1853\ri0\sl-280\slmult0 \*\tx2213\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\
f0\charscalex100 {Competition then, is essentially a disequilibrium process by }
\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {which excess dem
and and excess supply cause changes in }\par\pard\li2213\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {wages}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn158
1\charscalex100 {\uc1\u61623X}\par\column\pard\li2880\ri0\sl-213\slmult0 \fs18\c
f0\par\pard\li2880\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100\b {Behavioral T
heories}\b0 \par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b \ul {A
. Employee\uc1\u8217Xs acceptance Level}\b0 \ul0 \par\pard\sect\sectd\sbknone\pg
24\cf0\f0\charscalex100 {- This theory takes into consideration, the factors wh
ich may induce }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
an employee to stay on with the company \uc1\u8211X}\par\pard\li2213\ri0\sl-293\
scalex100 { Size & reputation of the company}\par\pard\li2213\ri0\sl-293\slmult0
00 { Power of the union}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f
0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { Wages and benefi
ts that the employee receives in }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {proportion to the contribution made by him / her}\par\pard\li1
133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b \ul {B. Internal Wage Struct
ure}\b0 \ul0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- W
age Structure affected by \uc1\u8211X}\par\pard\li5333\ri0\sl-440\slmult0 \fs24\
cf0\f0\charscalex100 {38}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\ma
rglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn66
6\margrsxn133\margtsxn666\margbsxn240\pard\li2213\ri0\sl-213\slmult0 \fs18\cf0\p
fs18\cf0\par\pard\li2213\ri0\sl-413\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100
{\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { Social norms / traditions / cust
oms prevalent in the }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {organization}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0\cha
rscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { Psychological pressur
es on the management}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0\c
harscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { Prestige attached t
o certain jobs in terms of social status}\par\pard\li2213\ri0\sl-293\slmult0 \*\
The need to maintain internal consistency in wages at all }\par\pard\li2573\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {levels}\par\pard\li2213\ri0\sl-293\s
lmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\chars
calex100 { The ratio of maximum & minimum wage differentials}\par\pard\li2213\ri
0\f0\charscalex100 { Norms of span of control}\par\pard\li2213\ri0\sl-293\slmult

100 { Demand for specialized labour }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100\b \ul {C. Wage & Motivators}\b0 \ul0 \par\pard\li1493\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {- Purchasing power provided by monitory
income helps workers to }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {take care of their basic needs:}\par\pard\li2213\ri0\sl-293\slmult0 \*
\tx2573\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100
{ Food / Clothing / Shelter / Transportation / Insurance / }\par\pard\li2573\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Pension Plans / Education / Other ph
ysical maintenance & }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {security factors}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {- Monitory income includes:}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573
\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 { Wages
/ Merit increases / performance \uc1\u8211X based bonuses}\par\pard\li1133\ri0\
sl-453\slmult0 \fs24\cf0\f0\charscalex100\b {EVOLUTION OF MODERN-DAY WORKFORCE}\
b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Advent of t
he Labour Force }\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {During the period of foreign rule, Britishers introduced industrialization
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {and thereby her
alded the advent of labour sector in this country. With }\par\pard\li1133\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {the emergence of native industrialists
the labour sector expanded. The }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {pace of industrialization and the expansion of la
bour sector were }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {accelerated by the first and second world wars.}\par\pard\sect\sectd\sbkno
ne\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2213\colsr-0
\colno2\colw9226\pard\li1493\ri0\sl-306\slmult0 \fs24\cf0\f1\charscalex100 {\uc1
\u61623X}\par\column\pard\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {In
the early years the workers organized to obtain wages to }\par\pard\sect\sectd\s
mult0 \fs24\cf0\f0\charscalex100 {meet limited needs for livelihood and convenie
nce to work decently. }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {Labour struggle became a part of national movement. The concepts }\par\pa
rd\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {of freedom, democra
cy, secularism and socialism, were }\par\pard\li1493\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {indoctrinated in the labour movement, than
ks to agitations for }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {rights of workers.}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15
840\marglsxn666\margrsxn133\cols2\colno1\colw2213\colsr-0\colno2\colw9226\pard\l
i1493\ri0\sl-306\slmult0 \fs24\cf0\f1\charscalex100 {\uc1\u61623X}\par\column\pa
rd\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {The trade union leaders of
yesteryears played a glorious role }\par\pard\sect\sectd\sbknone\pgwsxn12240\pg
hsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {in this respect. We are still striving to ensure
social security }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10
0 {measures envisaged in the directive principles of the Indian
}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Constitution s
uch as right to work, living wages, security in work }\par\pard\li1493\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {place etc.}\par\pard\sect\sectd\sbknone\pg
o2\colw9226\pard\li1493\ri0\sl-306\slmult0 \fs24\cf0\f1\charscalex100 {\uc1\u616
23X}\par\column\pard\li0\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {Today th
e economy of the nation itself is facing grave crisis }\par\pard\sect\sectd\sbkn
t0 \fs24\cf0\f0\charscalex100 {due to the impact of globalization, and the labou
r sector is in the }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {dark shadows of economic and social problems. The threats faced }\par\pard\l
i1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {by the economy of the natio
n, industry, agriculture and thereby the }\par\pard\li1493\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {labour sector are due to the impact of th
e global pressures and }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\c

harscalex100 {hence beyond our control. Yet we are compelled to
defend }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {oursel
ves to protect our economic and social security }\par\pard\sect\sectd\sbknone\pg
23X}\par\column\pard\li0\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {Conseque
nt on the grave crisis in the Indian economy, }\par\pard\sect\se
80\slmult0 \fs24\cf0\f0\charscalex100 {significant reforms based on libe
ralization, globalization was }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0
\fs24\cf0\f0\charscalex100 {39}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn1
5840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\mar
glsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs1
8\cf0\par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {e
nforced from 1991. It was these economic reforms that dictated }\par\pard\li1493
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the industrial policy from then
on. Only after a couple of years of }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {reforms that negative effects on other sectors of polity ca
me to be }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {felt,
the most affected being the Labour}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0
\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Need of the Ho
ur}\b0 \par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f0\charscalex100 {
\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Ensuring equity as well as acceler
ating the rate of growth of }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {economy in the labour market is the need of the hour \uc1\u8211X}\p
53X}\tab \fs24\cf0\f0\charscalex100 {It is necessary to ensure significant impro
vements in the quality of }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {labour, productivity, skill development and working conditions, and }
\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {to provide welfa
re and social security measures particularly, to }\par\pard\li1493\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {those in the unorganized sector}\par\pard\li11
24\cf0\f0\charscalex100 {It is also necessary to ensure that all adult persons l
ooking for work }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{are employed at levels of productivity and income, which are }\par\pard\li1493\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {necessary to afford them a decent
life. A significant proportion of }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {workers presently earn below the subsistence wages}\par\pard
\li1133\ri0\sl-293\slmult0 \*\tx1493\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\ta
b \fs24\cf0\f0\charscalex100 {Another unfortunate facet of labour markets is the
persistence of }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{child labour which must be eradicated in the shortest possible time}\par\pard\l
f0\charscalex100\b {Background}\b0 \par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853
\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Modern
day professions as we know them had their origin in the }\par\pard\li1493\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {post-industrial age after World War II
when most Western nations }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {saw a long spell of growth}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx
1853\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Th
is era also saw the emergence of modern day consumerism. }\par\pard\li1493\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {To cater to the emerging needs of the
market, huge corporations }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {built gigantic factories to manufacture products and serve the }\par\
pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {needs of consumers}\p
\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1493\ri0\sl-306\slmult0 \*\tx185
3\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {\uc1\
u61553X}\par\column\pard\li0\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {They
also started employing thousands of people to }\par\pard\sect\sectd\sbknone\pgw
4\cf0\f0\charscalex100 {manufacture, service and market the products}\par\pard\l
\fs24\cf0\f0\charscalex100 {Sometime during this period (in 1956), William H Why
te wrote }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {his mu
ch acclaimed book titled the Organization Man\uc1\u8212Xa term which }\par\pard\
li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {caught the fancy of an ent
ire generation of working professionals. }\par\pard\li1493\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {For Whyte Organization Men are People who only work fo
r the }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Organizat
ion. They are the ones of our middleclass who have left }\par\pard\li1493\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {home, spiritually as well as physically
, to take the vows of }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {organization life, and it is they who are the mind and soul of our }\par\
pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {great self-perpetuati
ng institutions}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\charsc
alex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {For nearly half century a
fter the book appeared, Organization }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {Man typified the working class. In most parts of the world
, huge }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {corporat
ions\uc1\u8212Xprivate, public and government-owned\uc1\u8212Xemployed }\par\par
d\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {hundreds of thousands of
Organization Men}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\fs24\cf0\f1\char
scalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {In the US, Fortune 500
companies created millions of jobs. }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {Similarly, UK, Europe, the Eastern bloc, and India saw the
}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {emergence of hu
ge government owned corporations and Public }\par\pard\li1493\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {Sector Undertakings (PSUs) that employed millions}\
840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marg
lsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs18
ult0 \fs18\cf0\par\pard\li1493\ri0\sl-440\slmult0 \*\tx1853\fs24\cf0\f1\charscal
ex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {In many parts of the world,
government service was the career }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {choice for a generation of the best and the brightest. In In
dia, }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {joining th
e Indian Administrative Service (IAS) or Police Service (IPS) }\par\pard\li1493\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {was the dream}\par\pard\li1493\ri
0\f0\charscalex100 {In the US, President Kennedy\uc1\u8217Xs "send a man to the
moon" project }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {c
aptured the imagination of a whole generation of youngsters who }\par\pard\li149
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {either wanted to become rocket
scientists or astronauts for NASA}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx1853\
fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {A whole
generation of the best and brightest from top }\par\pard\li1493\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {universities competed to give their life and sou
ls, and dedicate their }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {professional lives to mammoth corporations by joining the }\par\pard\li1
493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {burgeoning ranks of Organizat
ion Men. In return, they were assured }\par\pard\li1493\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {of a steady paycheck, raises, promotions and a golden wat
ch at }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {retiremen
t, with a guaranteed pension to boot}\par\pard\li1493\ri0\sl-306\slmult0 \*\tx18

53\fs24\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Educ
ated professionals were not the only ones welcomed by }\par\pard\li1493\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {these organizations}\par\pard\li1133\ri0\
sl-293\slmult0 \*\tx1493\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\
f0\charscalex100 {There was a need for everyone\uc1\u8212Xfrom the mailroom cler
k and janitor }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {t
o shop floor workers, supervisors and managers; and everyone else }\par\pard\li1
493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {in between}\par\pard\li1133\r
f0\f0\charscalex100 {One common aspect binding all employees was their unrelenti
ng }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {loyalty to t
he organization. There was very little individualism and }\par\pard\li1493\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {entrepreneurship shown (or expected) b
y employees, and most of }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {the decision-making took place in ivory towers at head offices}\par\pa
rd\li1133\ri0\sl-293\slmult0 \*\tx1493\fs24\cf0\f0\charscalex100 {\uc1\u61553X}\
tab \fs24\cf0\f0\charscalex100 {The organizations asked for, and got the unwaver
ing following of its }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {organization men; in return, it guaranteed employment, almost }\par\pard\l
i1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {taking on a patriarchal rol
e for families of organization men}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0
\par\pard\li1133\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100\b {Transition}\b0
\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f0\charscalex100 {\uc1\u
61553X}\tab \fs24\cf0\f0\charscalex100 {There is little debate over the fact tha
t we are experiencing a }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {major shift in the job market worldwide}\par\pard\li1493\ri0\sl-280\slm
lex100 {Changes in the marketplace are leading to a fundamental shift in }\par\p
ard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {careers and profession
s across the board}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs18\cf0\f0\cha
rscalex100 {\uc1\u61553X}\tab \fs22\cf0\f0\charscalex100 {Perhaps the most impor
tant shift in the paradigm is the move }\par\pard\li1853\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {from Organization Man to Free Agents or Gold Collar Work
ers}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs22\cf0\f0\charscalex100 {\uc
1\u61553X}\tab \fs22\cf0\f0\charscalex100 {Individuals will not remain loyal to
one single organization, }\par\pard\li2573\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {just as most organizations have given up on guaranteeing }\par\pard\li
2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {lifetime employment}\par\par
ab \fs22\cf0\f0\charscalex100 {New entrants to the job-market, and even those wh
o have }\par\pard\li2573\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {been wor
king in the corporate world for a while are starting }\par\pard\li2573\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {to realize that we cannot hope
to become, or remain, }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {Organization Men}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par
\pard\li1133\ri0\sl-320\slmult0 \fs24\cf0\f0\charscalex100\b {The New Generation
}\b0 \par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {This workforce contains the now generation, me }\par
1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {generation, new breed, and n
ew X generation }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn66
66\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {These generations have been variously de
scribed }\par\pard\li1680\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1680\ri0\sl-21
0 {41}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn1
33\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margt
sxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\
i1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {as having lower overall job
satisfaction, less desire to lead (move up }\par\pard\li1493\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {the organizational hierarchy) and to defer to autho
rity; believe that }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {they are entitled to a good job; have a strong a desire to control }\par\par
d\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {their own destiny; have
a low absenteeism threshold}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840
li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {They have also been described
as having a lower }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsx
n666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {resp
ect for authority, and a greater desire for self-expression, }\par\pard\li1493\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {personal growth, and self-fulfillm
ent}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133
\cols2\colno1\colw3653\colsr-0\colno2\colw7786\pard\li1493\ri0\sl-266\slmult0 \f
fs24\cf0\f0\charscalex100 {This group also tends to be more educated than }\par\
pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1
493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {their predecessors, in most c
ases, they are more educated than }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {their supervisors}\par\pard\sect\sectd\sbknone\pgwsxn12240\pg
hsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw3653\colsr-0\colno2\colw7786\
pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\col
umn\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Impatience and selfconfidence define today's }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\
marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {educated young worker}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\ma
ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {In older times, people used to d
o anything to get a }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
xn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {job
- Today everyone thinks they're entitled to a job }\par\pard\li2213\ri0\sl-293\
scalex100 {In the old days, such attitudes were unimaginable; they }\par\pard\li
2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {would have been self-defeati
ng}\par\pard\li2213\ri0\sl-293\slmult0 \*\tx2573\fs24\cf0\f0\charscalex100 {\uc1
\u61553X}\tab \fs24\cf0\f0\charscalex100 {Companies are no longer in the driver'
s seat - Employees }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {are in control now}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li
1133\ri0\sl-320\slmult0 \fs24\cf0\f0\charscalex100\b {Labor Market Discriminatio
n}\b0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\s
lmult0 \fs24\cf0\f0\charscalex100 {What is Discrimination?}\par\pard\sect\sectd\
sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw3293\co
lsr-0\colno2\colw8146\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100
{\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{The valuation in the market place of personal }\par\pard\sect\sectd\sbknone\pg
24\cf0\f0\charscalex100 {characteristics of the worker that are unrelated to wor
ker }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {productivit
y. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133
\cols2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1493\ri0\sl-293\slmult0 \f
s24\cf0\f0\charscalex100 {o}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {These personal characteristics may be sex, race, age, }\par\pard
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {national origin, religion, educat
ion or sexual preference}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\ma

ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Labor market discrimination may
take the form of }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn6
66\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {differ
ent wage rates for equally productive workers with different }\par\pard\li1493\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {personal characteristics}\par\pard
\colw3293\colsr-0\colno2\colw8146\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\ch
arscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {Labor market discrimination may also take the form }\par\pard\sect
l-280\slmult0 \fs24\cf0\f0\charscalex100 {of exclusion from jobs on the grounds
of social class, union }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {membership, or political beliefs}\par\pard\li1133\ri0\sl-213\slmult0 \fs
18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Labor Mark
et Discrimination}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn6
66\margrsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pard\li1493\ri0\sl266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {Discrimination is a cause of labour mar
ket failure and }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn66
6\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {a sourc
e of inequity in the distribution of income and wealth and it }\par\pard\li1493\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {is usually subject to gov
ernment intervention e.g. through }\par\pard\li1493\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {regulation and legislation}\par\pard\sect\sectd\sbknone
\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\c
olno2\colw8146\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u
61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Discr
iminatory treatment of minority groups leads to }\par\pard\sect\sectd\sbknone\pg
24\cf0\f0\charscalex100 {lower wages and reduced employment opportunities, inclu
ding less }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {train
ing and fewer promotions. The result is that groups subject to }\par\pard\li1493
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {discrimination earn less than th
ey would and suffer a fall in relative }\par\pard\li1493\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {living standards}\par\pard\li1133\ri0\sl-213\slmult0 \fs
18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Why does d
iscrimination occur in the labour market?}\par\pard\li5333\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li5333\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {42}\par\p
ard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect
\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margb
sxn240\cols2\colno1\colw3653\colsr-0\colno2\colw7786\pard\li1493\ri0\sl-213\slmu
ex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\l
i0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pa
rd\li0\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {The 'Taste' Model Discrimination arises here }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsx
n15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {because employers and workers have distaste for working
with }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {people f
rom different ethnic backgrounds or final customers dislike }\par\pard\li1493\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {buying goods from salespeople
from different races i.e. people }\par\pard\li1493\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {prefer to associate with others from th
eir own group. They are }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {willing to pay a price to avoid contact with
other groups. With }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {reference to race, this is equivalent to racial prejudice}\par\pard\sect

lex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {Employer ignorance \uc1\u8211X Discrimination also arises }\p
li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {because employers are unab
le to directly observe the productive }\par\pard\li1493\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {ability of individuals and therefore easily observable c
haracteristics }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
such as gender or race may be used as proxies \uc1\u8211X
the employer }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
through ignorance or prejudice assumes that certain groups of }\
par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {workers are less
productive than others and is therefore less willing }\par\pard\li1493\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {to employ them, or pay them a wage or sala
ry that fairly reflects }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {their productivity, experience and applicability for a particular job}\
par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols
2\colno1\colw3653\colsr-0\colno2\colw7786\pard\li1493\ri0\sl-266\slmult0 \fs20\c
f0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {Occupational crowding effects \uc1\u8211X Females
and }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn
133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {minorities may be
crowded into lower paying occupations. There is }\par\pard\li1493\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {little doubt that a permanent gap exists betwe
en average pay rates }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {for females and males in the labour markets of UK, US,
Africa, }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Euro
pe & Asia}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-3
46\slmult0 \fs24\cf0\f0\charscalex100\b {Quality in Labour Market}\b0 \par\pard\
\f0\charscalex100 {Towards Productive Employment}\par\pard\sect\sectd\sbknone\pg
53X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Country
like India has tremendous labor cost }\par\pard\sect\sectd\sbknone\p
gwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {advantage as far as daily or monthly wage rates are co
ncerned. But }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {th
ere are limitations due to poor quality of training and skills, non-}\par\pard\l
i1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {professional approach, low
productivity and too many labor laws.}\par\pard\sect\sectd\sbknone\pgwsxn12240\p
lumn\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {The labor market is
deregulated & there is increased }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghs
scalex100 {mobility of labor in global markets }\par\pard\sect\sectd\sbknone\pgw
sxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\colno
2\colw8146\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u6155
3X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Many ot
her low cost countries like china, Mexico, }\par\pard\sect\sectd\sbk
none\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {Turkey, SAARC region neighbors, some n
orth African and Latin }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {American countries are moving fast on learning curve and will offe
r }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {tough competi
tion to Indian exporters in low cost labor advantage}\par\pard\sect\sectd\sbknon
colno2\colw8146\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\

u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {The
real labor cost will rise in countries like India }\par\pard\s
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {erasing much of low cost advantage
of labor}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrs
xn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pard\li1493\ri0\sl-266\slmul
t0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {Labour market demands are changing with great
er }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133
\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {emphasis on the qual
ity of jobs}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\mar
grsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pard\li1493\ri0\sl-266\sl
mult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\s
lmult0 \fs24\cf0\f0\charscalex100 {Labour market reforms are necessary to cope
with }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsx
n133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the accelerating
economic and social restructuring associated with }\par\pard\li1493\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {globalization, technological processes and t
he development of an }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {inclusive knowledge and information society and economy}\par\pard\sect\sec
00 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {In an era of globalization where capital, technology, }\par\pard\sect\sectd
\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {high skills and high productivity play a maj
or role in labour markets}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\m
arglsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pard\li1493
\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li
0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {In India, like in many other de
veloping countries, the }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\ma
rglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{growth of labour force is accelerating and will remain high for quite }\par\par
f0\f0\charscalex100 {43}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
glsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666
\margrsxn133\margtsxn666\margbsxn240\cols2\colno1\colw3293\colsr-0\colno2\colw81
46\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-213\slmult0 \
\slmult0 \fs24\cf0\f0\charscalex100 {sometime}\par\pard\li1493\ri0\sl-266\slmult
t0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\s
lmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-4
80\slmult0 \fs24\cf0\f0\charscalex100 {It needs rapid economic growth
with effective and }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
efficient utilization of labour by upgrading its skills to ens
ure }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {development
and employment generation. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn1584
493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard
\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Intervention is required in
labour markets to promote }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\
marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {employment and its quality.}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15
rd\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Quality in work \uc1\u8212
X including training, career prospects }\par\pard\sect\sectd\sbknone\pgwsxn12240
\charscalex100 {and work organization \uc1\u8212X makes a valuable
contribution towards }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {increasing employment and productivity }\par\pard\sect\sectd\sbknone\pg
53X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Improvem
ents in the quality of work may increase }\par\pard\sect\sectd\sbk
none\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {the efficiency of production processes
by allowing employers to }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {exploit fully the potential of new technologies}\par\pard\sect\
ex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {They are further likely to increase employees\uc1\u8217X }\p
li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {motivation and job satisfa
ction}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn1
\fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {Upgrading the quality of labour force b
y pursuing }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\m
argrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {suitable e
ducation and skill development policies}\par\pard\sect\sectd\sbknone\pgwsxn12240
46\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\
column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Low quality of
jobs and low productivity is directly }\par\pard\sect\sectd\sbknone\pg
24\cf0\f0\charscalex100 {attributable to low level of skills. The
latter poses a serious }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {challenge to integration of the labour force in world economy }\pa
\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {There is overwhelming evidence that whereas }\par\
493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {educated and skilled wo
rkers are generally able to derive some }\par\pard\li1493\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {benefits of new opportunities as a result o
f globalization, it is the }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {uneducated and unskilled workers on whom the burden
of re-}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {structu
ring falls}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\marg
rsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pard\li1493\ri0\sl-266\slm
ult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {Designing appropriate training systems is, the
refore, }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrs
xn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {an important
means to deal with labour market instabilities like }\par\pard\l
i1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {under-employment, skill mis
match and redundancy}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Higher productivity of labour
would, apart from }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\ma
rglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{dignity of labour, improve the living standards of workers and also }\par\pard\
li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {help the industry in facin
g international competition}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840
li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {An increase in overall
productivity and skill up-}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghs
scalex100 {gradation will lead to progressive absorption of large
number of }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {w
orkers from informal or unorganized sector in the formal or }\
par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {organized sector
and ensure rapid economic growth}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn
15840\marglsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pard
\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\
pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Quality of labour
force alone determines their }\par\pard\sect\sectd\sbknone\pgwsxn12240\pgh
sxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {employability abroad or in institutions of foreign ori
gin including }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{multinational organization}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840
li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Manpower development to provi
de rising labour force }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
with skills and training according to the emerging demand pattern is }\par\pard\
li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {essential to eliminate
the mismatch between the supply of and }\par\pard\li1493\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {demand for labour}\par\pard\li1133\ri0\sl
x100\b \ul {UNIT III}\b0 \ul0 \par\pard\li1133\ri0\sl-333\slmult0 \fs28\cf0\f0\c
harscalex100\b {Reward Management in TNCs (Transnational }\b0 \par\pard\li1133\r
i0\sl-320\slmult0 \fs28\cf0\f0\charscalex100\b {Corporations)}\b0 \par\pard\li53
33\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-413\slmult0 \fs24\cf0\f0\
charscalex100 {44}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn6
66\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margr
sxn133\margtsxn666\margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard
0\par\pard\li1133\ri0\sl-453\slmult0 \fs28\cf0\f0\charscalex100\b {Transnational
Corporations}\b0 \par\pard\li1133\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100
{Transnational Corporation means a for-profit enterprise marked by two }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {basic characteristics:}
\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X It
engages in enough business activities -- including sales, }\par\p
ard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {distribution, extrac
tion, manufacturing, and research and }\par\pard\li1493\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {development -- outside the country of origin so t
hat it is dependent }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {financially on operations in two or more countries}\par\pard\sect\sectd\sbk
c1\u8211X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {It
s management decisions are made based on regional or }\par\pard\sect\sectd\sbkno
0 \fs24\cf0\f0\charscalex100 {global alternatives}\par\pard\sect\sectd\sbknone\p
no2\colw8866\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u82
11X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {In an er
a of declining constraints on their mobility and the }\par\pard\sect\sectd\sbkno
0 \fs24\cf0\f0\charscalex100 {attraction of cheaper wages in less-industrialized
nations eager to }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10

0 {draw foreign investment, TNCs are eliminating jobs in their home }\par\pard\l
i1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {countries and shifting prod
uction abroad}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\m
argrsxn133\cols2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1493\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X}\par\column\pard\li0\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {In less-industrialized regions, the
lure for TNCs of fewer }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn1
5840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {costs and regulations offers little promise to workers o
f decent }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {work
ing conditions, sufficient pay, or job security. }\par\pard\sect\sectd\sbknone\p
11X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Tax brea
ks and subsidies governments use as incentives }\par\pard\sect\sectd\sbknone\pgw
4\cf0\f0\charscalex100 {are no guarantee that the TNCs will not move on after th
e benefits }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {have
expired, and as cost advantages now found in Singapore }\par\
pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {appear in, say, Bangl
adesh, the countries currently experiencing an }\par\pard\li1493\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {influx of investment may eventually find themse
lves in the same }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{position as that of the US and other industrialized nations today. }\par\pard\
colw2573\colsr-0\colno2\colw8866\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {\uc1\u8211X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {TNCs are corporations that operate in more than one
rd\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {country. Usually, h
eadquarters are in one or more nations and }\par\pard\li1493\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {production or services are in
another have become some of the }\par\pard\li1493\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {most powerful economic and political entities in th
e world today. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666
0\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X}\par\column\pard\li0\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {Such companies have a geocentric orientati
on and attempt }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666
\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {to be
responsive to both national markets, while simultaneously }\par\pa
rd\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {seeking global coordina
tion}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
fs24\cf0\f0\charscalex100 {\uc1\u8211X}\par\column\pard\li0\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {The number of transnational corporations in the world
has }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn1
33\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {jumped from 7,000
in 1970 to 40,000 in 1995 }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\par
d\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {What is the difference b
etween Multi National Corporation and Trans }\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {National Corporation?}\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X MNCs operate in several d
ifferent countries while transnational }\par\pard\li1493\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {implies "just across the border" as in the US and
Canada. Obviously, }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {both operate internationally}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {\uc1\u8211X A MNC has a centralized headquarters &
is a corporation with }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {extensive ties in international operations in more than one forei

gn }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {country. E
xamples are Coke, Pepsi, General Electric, Exxon, Wal-}\par\pard\li1
493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Mart, Mitsubishi, Diamler Chr
ysler}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211
X A transnational company has no "head office" and moves whatever }\par\pard\li1
493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {base of operations it has flu
idly between its national offices. It is a }\par\pard\li1493\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {MNC that operates worldwide without being
identified with a }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charsc
alex100 {national home base i.e. it is said to operate on a borderless basis. }\
par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Examples are Daew
oo, Saint Gobain, Daimler-Benz, Sony, Samsung }\par\pard\li5333\ri0\sl-466\slmul
t0 \fs24\cf0\f0\charscalex100 {45}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsx
n15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\m
arglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \f
slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100
{Group, Shell Oil etc}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1
133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Reward Management}\par\pard\l
i1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- The type and amou
nt of compensation necessary to attract }\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {technically and culturally qualified
international managers and }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {technical professionals to the three nationals or
country categories }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {involved international human resource management activities fr
om }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {which employ
ees are selected whether the people are:}\par\pard\li2213\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {\uc1\u8211X PCNs (parent country nationals)}\par\pard\l
i2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X TCNs (third cou
ntry nationals) or}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {\uc1\u8211X HCNs (host country nationals)}\par\pard\sect\sectd\sbknone\pgwsxn
olw9226\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column
\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {HR managers focus on th
eir strategic objectives to develop a }\par\pard\sect\sectd\sbknone\pgwsxn12240\
pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {comprehensive compensation plan, in terms of consider
ing base }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {pay,
short and long-term incentives, benefits and growth }\par\pard\li
1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {opportunities}\par\pard\sect
lex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Th
e objective of this kind of strategy is to ensure that both }\par\pard\sect\sect
d\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {TNC/MNCs\uc1\u8217X long and short-te
rm objectives coexist in the }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {compensation system without overlap, which would
duplicate a }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{single pay plan for the same objectives. }\par\pard\sect\sectd\sbknone\pgwsxn1
lw9226\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\
pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {The purpose of the plann
ing is also designed to ensure that }\par\pard\sect\sectd\sbknone\pgwsxn12240\pg
arscalex100 {the compensation system attracts and retains the desi
red }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employees
and that it motivates them to do those things that }\par\pard
\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {support the business plan

}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\co
ls2\colno1\colw2213\colsr-0\colno2\colw9226\pard\li1493\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {The type and amount of compensation necessary to attract }\par\pard
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {technically and culturally
qualified international managers and }\par\pard\li1493\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {technical professionals to the three nationals or co
untry categories }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{involved international human resource management activities from }\par\pard\li
1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {which employees are selected
whether the people are:}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {\uc1\u8211X PCNs (parent country nationals)}\par\pard\li2213\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X TCNs (third country nationals)
or}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X H
CNs (host country nationals)}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn1584
493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {HR managers focus on their strategic ob
jectives to develop a }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marg
lsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {c
omprehensive compensation plan, in terms of considering base }\par
\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {pay, short and
long-term incentives, benefits and growth }\par\pard\li1493\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {opportunities}\par\pard\sect\sectd\sbknone\p
no2\colw9226\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\c
olumn\pard\li0\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {The objective of t
his kind of strategy is to ensure that both }\par\pard\sect\sectd\sbknone\pgwsxn
12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {TNC/MNCs\uc1\u8217X long and short-term objectives
coexist in the }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {compensation system without overlap, which would duplicate a
}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {single pay pla
n for the same objectives. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840
93\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {The purpose of the planning is also desi
gned to ensure that }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
xn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the
compensation system attracts and retains the desired }\par\pard\l
i1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employees and that it
motivates them to do those things that }\par\pard\li1493\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {support the business plan}\par\pard\li113
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Global Staffers}\b0 \par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {An expatriate is an emplo
yee working in a country other than their }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {country of origin. An expatriate may also be referr
ed to as a PCN or }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333
\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {46}\par\pard\sect\sectd\sbknone\
pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12
f0\charscalex100 {parent-country national}\par\pard\li1493\ri0\sl-280\slmult0 \*
\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100\b {PCNs (Pa
rent Country Nationals)}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {\uc1\u8211X Those personnel who are of the same nationality as the c
ontracting }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {gove
rnment or personnel from headquarters}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\

cf0\f0\charscalex100 {\uc1\u8211X They come from the home country of the operati
on. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X
The policy of using PCNs is usually employed when one or more of }\par\pard\li1
493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the following situations exis
ts: (1) the host country cannot readily }\par\pard\li1493\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {supply desired managerial personnel, (2) efficien
t communication }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10
0 {with headquarters is required, and (3) the company adopts a
}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {centralized ap
proach to globalization }\par\pard\li1133\ri0\sl-280\slmult0 \*\tx1493\fs24\cf0\
f0\charscalex100 {- }\tab \fs24\cf0\f0\charscalex100\b {TCNs (Third Country Nati
onals)}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \*\tx1586\fs22\cf0\f0\charscalex1
00 {\uc1\u8211X}\tab \fs22\cf0\f0\charscalex100 {Those personnel of a separate n
ationality to both the contracting }\par\pard\li1586\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {government and the area of operations i.e. who
se nation of }\par\pard\li1586\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{residence is neither the host country nor the home country}\par\pard\li1133\ri
0\sl-280\slmult0 \*\tx1586\fs22\cf0\f0\charscalex100 {\uc1\u8211X}\tab \fs22\cf0
\f0\charscalex100 {Such an employee normally is recruited from out
side the host }\par\pard\li1586\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {country and}\par\pard\li1133\ri0\sl-280\slmult0 \*\tx1586\fs24\cf0\f0\charsca
lex100 {\uc1\u8211X}\tab \fs24\cf0\f0\charscalex100 {relocated from the point of
recruitment to the host country}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {}\fs24\cf0\f0\charscalex100\b {HCNs (Host Country Nationa
ls)}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u82
11X These are Indigs (Indigenous Personnel) / Nationals / Locals \uc1\u8211X tho
se }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {personnel wh
o are indigenous to the area of operations}\par\pard\li1133\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {\uc1\u8211X Whose basic residence or home is the host
nation }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8
211X Local colleagues of the expatriate, they are valuable socia
lizing }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {agents,
sources of social support, assistance, and friendship to }\par\p
ard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {expatriates. Expatri
ates are more likely to adjust when HCNs }\par\pard\li1493\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {engage in this behavior}\par\pard\li1133
\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\ch
arscalex100 {Reward Management}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15
rd\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {The vehicle for \uc1
\u8220Xgoing global\uc1\u8221X is often an }\par\pard\sect\sectd\sbknone
\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {international strategic alliance creating a
world of \uc1\u8220Xstateless }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {corporations\uc1\u8221X - a collaboration between two or mo
re TNC/MNCs that }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{allows them to jointly pursue a common goal}\par\pard\sect\sectd\sbknone\pgwsx
n12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw3653\colsr-0\colno2\
colw7786\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X
}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {TNC/MNCs
are staffed either by recruiting }\par\pard\sect\sectd\sbknone\pgwsxn122
f0\charscalex100 {expatriates from the regular organizations or by
creating an }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
international cadre of managers, professionals, and workers of very }\par\pard\l
i1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {diverse cultural background
s }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\
cols2\colno1\colw3653\colsr-0\colno2\colw7786\pard\li1493\ri0\sl-266\slmult0 \fs
20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {Companies like Gillette, Sony are already
doing }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn
133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {their own interna
tional cadre of managers now}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {\uc1\u8211X Recruiting people directly to an international caree
r will assure a }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{supply of employees who expect and want to go overseas}\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Consistency within the growt
h of international business operations }\par\pard\li1493\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {will require effective international human res
ource management }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {(IHRM) - }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\u
c1\u8226X Involves moving people around the world}\par\pard\li1493\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {\uc1\u8226X Helps HR Managers to form
ulate and implement policies and }\par\pard\li1493\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {activities in the home-office headquarters }\par\pard\
li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8226X HR Manager\
uc1\u8217Xs responsibilities include selecting, training, and }\par\pa
cf0\f0\charscalex100 {47}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\ma
rglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn66
fs18\cf0\par\pard\li1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {transfer
ring PCN abroad, and formulating policies for the firm as a }\par\pard\li1493\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {whole and for its foreign operation
s}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X In
staffing international operations, HR managers face a confusing }\par\pard\li14
93\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {array of choices in recruiting
and selecting from one of three types }\par\pard\li1493\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {of employees of an international firm. The three nationa
ls or country }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {c
ategories involved in international HRM activities are:}\par\pard\li1133\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X The host-country where the s
ubsidiary may be located}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {\uc1\u8226X The home country where the firm is headquartered}\par\pard\
li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Other countrie
s that may be the source of labor or finance }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X For example, P&G employs Eritrean citi
zens (HCNs) in its Eritrean }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {operations, often sends U.S. citizens (PCNs) to the Gulf countries
on }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {assignment,
and may send some of its Italian employees on }\par\pard\li149
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {assignment to its Mexican opera
tions (as TCNs)}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
\uc1\u8211X These three types of employee groups have very different cultural }\
par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {backgrounds. Ther
efore, TNC/MNCs\uc1\u8217X HR managers must coordinate }\par\pard\li1493\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {policies and procedures to manage from t
he firm\uc1\u8217Xs home country as }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {well as in subsidiaries around the world in
shaping international }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {compensation and reward systems.}\par\pard\li1133\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {\uc1\u8211X These policies and practices must effecti
vely balance the needs and }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\cha
rscalex100 {desires of HCNs, PCNs and TCNs as well - Failure
to recognize }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{differences in managing human resources in international }\par\pard
\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {environment frequently re
sults in major difficulties in international }\par\pard\li1493\ri0\sl-280\slmult

0 \fs24\cf0\f0\charscalex100 {operations }\par\pard\li1133\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {Managing
of a global workforce can be an important factor in the }\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {success or failur
e of an TNC/MNC:}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{TNC/MNC\uc1\u8217Xs HR managers must staff their international bu
siness }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {operatio
ns with personnel who are technically competent, culturally }\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {proficient, and costeffective. In almost all cases, it is generally argued }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {that it is cheaper to employ HCNs than t
o send expatriates (PCNs or }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {TCNs). TNC/MNCs may find expatriates too expensive to
employ in }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
large numbers}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {
The International Compensation Challenge}\b0 \par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {\uc1\u8211X Compensation is one of the mo
st complex areas of international }\par\pard\li1493\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {human resource management}\par\pard\li1133\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Pay systems must conform to loc
al laws and customs for employee }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {compensation while also fitting into global MNC policies}\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Managers
face diverse political systems, laws & regulations, }\par\pard\li1
493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {confront different economic
climates, economic development, tax }\par\pard\li1493\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {policies, diverse culture, customs, the role of labo
r unions, standard }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {of living}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\u
c1\u8226X For example, union influences may play an important ro
le in }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {determi
ning wage policies in some countries such as Australia }\par\pard\li1853\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {where the Australian Government and uni
ons negotiate pay rates }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {for workers that apply nationwide. }\par\pard\li1493\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {\uc1\u8226X In Hong Kong, by contrast, labor unions
are extremely weak, and }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard
\li5333\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {48}\par\pard\sect\sectd\s
bkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\p
ult0 \fs24\cf0\f0\charscalex100 {wage rates are determined by the free market}\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X All th
ese different factors between international communities affect }\par\pard\li1493
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {international compensation s
ystems. Therefore, finding the right }\par\pard\li1493\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {method for TNC/MNCs to determine a compensation pa
ckage in an }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {int
ernational market is simply becoming a nightmare}\par\pard\li1133\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X It is also important for MNCs to co
nsider carefully the motivational }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {use of incentives and rewards among the employees drawn from
}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {three national
or country categories}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {\uc1\u8211X The traditional function of pay to attract, reta
in and motivate }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {employees has not changed - The emphasis has shifted from the }\par\pard\li
1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {attraction and retention fun
ctions to the motivation function. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {\uc1\u8211X TNC/MNCs must ensure that those skille

d employees are }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {compensated for achieving goals that make the international }
\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {business operati
ons succeed}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1
\u8211X As different countries have different norms for employee }
\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {compensation,
HR managers should consider carefully the }\par\pard\li1493\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {motivational use of incentives and
rewards among international }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {community:}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {\uc1\u8226X For Americans money is likely to be the
driving force even }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {though no financial incentives such as prestige, independence, }\par\p
ard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {and influence may be m
otivators}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u
8226X Other cultures are more likely to emphasize respect, family, job }\par\par
d\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {security, a satisfyi
ng personal life, social acceptance, }\par\pard\li1853\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {advancement, or power}\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Since there are many alternative
s to money, the rule is to match }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {the reward with the values of the culture}\par\pard\li1133\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X There are wide var
iations both between countries and among }\par\pard\li1493\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {organizations within countries concern
ing how to compensate }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {workers}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {\uc1\u8211X The principal problem is salary levels for the same job and the
jobs }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {are diffe
rent between countries in which an TNC/MNC operates}\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Compensation policies can create
conflict if local nationals compare }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {their pay packages to the expatriate\uc1\u8217Xs and concl
ude that they are }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {being treated unfairly}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {\uc1\u8226X Can create resentment and envy on the part of HCN managers
}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {and lower thei
r morale and productivity}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard
\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Unique Compensation Iss
ues in International Scenario }\b0 \par\pard\li2213\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {\uc1\u8211X Incentives provided to stimulate movement or expa
triation }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {to a f
oreign location / host country}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {\uc1\u8211X Allowances for repatriation to home country}\par\pard
\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Additional ta
x burdens placed on employees working in a }\par\pard\li2573\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {foreign location}\par\pard\li2213\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {\uc1\u8211X Labour regulations in home and host cou
ntry}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X
Cost-of-living allowances in the host country}\par\pard\li2213\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Home country and host country currenc
y fluctuation}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\
sl-306\slmult0 \fs24\cf0\f0\charscalex100 {49}\par\pard\sect\sectd\sbkpage\pgwsx
n12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li2213\r
f0\f0\charscalex100 {\uc1\u8211X Formal and informal compensation practices uniq
ue to the }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {host
country}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u82
11X Determining home country for setting base pay of TCNs}\par\pard\li1133\ri0\s

ex100\b {Compensation Strategy for Global Staffers}\b0 \par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X A successful compensation
strategy involves keeping expatriates }\par\pard\li1493\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {motivated while meeting TNC/MNC goals and budget
s. TNC/MNCs\uc1\u8217X }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {HR managers must build an expatriate pay package by:}\par\pard\li1493\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Meeting corporate goals
at home and abroad}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {\uc1\u8226X Keeping expatriates motivated}\par\pard\li1493\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Complying with company budgets}\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X This stra
tegic perspective on the linkage between IHRM and }\par\pard\li149
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {strategy is so critical for a T
NC/MNCs\uc1\u8217X success. A TNC/MNC that can }\par\pard\li1493\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {develop a highly trained, flexible, an
d motivated international }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {workforce is at an advantage relative to its competitors, especia
lly if }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {that wor
kforce can be used strategically to support corporate goals. }\par\pard\li1493\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {It is essential that there
is synergy among business objectives, }\par\pard\li1493\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {staffing, and compensation. A sound expatriate
strategy is a key to }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {international business success and should be a major inte
rest of }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {senio
r management}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\s
l-346\slmult0 \fs22\cf0\f0\charscalex100\b {Management challenges concerning
International Benefits & }\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100\b {Compensation}\b0 \par\pard\sect\sectd\sbknone\pgwsxn12240
46\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-333\slmult0 \
fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {HR manager
s focus on their strategic objectives to }\par\pard\sect\sectd\sbknone\pgwsxn1
0\f0\charscalex100 {develop a comprehensive compensation plan, in te
rms of }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {consid
ering base pay, short and long-term incentives, benefits and }\par\pard\li1493\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {growth opportunities}\par\pard\sec
alex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {The objective of this kind of strategy is to ensure that }\par\pard\se
ct\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {both TNC/MNCs\uc1\u8217X long
and short-term objectives coexist in the }\par\pard\li1493\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {compensation system without overlap,
which would duplicate a }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {single pay plan for the same objectives. }\par\pard\sect\sectd\s
sr-0\colno2\colw8146\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {
\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{The purpose of the planning is also designed to }\par\pard\sect
l-280\slmult0 \fs24\cf0\f0\charscalex100 {ensure that the compensation s
ystem attracts and retains the }\par\pard\li1493\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {desired employees and that it motivates them to do those
things }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {that su
pport the business plan}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar

i0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {The compensation costs of a famil
y with children are }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
xn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {shi
fted to hardship allowance for schooling, childcare, increased }\p
ar\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {residence cost and
all fringe benefits associated with supporting a }\par\pard\li1493\ri0\sl-280\s
lmult0 \fs24\cf0\f0\charscalex100 {family life cycle}\par\pard\li1133\ri0\sl-213
\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100
\b {Designing the Compensation Program}\b0 \par\pard\sect\sectd\sbknone\pgwsxn12
w7786\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-333\slmult
t0 \fs18\cf0\par\pard\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Balance
business objectives with the }\par\pard\sect\sectd\sbknone\pgwsxn12240\
pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {compensation programs such as base salary, taxes, a
llowances, }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {cost
-of-living allowances (COLAs), housing and reimbursable }\par\pard\li5
\charscalex100 {50}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn
666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\marg
rsxn133\margtsxn666\margbsxn240\cols2\colno1\colw3653\colsr-0\colno2\colw7786\pa
lt0 \fs24\cf0\f0\charscalex100 {expenses.}\par\pard\li1493\ri0\sl-266\slmult0 \f
fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmul
t0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-480\s
lmult0 \fs24\cf0\f0\charscalex100 {The levels of salary and types of fringe bene
fits }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn1
33\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {paid to the three
primary labor pools of international managers are }\par\pard\li1493\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {well documented. What has not received adequa
te attention is the }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {difference among PCNs, HCNs, and TCNs.}\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {\uc1\u8211X For example, executives, middle managers
and supervisors who are }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {expatriate managers in international assignments, receive a variety }\
par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {of \uc1\u8220Xpac
kage\uc1\u8221X of benefits}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\cha
rscalex100 {\uc1\u8211X In addition to salary, taxes and benefits,
international managers }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\char
scalex100 {also receive different allowances as part of their ov
erall }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {compensat
ion to accept an overseas position}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {\uc1\u8211X The most noticeable differences among t
he three labor pools of }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {international managers are}\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {\uc1\u8226X Overseas premiums \uc1\u8211X}\par\pard\
li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8226X The foreign se
rvice premium is based on the expatriate\uc1\u8217Xs level in }\par\pard\li1493\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the company, the family size, and
the location}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\u
c1\u8226X Another type of premium is the hardship allowance and home }\par\pard\
li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {leaves. The U.S. Departmen
t of State established a hardship list in }\par\pard\li1493\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {1996 to help organizations providing expatriate manag
ers hardship }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {al

lowances as a percentage of their base salary}\par\pard\li1133\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Housing allowances \uc1\u8211X}\par\pa
rd\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Entails sub
stantial additional costs}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {\uc1\u8226X TNC/MNCs differ in policies regarding employee contributio
ns to }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {housing}\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Costof-living allowances \uc1\u8211X}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {\uc1\u8226X Provided to help PCN or TCN enjoy a standard of liv
ing abroad }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {that
is comparable to what they would enjoy in the home country}\par\pard\li1133\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Tax equalization \uc1\u8
211X}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8226X
PCNs pay no more income tax and no less than if he or
she }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {stayed hom
e}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Re
patriation allowances \uc1\u8211X}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\
f0\charscalex100 {\uc1\u8226X Paid on return of employee to his/her country of
origin to live }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{there permanently }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {\uc1\u8226X Performance-based bonuses}\par\pard\li1133\ri0\sl-213\slmult0 \
fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Additi
onal Payments and services}\b0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par
\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Lifestyl
e enhancement services}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {\uc1\u8226X Provision for employee & family to learn the local language}\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8226X Educa
tion & training of employee & family on local culture, customs }\par\pard\li1493
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {and social expectations}\par\par
d\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Counseling s
ervices for employee & family}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {\uc1\u8226X Assistance in finding a home at the foreign wo
rk site / school & }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {suitable education programmes for children & dependents}\par\pard\li113
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Company car, driver
, domestic staff, child care}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {\uc1\u8226X Use of Fitness facilities / subsidized health care serv
ices}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-306\sl
hsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage

\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Assistan
ce in finding suitable & acceptable employment for spouse}\par\pard\li1133\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Assistance in joining loca
l civic, social, professional organizations}\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {\uc1\u8211X Allowances & Premiums}\par\pard\li1133\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Foreign service premiu
m & tax equalization allowance}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {\uc1\u8226X Temporary living allowance}\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Hardship premium}\par\pard\li1
133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Currency protecti
on}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X M
obility premium}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
\uc1\u8226X Home-leave allowance}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {\uc1\u8226X Stopover allowance}\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Completion of assignment bonus}\par\
pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Assignmen
t extension bonus}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{\uc1\u8226X Emergency loan}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {\uc1\u8226X Extended work-week payment}\par\pard\li1133\ri0\sl-213\
{The Expatriate Compensation Balance Sheet: Summary}\par\pard\li1133\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Expatriate (PCN or TCN) compensa
tion programs are an important }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {issue in managing reward systems. Compensation plans
for }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {expatria
te managers must be:}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11
33\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Conclusion}\b0 \par\pard\li1
133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Competitive, cost effective,
motivating, fair and easy to understand,}\par\pard\li1133\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {consistent with international financial managem
ent, easy to }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{administer,}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {an
d simple to communicate}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\l
\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-360\slmult0 \fs28\cf0\f0\ch
arscalex100\b \ul {UNIT III: CEO Compensation - Compensation of Chief }\b0 \ul0
\par\pard\li1133\ri0\sl-320\slmult0 \fs28\cf0\f0\charscalex100\b \ul {Executives
& other employees}\b0 \ul0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pa
rd\li1133\ri0\sl-360\slmult0 \fs24\cf0\f0\charscalex100 {Some quotes}\par\pard\l
\fs24\cf0\f0\charscalex100 {\uc1\u8220XCEOs should be compensated 15 times more
than the lowest-}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{paid salary of an employee in a company. I am against mandating a }\par\pard\li
1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {ratio, but it can be anythin
g from 15 to 25 times the lowest salary.\uc1\u8221X}\par\pard\li1853\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {-Infosys' Narayana Murthy at CII's leadershi
p conference on the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {issue of high CEO compensation.}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx18
53\fs20\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {"The
excessive flab on CEO emoluments should be cut.\uc1\u8220X}\par\pard\li1853\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- Anu Aga, Chairman, Thermax.}\par\p
\tab \fs24\cf0\f0\charscalex100 {"CEOs 25 years ago never got a million dollars;
their }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {compensa

tion was based on common sense. Back then, CEOs were }\par\pard\li5333\ri0\sl-21
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {52}\par\pard\sect\sectd\sbkpage
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\pard\li1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {seen as diligent man
agers who had skill motivating people and just }\par\pard\li1493\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {got promoted up through the ranks."}\par\pard\li
1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- Robert Stobaugh, Professor
Emeritus, Harvard Business School.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf
0\par\pard\li1133\ri0\sl-333\slmult0 \fs18\cf0\f0\charscalex100\b {Current Compe
nsation Packages}\b0 \par\pard\li1120\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex
100\b {SALARIES AT THE TOP}\b0 \par\pard\li6693\ri0\sl-226\slmult0 \fs18\cf0\f0\
charscalex100 {Salary }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marg
lsxn666\margrsxn133\cols3\colno1\colw6693\colsr-0\colno2\colw933\colsr-0\colno3\
colw3813\pard\li5306\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {Annual pay*}
\par\pard\li5306\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100\i {(Rs crore)}\i0
\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {hike}\par\p
ard\li0\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100\i {(%)}\i0 \par\column\par
d\li0\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100 {Co's sales Co's profit}\par
\pard\li0\ri0\sl-240\slmult0 \*\tx920\fs18\cf0\f0\charscalex100 {growth}\tab \fs
18\cf0\f0\charscalex100 {Growth}\par\pard\li0\ri0\sl-240\slmult0 \*\tx920\fs18\c
f0\f0\charscalex100\i {(%)}\i0 \tab \fs18\cf0\f0\charscalex100\i {(%)}\i0 \par\p
ard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols3\col
no1\colw3453\colsr-0\colno2\colw3240\colsr-0\colno3\colw4746\pard\li1120\ri0\sl266\slmult0 \fs18\cf0\f0\charscalex100\b {Sunil Bharti Mittal}\b0 \par\column\pa
rd\li0\ri0\sl-266\slmult0 \*\tx1853\fs18\cf0\f0\charscalex100 {CMD, Bharti Airte
l}\tab \fs18\cf0\f0\charscalex100\b {12.68}\b0 \par\column\pard\li0\ri0\sl-266\s
lmult0 \*\tx933\*\tx1853\fs18\cf0\f0\charscalex100 {78.34}\tab \fs18\cf0\f0\char
scalex100 {58.47}\tab \fs18\cf0\f0\charscalex100 {100.45}\par\pard\sect\sectd\sb
r-0\colno2\colw4746\pard\li1120\ri0\sl-266\slmult0 \*\tx3453\*\tx5306\fs18\cf0\f
0\charscalex100\b {Pawan Kant Munjal}\b0 \tab \fs18\cf0\f0\charscalex100 {MD, He
ro Honda}\tab \fs18\cf0\f0\charscalex100\b {15.22}\b0 \par\column\pard\li0\ri0\s
l-266\slmult0 \*\tx933\*\tx1853\fs18\cf0\f0\charscalex100 {15.74}\tab \fs18\cf0\
f0\charscalex100 {13.61}\tab \fs18\cf0\f0\charscalex100 {-11.68}\par\pard\sect\s
ectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols4\colno1\colw34
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li1120\ri0\sl-266\slmult0 \fs18\cf0\f0\charscalex100\b {Rajiv Bajaj}\b0 \par\col
umn\pard\li0\ri0\sl-266\slmult0 \fs18\cf0\f0\charscalex100 {MD, Bajaj Auto}\par\
pard\li0\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {EVP and MD, Jindal }\par
\column\pard\li0\ri0\sl-266\slmult0 \fs18\cf0\f0\charscalex100\b {2.08}\b0 \par\
column\pard\li0\ri0\sl-266\slmult0 \*\tx933\*\tx1853\fs18\cf0\f0\charscalex100 {
362.2}\tab \fs18\cf0\f0\charscalex100 {24.16}\tab \fs18\cf0\f0\charscalex100 {10
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l-213\slmult0 \fs18\cf0\f0\charscalex100\b {13.54}\b0 \par\column\pard\li0\ri0\s
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rscalex100 {CMD, Cadila }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\f0\charscale
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alex100 {70.11}\par\pard\li0\ri0\sl-240\slmult0 \*\tx920\fs18\cf0\f0\charscalex1
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charscalex100\b {Gajendra Patni}\b0 \par\column\pard\li0\ri0\sl-306\slmult0 \*\t
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100\b {2}\b0 \par\column\pard\li0\ri0\sl-306\slmult0 \*\tx933\*\tx1853\fs18\cf0\
f0\charscalex100 {26.58}\tab \fs18\cf0\f0\charscalex100 {13.96}\tab \fs18\cf0\f0
\charscalex100 {5.84}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
xn666\margrsxn133\pard\li1120\ri0\sl-240\slmult0 \fs18\cf0\f0\charscalex100\i {N
otes: The payments are according to the 2005-06 annual report; The sales and pr
ofit }\i0 \par\pard\li1120\ri0\sl-213\slmult0 \fs18\cf0\f0\charscalex100\i {grow
th figures are for 2006-07}\i0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par
\pard\li1133\ri0\sl-386\slmult0 \fs24\cf0\f0\charscalex100\b {Compensation Compa
rison}\b0 \par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f0\charscalex10
0 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {USA is a market leader in top m
anagerial compensation}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f0
\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {CEO and top manage
rial salaries in India have climbed but are }\par\pard\li1493\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {puny in comparison to the global standards}\par\par
ab \fs24\cf0\f0\charscalex100 {Both globally and nationally, CEO pay has increas
ed way ahead }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {of
sales and other employee wages}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs
20\cf0\f0\charscalex100 {\uc1\u61553X}\tab \fs24\cf0\f0\charscalex100 {Both glob
ally and nationally, Corporate performance not kept }\par\pard\li1493\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {pace with CEO pay increase }\par\pard\li113

harscalex100\b {Historical Perspective: in India}\b0 \par\pard\sect\sectd\sbknon
u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {In 1
980s, restrictions on managerial compensation }\par\pard\sect\sectd\sbknone\pgws
xn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {resulted in complete erosion of earnings at senior and mi
ddle levels }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {(Co
mpanies Act 1956)}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn6
66\margrsxn133\cols2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1493\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X}\par\pard\li1493\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {abroad }\par\pard\li1493\ri0\sl-266\slmult0
\fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {Resulted in Chief Executives looking for better opt
ions }\par\pard\li720\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li720\ri0\sl-346\slm
ult0 \fs24\cf0\f0\charscalex100 {In 1988 restrictions on directors\uc1\u8217X sa
laries were raised }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsx
n666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {to I
NR 15,000/-pm under Section 269, Companies Act, 1956, }\par\pard\li1493\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {Schedule XIII}\par\pard\sect\sectd\sbkno
ne\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0
\colno2\colw8146\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1
\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {In
1993, revision of Schedule XIII by the Government. }\par\pard\sect\sectd\sbknone
\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {Director\uc1\u8217Xs Salary limit raised to INR 50,0
00/- pm plus commission }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {equal to annual salary}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\pa
r\pard\li5333\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100 {53}\par\pard\sect\s
ectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbk
page\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\col
lt0 \fs18\cf0\par\pard\li1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {\uc
1\u8211X}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-2
13\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\
sl-413\slmult0 \fs24\cf0\f0\charscalex100 {Perks could be drawn equal to annual
salary or INR }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\
margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {4,50,000/
- pa whichever was less}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X}\par\column\pard\li0\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Overall limit of INR 10,50,000/- p
m including perquisites }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\ma
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {was kept}\par\pard\li1493\ri0\sl266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\pard\li1493\ri0\sl-293
\slmult0 \fs24\cf0\f0\charscalex100 {compensation}\par\column\pard\li0\ri0\sl-21
3\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {
1990s was a tumultuous period for Executive }\par\pard\sect\sectd\sbknone\pgwsxn
olw8866\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X}\
par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X}\par\
column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Salaries were low
, stable and predictable}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {Legal ceilings existed on remuneration (salary and }\par\pard\sect\sectd\s
mult0 \fs24\cf0\f0\charscalex100 {commissions) of directors}\par\pard\sect\sectd
{Ceilings designed keeping in mind government officials - }\par\pard\sect\sectd
\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {Bureaucratic structure- relationship with pe
rformance of business }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {was non-existent}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\mar
i0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\pard\li1493\ri0\
sl-293\slmult0 \fs24\cf0\f0\charscalex100 {reversed}\par\pard\li1493\ri0\sl-266\
slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\pard\li1493\ri0\sl-293\slm
ult0 \fs24\cf0\f0\charscalex100 {onwards}\par\pard\li1493\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {\uc1\u8211X}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {\uc1\u8211X}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {match}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {\uc1\u8211X}\par\column\pard\li720\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {Post liberalization and globalization, the trend }\par\pard\li720\ri0\s
l-213\slmult0 \fs18\cf0\par\pard\li720\ri0\sl-346\slmult0 \fs24\cf0\f0\charscale
x100 {Mega bucks for the chief executives from 1991 }\par\pard\li0\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Infl
ation}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Demand for co
mpetent, talented grew but supply did not }\par\pard\li0\ri0\sl-213\slmult0 \fs1
8\cf0\par\pard\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {MNCs recruited
high quality manpower or their global }\par\pard\sect\sectd\sbknone\pgwsxn12240
\charscalex100 {operations at comparatively lower rates}\par\pard\sect\sectd\sbk
c1\u8211X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {In
dian family owned companies had to match the }\par\pard\sect\sectd\sbknone\pgwsx
n12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {remuneration offered by MNCs}\par\pard\sect\sectd\sbknone\
lno2\colw8866\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8
211X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Complex
compensation structure (allowances, benefits }\par\pard\sect\sectd\sbknone\pgws
\cf0\f0\charscalex100 {included) against high tax structure}\par\pard\sect\sectd
{Wide differences industry \uc1\u8211X wise in salary levels due to }\par\pard\
sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {demand and supply trends, profitab
ility, growth rate etc}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marg
lsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pard\li1493\ri
0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {!}\par\pard\li1493\ri0\sl-306\slmul
t0 \fs22\cf0\f0\charscalex100 {!}\par\pard\li1493\ri0\sl-306\slmult0 \fs22\cf0\f
0\charscalex100 {!}\par\pard\li1493\ri0\sl-306\slmult0 \fs22\cf0\f0\charscalex10
0 {!}\par\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553
X}\par\column\pard\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {1980s was
boom period for advertising}\par\pard\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\charsc
alex100 {Early 1990s \uc1\u8211X for financial services}\par\pard\li0\ri0\sl-293
\slmult0 \fs24\cf0\f0\charscalex100 {Late 1990s \uc1\u8211X petrochemical, IT, p
ower, insurance}\par\pard\li0\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {200
0 \uc1\u8211X IT and telecom, biotechnology}\par\pard\li0\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {Revision of salaries for government officials in 1996 }
\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\par
d\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {& PSU employees in 1997
had a spiraling effect}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marg
lsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pard\li1493\ri
0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {The % increase in chief executive
salaries was not }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn6
66\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the sa
me as those of the junior level employees}\par\pard\li1133\ri0\sl-213\slmult0 \f
scalex100\b {Present Compensation trends}\b0 \par\pard\sect\sectd\sbknone\pgwsxn
olw7786\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}
\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {IT is highes
t pay master \uc1\u8211X strategy for employee }\par\pard\sect\sectd\sbknone\pgw
4\cf0\f0\charscalex100 {retention especially of employees with skill sets not ea
sily available}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\
margrsxn133\cols2\colno1\colw3653\colsr-0\colno2\colw7786\pard\li1493\ri0\sl-266
\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\pard\li1493\ri0\sl-293\sl
mult0 \fs24\cf0\f0\charscalex100 {to performance}\par\pard\li1493\ri0\sl-266\slm
ult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {Annual increments not related to tenure but on
ly }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-346\slmult0 \
fs24\cf0\f0\charscalex100 {Compensation structure still not appreciated in }\par
18\cf0\par\pard\li1680\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {54}\par\pa
rd\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\
sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbs
xn240\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-213\slmult
0 \fs18\cf0\par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl413\slmult0 \fs24\cf0\f0\charscalex100 {terms of employee satisfaction and real
cost}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
3\cols3\colno1\colw2213\colsr-0\colno2\colw1440\colsr-0\colno3\colw7786\pard\li1
493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\pard\li1493
\ri0\sl-280\slmult0 \fs18\cf0\f0\charscalex100 {\uc1\u61553X}\par\pard\li1493\ri
0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {down}\par\pard\li1493\ri0\sl-266\sl
mult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-213\s
lmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-2
sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex
100 {\uc1\u8211X FMCG}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {\uc1\u8211X IT}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\
uc1\u8211X Telecom}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {Salary increases reduced from 2000 in all sectors}\par\pard\li0\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {Entry-level MBAs & engineers packages has
come }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-346\slmult0
\fs24\cf0\f0\charscalex100 {Highest compensation sectors are:}\par\pard\sect\se
80\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Engineering}\par\pard\li2213\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Durables}\par\pard\li
0\charscalex100\b {Components CEO Compensation}\b0 \par\pard\sect\sectd\sbknone\
lno2\colw7786\pard\li1853\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u6
1553X}\par\pard\li1853\ri0\sl-280\slmult0 \fs18\cf0\f0\charscalex100 {\uc1\u6155
3X}\par\pard\li1853\ri0\sl-280\slmult0 \fs18\cf0\f0\charscalex100 {\uc1\u61553X}
\par\pard\li1853\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {components}\par\
pard\li1853\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\par
d\li1853\ri0\sl-280\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\pard\l
i1853\ri0\sl-280\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\pard\li18

li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Base Salary}\par\pard\li0\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Short-term performance bonuses}\par\
pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Variety of Equity (stock
ownership) related }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0
\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Severance packages (golden parachute
s)}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Retirement plans
}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Wide variety of be
nefits and perquisites}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {Benefits and perquisites include:}\par\pard\sect\sectd\sbknone\pgwsxn12240\p
\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Companyprovided car}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc
1\u8226X Parking}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 { - Medical expense reimbursement}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 { - College tuition reimbursement for }\par\pard\sect\sectd\sb
knone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {
c
hildren}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u82
26X Chauffeured limousine }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {\uc1\u8226X Kidnap and ransom protection}\par\pard\li1133\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Counseling service (financial &
legal services)}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
\uc1\u8226X Attending professional conferences & meetings}\par\pard\li1133\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Spouse travel}\par\pard\li
1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Use of company p
lane and yacht}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\
uc1\u8226X Home entertainment allowance}\par\pard\li1133\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {\uc1\u8226X Special living accommodations}\par\pard\li11
33\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Club membership}\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Specia
l dining rooms}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\
uc1\u8226X Season tickets to entertainment events}\par\pard\li1133\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Special relocation allowance}\par\
pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Use of co
mpany credit card}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{\uc1\u8226X No \uc1\u8211X and low-interest rate loans}\par\pard\li1133\ri0\sl
slmult0 \fs24\cf0\f0\charscalex100\b {Features of Executive Compensation}\b0 \pa
\par\pard\li1493\ri0\sl-333\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\pa
r\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-346\slmult0 \
fs24\cf0\f0\charscalex100 {Performance criteria must have approval of }\par\pard
0\f0\charscalex100 {55}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marg
lsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\
margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par
18\cf0\par\pard\li1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {shareholde
rs, directors outside the compensation committee, be }\par\pard\li1493\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {formula driven}\par\pard\sect\sectd\sbknon
u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Shou
ld not be compared to wage & salary }\par\pard\sect\sectd\sbknone\pgwsxn12240\pg
arscalex100 {schemes of the other employees}\par\pard\sect\sectd\sbknone\pgwsxn1

lw7786\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\
par\pard\li1493\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {Unionized staff}\
par\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par
lumn\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Chief Executives ar
e not as organized as }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\r
i0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {A level of secrecy needs to be mai
ntained}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Remuneratio
n depends on competence, }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\m
{experience, length of service, loyalty to founders, excelling areas }\par\pard
\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {like M&A specialist, turn
around specialist etc}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margl
\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Not based on individual performance
but rather }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\ma
rgrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {on organiza
tional performance}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn
-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {Subject to statutory ceilings especial
ly in the }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\marg
rsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {public sector
\uc1\u8211X Ceilings do not apply private sector}\par\pard\sect\sectd\sbknone\p
553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Suppose
d to be guided by job evaluations, JDs, }\par\pard\sect\sectd\sbknone\pgwsxn1224
0\pghsxn15840\marglsxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {salary grades with ranges of pay in each grade & salary survey
\uc1\u8211X }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {but
exorbitant in reality}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li
1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Problems of Executive Comp
ensation}\b0 \par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\ma
rgrsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pard\li1493\ri0\sl-213\s
\uc1\u61553X}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\
sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Enormous differences between the pay,
income and }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\ma
rgrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {wealth of t
he front-line and the top executives \uc1\u8211X opposed heavily }\par\pard\li14
93\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {this disparity}\par\pard\sect\
ex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {Increases in compensation received by Chief }\par\pard\sect\sectd\sbknon
\fs24\cf0\f0\charscalex100 {Executives are far out of line with those provided
to the rest of the }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {workforce}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\m
argrsxn133\cols2\colno1\colw2573\colsr-0\colno2\colw8866\pard\li1493\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X}\par\column\pard\li0\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {While CEO received almost 36% raise, workers
received }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\marg
rsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {only 3.9% rai
se in some cases}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn66
66\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {This exorbitant CEO compensation is a di

rect cause }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\mar
grsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {of the rise
in union membership }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X}\par\pard\li1493\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X}\par\pard\li1493\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X}\par\column\pard\li0\ri0\sl-280\s
lmult0 \fs24\cf0\f0\charscalex100 {Leads to demoralizing other employees}\par\pa
rd\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Unfair to shareholders}\pa
r\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Can even lead to disto
rted behavior}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\m
argrsxn133\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\s
lmult0 \fs24\cf0\f0\charscalex100\b {CEO Compensation}\b0 \par\pard\li1493\ri0\s
l-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscale
x100 {The high compensation to CEOs had been a debatable issue over }\par\pard\l
i1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the years among corporates
as well as the investors all over the }\par\pard\li1493\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {world. Market analysts and stakeholders had criticized co
mpanies }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {for pay
ing exorbitant compensations to CEOs and argued that this }\par\pard\li1493\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {would widen the gap between the top l
evel and other levels of }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {management.}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\
charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {By early 2001, paying high com
pensation to CEOs became a very }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {controversial issue due to the global economic slump and poor }
\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performance of c
orporates. The issue was strongly debated not only }\par\pard\li1493\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {in the US, but also in countries including U
K, South Korea and India.}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard
0\f0\charscalex100 {56}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marg
lsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\
margrsxn133\margtsxn666\margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par
18\cf0\par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {- The sha
reholders were not happy with the fact that CEOs' salaries }\par\pard\li1493\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {continued to rise in spite of the p
oor performance of the stocks. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {They argued that, though the compensation of the CEO was linked
to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the compan
y's performance, there were instances where, in spite of }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {the poor performance of the c
ompany, the CEO concerned got a }\par\pard\sect\sectd\sbknone\pgwsxn12
w8146\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {decent hike }\p
ar\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {in compensatio
n package.}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\marg
rsxn133\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmu
lt0 \fs24\cf0\f0\charscalex100\b {Guidelines for CEO Compensation}\b0 \par\pard\
li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Corporate Governance}\b0
\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {A corporate gov
ernance aspect to CEO-pay }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf
0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {Revolves around the decis
ion process involved in fixing a CEO's }\par\pard\li1853\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {compensation; In some, corporate HQ lays down the broad
}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {guidelines whil
e the actual compensation is a function of local }\par\pard\li1853\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {market conditions}\par\pard\li1493\ri0\sl-280\

slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {
In the Indian context it is the board of directors that decides the }\par\pard\l
i1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {compensation of CEOs}\par\p
ard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\
cf0\f0\charscalex100 {Since most CEOs also chair the board, this means they writ
e their }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {own pay
-cheques. However, some companies (especially the }\par\pard\li1853\ri0\sl-280\s
lmult0 \fs24\cf0\f0\charscalex100 {progressive ones) have compensation committee
s in place}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl346\slmult0 \fs24\cf0\f0\charscalex100 {Corporate Governance: What the ideal sit
uation should be}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\chars
calex100 {-}\tab \fs24\cf0\f0\charscalex100 {At a theoretical level, compensatio
n committees are a must in }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {companies that weave performance-based and stock-based }\par\pard\li
1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {variables into the overall s
alary.}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {
-}\tab \fs24\cf0\f0\charscalex100 {With an increasing number of companies moving
to such }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {compen
sation structures, committees, logic dictates, should }\par\pard\li1493\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {become the norm.}\par\pard\li1493\ri0\sl293\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex1
00 {More important, regulations may soon insist on external }\par\pard\li1493\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {representation on these committees.
0 \fs24\cf0\f0\charscalex100\b {Company\uc1\u8217Xs Act 1956 }\b0 \par\pard\sect
lex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {In
India the Companies Act is the legislation that primarily }\p
li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {shapes the remuneration of
top managerial personnel.}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\
marglsxn666\margrsxn133\cols2\colno1\colw2213\colsr-0\colno2\colw9226\pard\li149
3\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {Until 1993, the Act provided for an upper
limit in the amount }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margl
sxn666\margrsxn133\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {of
compensation to be paid. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\
marglsxn666\margrsxn133\cols2\colno1\colw2213\colsr-0\colno2\colw9226\pard\li149
3\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {It had been pointed out that
the "regulation of director's }\par\pard\sect\sectd\sbknone\pgwsxn12240\pg
arscalex100 {remuneration becomes necessary for several reasons, pro
minent }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {among th
em being the prevention of diversion of corporate funds }\par\pard\li1493\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {for personal use and the impact whic
h an unduly high executive }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {reward has upon the rest of society." }\par\pard\sect\sectd\sbkn
one\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2213\colsr0\colno2\colw9226\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\
par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {However, ove
r the years, with the shift in India's economic }\par\pard\sect\sectd\sbkno
0 \fs24\cf0\f0\charscalex100 {policy towards a market-oriented capitalis
tic economy, this }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {particular legislation has been amended to increase the maximum }\par\par
d\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {pay package limits that
are payable to the managerial personnel. }\par\pard\li1493\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {While other reforms have taken their time to be incorp

orated in to }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {th
e Act, the maximum pay ceiling for CEOs has been increased }
5840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\mar
glsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs1
mult0 \fs18\cf0\par\pard\li1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {s
ystematically and more frequently. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pgh
sxn15840\marglsxn666\margrsxn133\cols2\colno1\colw2213\colsr-0\colno2\colw9226\p
ard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {One of the main reasons put forw
ard for this regular increase }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15
ex100 {has been the need to attract and retain talent at the senior level.}\par\
0\charscalex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {Additionally, it has been argued that the risk and }\par\
493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {responsibility at the s
enior level needs to be compensated by a }\par\pard\li1493\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {sufficient increase in the pay packet. N
eedless to mention the risk }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {and responsibilities at the CEO's level pertain to
the uncertainty }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10
0 {associated in fulfilling organizational objectives. This automatically }\par\
pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {indicates a stron
g relationship between the CEO's compensation }\par\pard\li1493\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {and organizational performance.}\par\pa
rd\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\coln
o1\colw2213\colsr-0\colno2\colw9226\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {Logically the CEO's job should be at stake if the organizational }\par\pard
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {objectives are not fulfilled. }\p
0\f0\charscalex100 {-}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {Indian law does not require that the compensation committee }\par\pard
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {have a charter. The scope
of the Company\uc1\u8217Xs remuneration }\par\pard\li1493\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {committee includes determination of the Board\
uc1\u8217Xs compensation and }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {the Company\uc1\u8217Xs policy on specific remuneration
packages for }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{executive directors including pension rights and any other }\par
\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {compensation payment
s}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmul
t0 \fs24\cf0\f0\charscalex100\b {Managerial remuneration & Companies Act 1956 }\
b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {- }\b0 \fs2
4\cf0\f0\charscalex100 {The Companies Act, 1956, contemplates five categories of
}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {managerial per
sonnel: }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\b {- }\b
0 \fs22\cf0\f0\charscalex100 {a) An ordinary director, who is the director }\fs2
2\cf0\f0\charscalex100\i {simplicities}\i0 \fs22\cf0\f0\charscalex100 {; b) a pa
rt-time }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {paid
director, being a director in the part-time employment of the
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {company; - a wh

ole-time director, being a director in the whole-time }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {employment of the company; d) a managing
director, being a director }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\cha
rscalex100 {entrusted with substantial powers of management; and e
) the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {manager
, having the management of the whole, or substantially the }\par\pard\li1133\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {whole, of the affairs of the company
. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\b {- }\b0 \fs2
2\cf0\f0\charscalex100 {The remuneration payable to a director may take any one
or more of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the
following forms: Sitting fee for each meeting of the Board, or a }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {committee thereof, attende
d by him; monthly, quarterly or annual }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {payments made to him; or a commission payabl
e to him at specified }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {percentages of the net profits of the company computed in the manner }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {referred to in Sect
ion 198(1). }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\b {}\b0 \fs22\cf0\f0\charscalex100 {Thus, the Companies Act enlarges the ordinary
meaning to the word }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {`remuneration' to payment in money or otherwise for service
s }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {rendered. }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\b {- }\b0 \fs22\cf
0\f0\charscalex100 {A CEO may be paid remuneration by way of a
monthly payment }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {and/or at a specified percentage of the company's net profits. }\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100\b {- }\b0 \fs22\cf0\f0\char
scalex100 {While, some companies prefer not to pay any commission and in lieu }\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {thereof absorb th
e element of commission into the monthly salary so }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {as to ensure a steady income for the CEO irr
espective of fluctuations in }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {the net profits of the company from year to year, others go to
the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {extent of
linking the CEO's pay with the share price of the firm by }\par\pard\
li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {issuing employee stock opt
ions to him/her. }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\
ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {58}\par\pard\sect\sectd\sbknone\p
gwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn122
40\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1133\ri0\s
0\charscalex100\b {- }\b0 \fs24\cf0\f0\charscalex100 {Consider the remuneration
paid to Corporate CEOs (that is, Managing }\par\pard\li1133\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {Directors or Chairman in some organizations
). Section 198 of the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {Companies Act, 1956, limits the overall maximum man
agerial }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {remuner
ation payable by a public company to persons entrusted with }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {managerial functions to 11
per cent of the company's net profits }\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {(percentage of the net profits as contemplate
d by Section 198 (1) is to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\cha
rscalex100 {be computed in the manner laid down in Sections 349, 350 and 351 in
}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the Companies A
ct).}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {- This perc
entage is exclusive of fees payable to directors for attending }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {meetings of the Board or committ
ees thereof. The Section is concerned }\par\pard\li1133\ri0\sl-280\slmult0 \fs22
\cf0\f0\charscalex100 {especially with managerial remuneration payable

to managing }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
directors. On the other hand, Section 309 is concerned with
total }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {remunerat
ion payable to directors; whatever is the nature of such }\par
\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {remuneration, manage
rial or otherwise. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {- Obliging to the frequent demands/representations of the di
fferent }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {industr
y chambers and with the shifting economic policy, the }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Companies Act was amended
from time to time. For example, from a }\par\pard\li1133\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {salary limit of Rs 90,000 pa in 1969-74, in 1994, the u
pper limit for }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
salary was eliminated (the only limiting factor being Section 198). }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {- The Guidelines shou
ld have logically helped corporations in }\par\pard\li1133\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {substantially raising their managerial remun
eration packages.}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{- It should have also helped remove the stigma attached in pay
ing }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {large remun
eration. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {- Howe
ver, despite these positive incentives regarding pay packages, }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {one could question its im
pact on corporate performance - Did such }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {phenomenal increases in the limits of manageria
l remuneration help }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {raise the performance of organizations? }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {- Were the increases in these limits
made to cope up with the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {pressures of competition and globalization, or
was there something }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {more to it? }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1
133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Recommendations}\b0 \par\pa
rd\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-346\slmult0 \*\tx1
853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {Companies shou
ld have completely independent compensation }\par\pard\li1493\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {committees that decide CEO pay}\par\pard\li1493\ri0
\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charsca
lex100 {In the absence of such committees, there should at least be a }\par\pard
\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {special sub-committee tha
t decides CEO pay}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\char
scalex100 {-}\tab \fs24\cf0\f0\charscalex100 {Whichever form the committee takes
, CEO pay should always be }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {aligned with the performance of the company's stock}\par\pard\li1493
rscalex100 {The usage of more sophisticated measures of financial }\par\pard\li1
493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performance, like Total Share
holder Returns (TSR) or Economic }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {Value Added (EVA)}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx185
3\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {To use a balance
d measurement matrix that includes non-}\par\pard\li1493\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {financial parameters like customer satisfaction and empl
oyee }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {engagement
}\par\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab
\fs24\cf0\f0\charscalex100 {Some companies could even split the variable pay co
mponent }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-29
3\slmult0 \fs24\cf0\f0\charscalex100 {59}\par\pard\sect\sectd\sbkpage\pgwsxn1224
0\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl

\charscalex100 {into two parts \uc1\u8211X}\par\pard\li1493\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {\uc1\u8226X One of these is related to a company's pe
rformance in the short-}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {term (typically sales and profits)}\par\pard\li1493\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {\uc1\u8226X Another to its performance in the long-te
rm (Market Value Added }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {or Market Capitalization). The short-term bonus is typically }\par\pard\
li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {capped as a percentage of
the CEO's salary, while the long-term }\par\pard\li1853\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {reward takes the form of stock options.}\par\pard\li1133\
rscalex100\b {New trends expected}\b0 \par\pard\li1493\ri0\sl-280\slmult0 \*\tx1
853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {Changes expect
ed-}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X
Sign-on bonuses}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
\uc1\u8211X Golden parachutes}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {\uc1\u8211X Severance packages, all mechanisms that insure CEOs }\
par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {from uncertaintie
s prevalent in today's job market will }\par\pard\li2573\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {become more prevalent}\par\pard\li2933\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Additional stock option grants}\par\pa
\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\
0\charscalex100 {60}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsx
n666\margrsxn133\margtsxn666\margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf
0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11
28\cf0\f0\charscalex100\b {UNIT IV: JOB EVALUATION}\b0 \par\pard\li1133\ri0\sl-2
00\b {JOB ANALYSIS}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {-The analysis, measurement, control and redesign of a set of activities }
\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X perf
ormed on ongoing jobs}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {-A detailed and systematic study of jobs to know the n
ature & }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {chara
cteristics of people to be employed for each job}\par\pard\li1133\ri0\sl-280\slm

ult0 \fs24\cf0\f0\charscalex100\b {-}\b0 \fs24\cf0\f0\charscalex100 {Involves id
entification and description of what is happening on the job}\par\pard\li1493\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X It is a labor intensive
, time consuming job}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {\uc1\u8211X Demands a greater understanding of human behaviors,
job }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {requirem
ents, writing skills}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {\uc1\u8211X Differentiate compensation provided to employees on
basis of }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {job
content, job specifications, working conditions, employee job }\par\pard\li1853
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {performance wrt the requir
ed tasks, the knowledge and skills }\par\pard\li1853\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {required to perform them, and the conditions under
which they }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {mus
t be performed }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
\uc1\u8211X Helps in establishing a sound compensation system, usi
ng }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {criteria t
hat measures and differentiates job & performance }\par\pard\li1853\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {requirements so that all
employees receive fair and just }\par\pard\li1853\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {treatment}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {- It is conducted in the following situations-}\par\pard\li14
93\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Employees or union
reps demand change in JDs and assignments }\par\pard\li1853\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {of jobs to pay grades, or}\par\pard\li1493\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Development of a classif
ication system that reflects more }\par\pard\li1853\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {accurately the work they perform, or}\par\pard\li1493
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Reallocation of
job activities at the time of organizational }\par\pard\li1853\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {restructuring, or}\par\pard\li1493\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Redesigning of the organ
ization & its jobs}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {- Preliminary considerations for undertaking this costly operation-}\par\pard
\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Senior Manage
ment support}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc
1\u8211X Workforce Cooperation & Involvement}\par\pard\li1493\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {\uc1\u8226X All employees must understand the respo
nsibilities and duties of }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {their jobs}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {\uc1\u8226X Employees and supervisors must be in agreement t
o these }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {respo
nsibilities and duties}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {\uc1\u8226X All employees must receive fair rewards for the
knowledge }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {ne
cessary to solve work-related problems, make decisions and }\par\pard\li1853\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {accept other responsibilities to per
form their jobs successfully}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {- }\fs24\cf0\f0\charscalex100\b {Steps for conducting this process}
\b0 \par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X
Schedule the necessary and logical work steps}\par\pard\li1853\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {\uc1\u8226X Developing budget & forecasting financ
ial requirements}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\r
i0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {61}\par\pard\sect\sectd\sbkpage\pg
wsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li185
4\cf0\f0\charscalex100 {\uc1\u8226X Determine the organizational use of
job content and other }\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {related data}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\cha

rscalex100 {\uc1\u8226X Learn about the structure, operations, jobs of the organ
ization}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u82
26X org. chart, process chart, procedure manuals}\par\pard\li1853\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {\uc1\u8226X Identify and select methods
for collecting job content data }\par\pard\li2213\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {and other related facts}\par\pard\li1853\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {\uc1\u8226X through interview, questionnai
re, observation, diary/log, or }\par\pard\li2213\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {combination of any of these }\par\pard\li1493\ri0\sl-280\s
lmult0 \fs24\cf0\f0\charscalex100\b {Uses of Job Analysis}\b0 \par\pard\li2213\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Employment}\par\pard\l
i2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Training}\par\p
ard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Organizati
on design and staffing}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {\uc1\u8211X Compensation}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {\uc1\u8211X Performance review}\par\pard\li2213\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Safety and health}\par\pard\li2213\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Affirmative action plan
ning during organizational design & }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {job design}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {\uc1\u8211X Employee counseling}\par\pard\li2213\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Hiring the handicapped}\par\pard\li1
493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {The analysis of the job-}\b
0 \par\pard\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Ac
tivity / task / function / element / duty / responsibility / }\par\pard\li2573\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {behavior / essential job function
/ competency}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\s
l-346\slmult0 \fs24\cf0\f0\charscalex100\b {JOB DESCRIPTION}\b0 \par\pard\li1493
rscalex100 {Statements of fact that describe the job}\par\pard\li1493\ri0\sl-280
\slmult0 \*\tx1853\fs22\cf0\f0\charscalex100 {-}\tab \fs22\cf0\f0\charscalex100
{An organized factual statement of job contents in the form of }\par\pard\l
i1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {duties & responsibilities o
f a specific job}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\chars
calex100 {-}\tab \fs24\cf0\f0\charscalex100 {Emphasizes the job requirements}\pa
r\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs
24\cf0\f0\charscalex100\b {Contents include}\b0 \par\pard\li2213\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Job identification - Job title, loca
tion, supervisor, grade, pay }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {range, plant/division & department/section}\par\pard\li2213\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Job summary}\par\pard\li221
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Job definition - Re
sponsibilities & Duties}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {\uc1\u8211X KSAs (knowledge, skills & ability) & competency}\par\pard\li
2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Machines, tools,
equipments, materials}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {\uc1\u8211X Relation with other jobs}\par\pard\li2213\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {\uc1\u8211X Nature of supervision & accountabilities
}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Wor
king environment & conditions}\par\pard\li1133\ri0\sl-280\slmult0 \*\tx1853\fs24
\cf0\f0\charscalex100 {- }\tab \fs24\cf0\f0\charscalex100\b {Process of prepar
ation of JDs}\b0 \par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{\uc1\u8211X Observation of job being performed}\par\pard\li2213\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Discussion with the supervisor of th
e job}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211
X Getting questionnaire filled up by supervisor}\par\pard\li2213\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Discussion with employees}\par\pard\
li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Getting questi
onnaire filled up by employees}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15
i1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {-}\par\column\pard\li0\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Uses of JD}\b0 \par\pard\li360\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X In planning activities in
cluding organization design, staffing }\par\pard\li3480\ri0\sl-213\slmult0 \fs18
\cf0\par\pard\li3480\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {62}\par\pard
\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\se
ctd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn
240\pard\li2573\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2573\ri0\sl-213\slmult0
3\slmult0 \fs24\cf0\f0\charscalex100 {levels, career ladders, career paths, job
design, pay system }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {design}\par\pard\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\
u8211X In day-to-day operations including recruitment & }\par\pard\li2
573\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {screening, designing selectio
n tests, hiring and placement, }\par\pard\li2573\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {orientation, developing procedures, training and }\par\p
ard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {development}\par\pard\
li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X In exercisin
g Control to ensure compliance with legal }\par\pard\li2573\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {requirements & meeting union demands
especially while }\par\pard\li2573\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {setting performance standards, following legislations, }\par\pard\li
2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {collective bargaining }\pa
s24\cf0\f0\charscalex100\b {INTERNAL & EXTERNAL EQUITY}\b0 \par\pard\li1133\ri0\
sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs22\cf0\f0\charsca
lex100 {Once job analysis has been done organizations need to decide upon }\par\
pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the pay structures. P
ay structure refers to the process of setting }\par\pard\li1853\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {up the pay for a job in an organization. The proc
ess deals with }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
internal and external analysis to estimate the compensation }\par\
pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {package for a j
ob profile. Internal equity, External equity and }\par\pard\li1853\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Individual equity are the
most popular pay structures. Job }\par\pard\li1853\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {description provides the in depth knowledge about the
job profile }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {and
its worth. }\par\pard\li1853\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1853\ri0\s
l-346\slmult0 \fs22\cf0\f0\charscalex100 {Pay structures are the strong determin
ant of employee\uc1\u8217Xs value in }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {the organization. It helps in analyzing the employee\uc1\u
8217Xs role and }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{status in the organization. It provides for fair treatment to a
ll }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employees.
Pay structures also include the estimation of }\par\pard\li1853\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {incentives.}\par\pard\li1133\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex
100 {The level of incentives also depends on the level of job position in the }\
par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {organizational hi
erarchy.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-34
6\slmult0 \fs24\cf0\f0\charscalex100\b {Internal Equity}\b0 \par\pard\li1853\ri0
alex100 {The internal equity method undertakes the job position in the
}\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {organizational
hierarchy. The process aims at balancing the }\par\pard\li1853\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {compensation provided to a j
ob profile in comparison to the }\par\pard\li1853\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {compensation provided to its senior and j
unior level in the }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\chars

calex100 {hierarchy. The fairness is ensured using job ranking,
job }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {classificat
ion, level of management, level of status and factor }\par\pard\
li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {comparison.}\par\pard\li53
\li5333\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {63}\par\pard\sect\sectd\s
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slmult0 \fs24\cf0\f0\charscalex100\b {External Equity}\b0 \par\pard\li1853\ri0\s
ex100 {Here the market pricing analysis is done. Organizations }\p
ar\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {formulate their
compensation strategies by assessing the }\par\pard\li1853\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {competitors\uc1\u8217X or industry sta
ndards. Organizations set the }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {compensation packages of their employees aligned
with the }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {pr
evailing compensation packages in the market. This entails for }\par\pard\li1853
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {fair treatment to the em
ployees. At times organizations offer }\par\pard\li1853\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {higher compensation packages to attract
and retain the best }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {talent in their organizations.}\par\pard\li5333\ri0\sl-213\slmult0 \
cf0\f0\charscalex100 {64}\par\pard\sect\sectd\sbkpage{\shp
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}}}}\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\par
slmult0 \fs24\cf0\f0\charscalex100 {The first thing employers should c
onsider when developing }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {compensation packages is fairness. It is absolutely v
ital that }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {bus
inesses maintain internal and external equity. Internal equity refers }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {to fairness between emplo
yees in the same business while external }\par\pard\li1133\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {equity refers to relative wage fairness compared to w
ages with other }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{farms or businesses. No matter the compensation level, if eit
her }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {internal
or external equity is violated, a business will most likely }\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {experience empl
oyee dissatisfaction and employees with begin to }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {balance their performance th
rough a variety of ways ranging from }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {decreased productivity to absenteeism and even
tually to leaving the }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {business.}\par\pard\li1133\ri0\sl-386\slmult0 \fs22\cf0\f0\charscalex100
{So, what constitutes a fair wage? One approach to determining a fair }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {wage is a market survey.
These are typically fast and easy ways to }\par\pard\li1133\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {establish compensation guidelines for many businesses
. A few phone }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {c
alls to other employees in similar businesses can determine th
e }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {"market" valu
e for a specific job.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1
\charscalex100\b {JOB EVALUATION}\b0 \par\pard\li1493\ri0\sl-293\slmult0 \*\tx18
53\fs22\cf0\f0\charscalex100 {"}\tab \fs22\cf0\f0\charscalex100 {Job evaluatio
n can be defined as \uc1\u8220Xa systematic procedure }\par\pard\l
i1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {designed to aid in establis
hing pay differentials among jobs\uc1\u8230X\uc1\u8221X}\par\pard\li1853\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100\ul {*}\ul0 \fs18\cf0\f0\charscalex100 {Co

mpensation: Milkovich, George T. and Jerry M. Newman; BPI/Irwin, 1990; p. 103.}
\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\col
cf0\f0\charscalex100 {\uc1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {Process to determine and compare the demands
rd\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {which the normal perfor
mance of particular jobs makes on normal }\par\pard\li1493\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {workers without taking into account of the
individual abilities or }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {performance of the workers concerned}\par\pard\sect\sectd\sbknon
u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Proc
ess of analysis & assessment of jobs to ascertain }\par\pard\li2040\ri0\sl-213\s
65}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\
666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li14
93\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {reliably their relative worth
using the assessment as a basis for a }\par\pard\li1493\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {balanced wage structure}\par\pard\sect\sectd\sbknone\pgws
xn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\colno2
\colw8146\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553
X}\par\pard\li1493\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {hierarchy}\par
lumn\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Rating of the jobs
to determine their position in a job }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0
\par\pard\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {Widely used in
the establishment of wage rate }\par\pard\sect\sectd\sbknone\pgwsxn122
f0\charscalex100 {structures & elimination of wage inequities}\par\pard\sect\sec
00 {\uc1\u61553X}\par\pard\li1493\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100
{on the jobs}\par\pard\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc
1\u61553X}\par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Ap
plied to jobs rather than the qualities of individuals }\par\pard\li0\ri0\sl-213
\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {B
asic goal is to ascertain the relative worth of each }\par\pard\sect\sectd\sbkno
0 \fs24\cf0\f0\charscalex100 {job through an objective evaluation so that relat
ive remuneration }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{may be fixed for different jobs.}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghs
xn15840\marglsxn666\margrsxn133\cols2\colno1\colw3293\colsr-0\colno2\colw8146\pa
rd\li1493\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {\uc1\u61553X}\par\colum
n\pard\li0\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {A systematic proce
dure which enables wage }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15
ex100 {structure to be fair & equitable}\par\pard\li1133\ri0\sl-213\slmult0 \fs1
8\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Some Prin
ciples of Job Evaluation }\b0 \par\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs20
\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Clearly def
ined and identifiable jobs must exist. These jobs will }\par\pard\li1853\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {be accurately described in an agreed job
description. }\par\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs20\cf0\f1\charsca
lex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {All jobs in an organisatio
n will be evaluated using an agreed job }\par\pard\li1853\ri0\sl-280\slmult0 \fs

24\cf0\f0\charscalex100 {evaluation scheme.}\par\pard\li1493\ri0\sl-293\slmult0
0 {Job evaluators will need to gain a thorough understanding of the }\par\pard\l
i1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {job }\par\pard\li1493\ri0\s
l-293\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f
0\charscalex100 {Job evaluation is concerned with jobs, not people. It is not th
e }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {person that i
s being evaluated.}\par\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs20\cf0\f1\cha
rscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {The job is assessed as
if it were being carried out in a fully }\par\pard\li1853\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {competent and acceptable manner.}\par\pard\li1493\ri0\
sl-293\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\
f0\charscalex100 {Job evaluation is based on judgement and is not scientific. }\
par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {However if applie
d correctly it can enable objective judgements }\par\pard\li1853\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {to be made.}\par\pard\li1493\ri0\sl-293\slmult0
0 {It is possible to make a judgement about a job's contribution }\par\pard\li18
53\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {relative to other jobs in an o
rganisation. }\par\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs20\cf0\f1\charscal
ex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {The real test of the evalua
tion results is their acceptability to all }\par\pard\li1853\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {participants. }\par\pard\li1493\ri0\sl-293\slmult0 \
{Job evaluation can aid organisational problem solving as it }\par\pard\li1853\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {highlights duplication of tasks a
nd gaps between jobs and }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {functions. }\par\pard\li1133\ri0\sl-440\slmult0 \fs24\cf0\f0\charscale
x100\b {JOB EVALUATION vs. JOB ANALYSIS}\b0 \par\pard\li1493\ri0\sl-280\slmult0
\*\tx1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {Job eval
uation is a step ahead of Job analysis}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx
1853\fs24\cf0\f0\charscalex100 {-}\tab \fs24\cf0\f0\charscalex100 {Job analysis
is not concerned with the calculation of a job\uc1\u8217Xs worth }\par\pard\li18
53\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {while job evaluation is the ba
sis for a balanced wage structure}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\
fs22\cf0\f0\charscalex100 {-}\tab \fs22\cf0\f0\charscalex100 {Job analysis i
s only concerned with the collection of data }\par\pard\li1853\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {concerning the particular job while
Job evaluation follows the job }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {analysis which provides basic data to be evaluated}\par\pard\li1
charscalex100 {Job evaluation measures the value of JDs & translates it in terms
}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {of money to ha
ve a balanced wage structure}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs22\
cf0\f0\charscalex100 {-}\tab \fs22\cf0\f0\charscalex100 {Job evaluation star
ts from job analysis & ends with the }\par\pard\li5333\ri0\sl-213\
{66}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133
\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsx
n666\margbsxn240\pard\li1853\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1853\ri0\sl
853\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {classification of jobs accord
ing to their worth}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133
\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {JOB EVALUATION}\b0 \par\pard\l
i1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Objectives}\b0 \fs24\cf0\
f0\charscalex100 {:}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {\uc1\u8211X Establishing a sound wage foundation for incentive
& bonus }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {prog
rammes}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u821
1X Maintaining a consistent wage policy}\par\pard\li1493\ri0\sl-280\slmult0 \fs2

2\cf0\f0\charscalex100 {\uc1\u8211X Enabling management to gauge &control its pa
yroll costs more }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{accurately}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc
1\u8211X Provide framework for periodic review of wages & salaries}\par\pard\li1
493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Classify function
s, authority & responsibility which in turn aids in }\par\pard\li1853\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {work simplification & elimination of duplic
ate operations}\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\
uc1\u8211X Reduces employee grievances and labor turnover thus increasing }\par\
pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employee morale &
improving management-employee }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {relationship}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {\uc1\u8211X Serves as a basis for union negotiations}\par\pard\
li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Importance}\b0 \par\pard
\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Valuable te
chnique for management to establishing a }\par\pard\li2573\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {rational & consistent wage & salar
y structure both }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscale
x100 {internally & externally}\par\pard\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {\uc1\u8211X Helps in bringing harmonious relations betwe
en labor & }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
management by eliminating wage inequalities}\par\pard\li2213\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {\uc1\u8211X Standardizes process of determining wage
differentials}\par\pard\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\
uc1\u8211X Takes into account not only skill differences but oth
er }\par\pard\li2573\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {factors li
ke risks, working conditions also \uc1\u8211X all relevant }\par\p
ard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {factors taken into con
sideration}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\
u8211X Provides a rate for the job not for the man}\par\pard\li2213\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Helps keep down costs of
recruitment & selection of }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {workers, retaining workers}\par\pard\li1493\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100\b {Limitations}\b0 \par\pard\li2213\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X No standard list of factors
to be considered for job }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {evaluation}\par\pard\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {\uc1\u8211X Lacks scientific precision - All job fac
tors cannot be }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {measured accurately}\par\pard\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {\uc1\u8211X Wages fixed for a job on basis of job evaluation may not }\p
ar\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {retain them}\par\p
ard\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Individual
merit is ignored which is not appreciated by }\par\pard\li2573\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {workers & employees}\par\pard\li2
213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Presumes that job
s of equal worth will be attractive but not }\par\pard\li2573\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {so in reality \uc1\u8211X as there are no prospects
of a rise}\par\pard\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\
u8211X Is inflexible, which does not have high chances of survival }\par\pard\li
2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {in a dynamic environment}\pa
r\pard\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Regarde
d with suspicion by trade workers as methods are }\par\pard\li2573\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {not scientific & often are difficult to unders
tand }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Process}
\b0 \par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X
A thorough examination of the jobs}\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0
\par\pard\li5333\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {67}\par\pard\sec
t\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\marg
bsxn240\pard\li2213\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2213\ri0\sl-213\slmu
l-413\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Preparation of JDs & analy
sis of job requirements}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {\uc1\u8211X Comparison of one job with others}\par\pard\li2213\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u8211X Arrangement of jobs in their c
orrective sequence in terms }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {of value to the firm}\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {\uc1\u8211X Relation of the sequence to a money scale}\par\par
d\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Requirements}\b0 \par\
pard\li2213\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u8211X Should
be carried out with a high degree of integrity & }\par\pard\li
2573\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {fairness; calls for mutual t
rust between management and }\par\pard\li2573\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {unions; evaluators must have wide knowledge of the jobs; }\par\pard
\li2573\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {workers must be inf
ormed of the purpose & assurance }\par\pard\li2573\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {must be given that no pay-cuts due to job evaluation
will }\par\pard\li2573\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {happen}\p
fs24\cf0\f0\charscalex100\b {METHODS FOR CONDUCTING JOB EVALUATION}\b0 \par\pard
0\f0\charscalex100\b {NON-QUANTITAVE METHODS}\b0 \par\pard\li1493\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {1 Ranking or job comparison}\par\pard\li1493\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {2 Grading or job classification}\pa
s24\cf0\f0\charscalex100\b {QUANTITATIVE METHODS}\b0 \par\pard\li1493\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {1 Factor comparison method }\par\pard\li149
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {2 Point rating method}\par\pard
0 \fs24\cf0\f0\charscalex100\b {RANKING}\b0 \par\pard\li1133\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {Ranking
simply orders the job descriptions from smallest to largest }
\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {based on the eva
luator\uc1\u8217Xs perception of relative value or contribution to }\par\pard\li
1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the organization\uc1\u8217Xs
success.}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {This m
ethod is one of the simplest to administer. Jobs are compared to }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {each other based on the overal
l worth of the job to the organization. }\par\pard\li1133\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {The 'worth' of a job is usually based o
n judgments of skill, effort }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {(physical and mental), responsibility (supervisory
and fiscal), and }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {working conditions. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn158
1066\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100\b {Advantages}\b0 \par\pard\l
\fs20\cf0\f0\charscalex100 {Simple. }\par\pard\li1426\ri0\sl-266\slmult0 \*\tx17
86\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {Very
effective when there are }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\char
scalex100 {relatively few jobs to be evaluated }\par\pard\li1786\ri0\sl-226\slmu
lt0 \fs20\cf0\f0\charscalex100 {(less than 30). }\par\column\pard\li133\ri0\sl-2
93\slmult0 \fs24\cf0\f0\charscalex100\b {Disadvantages}\b0 \par\pard\li493\ri0\s
l-280\slmult0 \*\tx853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0
\charscalex100 {Difficult to administer as the }\par\pard\li853\ri0\sl-226\slmul
t0 \fs20\cf0\f0\charscalex100 {number of jobs increases. }\par\pard\li493\ri0\sl
-266\slmult0 \*\tx853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\
charscalex100 {Rank judgments are subjective. }\par\pard\li493\ri0\sl-266\slmult
0 \*\tx853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex1

00 {Since there is no standard used for }\par\pard\li853\ri0\sl-226\slmult0 \fs2
0\cf0\f0\charscalex100 {comparison, new jobs would have to }\par\pard\li853\ri0\
sl-226\slmult0 \fs20\cf0\f0\charscalex100 {be compared with the existing jobs }\
par\pard\li853\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {to determine its a
ppropriate rank. In }\par\pard\li853\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex1
00 {essence, the ranking process would }\par\pard\li853\ri0\sl-226\slmult0 \fs20
\cf0\f0\charscalex100 {have to be repeated each time a }\par\pard\li853\ri0\sl-2
26\slmult0 \fs20\cf0\f0\charscalex100 {new job is added to the }\par\pard\li853\
ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {organization. }\par\pard\li0\ri0\
sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-466\slmult0 \fs24\cf0\f0\charscalex
100 {68}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsx
n133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\mar
gtsxn666\margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri
\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100\b {Ranking Methods}\b0 \pa
r\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {1.}\tab \f
s24\cf0\f0\charscalex100\b {Ordering}\b0 \fs24\cf0\f0\charscalex100 { Simply pla
ce job titles on 3x5 inch index cards then }\par\pard\li1853\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {order the titles by relative importance to the organ
ization. }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs24\cf0\f0\charscalex10
0 {2.}\tab \fs24\cf0\f0\charscalex100\b {Weighting}\b0 \par\pard\li1493\ri0\sl-4
80\slmult0 \*\tx1853\fs24\cf0\f0\charscalex100 {3.}\tab \fs24\cf0\f0\charscalex1
00\b {Paired Comparison}\b0 \par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\cha
rscalex100\b {Grouping}\b0 \par\pard\li1133\ri0\sl-386\slmult0 \fs24\cf0\f0\char
scalex100 {After ranking, the jobs should be grouped to determine the appropriat
e }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {salary levels
.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmul
t0 \fs24\cf0\f0\charscalex100\b {JOB CLASSIFICATION}\b0 \par\pard\li1133\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex
100 {Jobs are classified into an existing grade/category structure
or }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {hierarchy
. Each level in the grade/category structure has a description }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {and associated job titles. Each
job is assigned to the grade/category }\par\pard\li1133\ri0\sl-280\slmult0 \fs22
\cf0\f0\charscalex100 {providing the closest match to the job. The classificatio
n of a position is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {decided by comparing the whole job with the appropriate job grading }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {standard. To ensure equ
ity in job grading and wage rates, a common }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {set of job grading standards and instru
ctions are used. Because of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {differences in duties, skills and knowledge, and other aspe
cts of trades }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {a
nd labor jobs, job grading standards are developed mainly alon
g }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {occupational
lines. }\par\pard\li1133\ri0\sl-373\slmult0 \fs22\cf0\f0\charscalex100 {The stan
dards do not attempt to describe every work assignment of }\par\pard\li1133\ri0\
sl-280\slmult0 \fs22\cf0\f0\charscalex100 {each position in the occupation cove
red. The standards identify and }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {describe those key characteristics of occupations which are sig
nificant }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {for
distinguishing different levels of work. They define these key }
\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {characteristics
in such a way as to provide a basis for assigning the }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {appropriate grade level to all positions
in the occupation to which the }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {standards apply. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsx
d\li1066\ri0\sl-400\slmult0 \fs24\cf0\f0\charscalex100\b {Advantages}\b0 \par\pa
rd\li1426\ri0\sl-266\slmult0 \*\tx1786\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\

tab \fs20\cf0\f0\charscalex100 {Simple. }\par\pard\li1426\ri0\sl-266\slmult0 \*\
The grade/category structure exists }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\c
f0\f0\charscalex100 {independent of the jobs. Therefore, }\par\pard\li1786\ri0\s
l-226\slmult0 \fs20\cf0\f0\charscalex100 {new jobs can be classified more }\par\
pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {easily than the Ranki
ng Method. }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl
\charscalex100\b {FACTOR COMPARISON}\b0 \par\column\pard\li0\ri0\sl-400\slmult0
\fs24\cf0\f0\charscalex100\b {Disadvantages}\b0 \par\pard\li360\ri0\sl-266\slmul
t0 \*\tx720\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex
100 {Classification judgments are }\par\pard\li720\ri0\sl-226\slmult0 \fs20\cf0\
f0\charscalex100 {subjective. }\par\pard\li360\ri0\sl-266\slmult0 \*\tx720\fs20\
cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {The standard
used for comparison }\par\pard\li720\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex
100 {(the grade/category structure) may }\par\pard\li720\ri0\sl-226\slmult0 \fs2
0\cf0\f0\charscalex100 {have built in biases that would }\par\pard\li720\ri0\sl226\slmult0 \fs20\cf0\f0\charscalex100 {affect certain groups of employees }\par
\pard\li720\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {(females or minoritie
s). }\par\pard\li360\ri0\sl-280\slmult0 \*\tx720\fs20\cf0\f1\charscalex100 {\uc1
\u61623X}\tab \fs20\cf0\f0\charscalex100 {Some jobs may appear to fit within }\p
ar\pard\li720\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {more than one grade
/category.}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\marg
rsxn133\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmu
lt0 \fs24\cf0\f0\charscalex100 {A set of }\fs24\cf0\f0\charscalex100\i {compensa
ble}\i0 \fs24\cf0\f0\charscalex100 { factors are identified as determining the w
orth of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {jobs. T
ypically the number of compensable factors is small (4 or 5). }\par\pard\li1133\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Examples of compensable factors a
re: }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-373\sl
hsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage
7;32768}}

7;32768}}




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\pard\li1493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {1. Skill }\par\pard\
li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {2. Responsibilities }\par\
pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {3. Effort }\par\pard\
li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {4. Working Conditions }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Next, benchmark
jobs are identified. Benchmark jobs should be }\par\pard\li1133\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {selected as having certain character
istics.}\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {1. equit
able pay (not overpaid or underpaid) }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {2. range of the factors (for each factor, some jobs would
be at the }\par\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {low e
nd of the factor while others would be at the high end of the }\par\pard\li1853\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {factor). }\par\pard\li1133\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {The jobs are then priced and the total
pay for each job is divided into }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100\i {pay}\i0 \fs24\cf0\f0\charscalex100 { for each factor. See ex
ample matrix below: }\par\pard\li1066\ri0\sl-333\slmult0 \fs20\cf2\f0\charscalex
100\b {Job Evaluation: Factor Comparison}\b0 \par\pard\li3653\ri0\sl-426\slmult0
\fs20\cf0\f0\charscalex100 {The hourly rate is divided into pay for each of the
following }\par\pard\li3653\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {fact
ors:}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
3\cols4\colno1\colw2493\colsr-0\colno2\colw1053\colsr-0\colno3\colw3746\colsr-0\
colno4\colw4146\pard\li1080\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1080\ri0\sl293\slmult0 \fs20\cf0\f0\charscalex100 {Job}\par\column\pard\li0\ri0\sl-266\slmu
lt0 \fs20\cf0\f0\charscalex100\b {Hourly }\b0 \par\pard\li0\ri0\sl-240\slmult0 \
fs20\cf0\f0\charscalex100\b {Rate}\b0 \par\column\pard\li0\ri0\sl-506\slmult0 \*
\tx1040\*\tx2106\fs20\cf0\f0\charscalex100 {. Pay for }\fs20\cf0\f0\charscalex
100\b {Skill}\b0 \tab \fs20\cf0\f0\charscalex100 {Pay for }\fs20\cf0\f0\charsc
alex100\b {Effort}\b0 \tab \fs20\cf0\f0\charscalex100 {Pay}\par\pard\li2106\ri0\
sl-226\slmult0 \fs20\cf0\f0\charscalex100\b {Responsibility}\b0 \par\column\pard

\li0\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {for }\fs20\cf0\f0\charscalex
100 {Pay for }\fs20\cf0\f0\charscalex100\b {Working }\b0 \par\pard\li306\ri0\
sl-240\slmult0 \fs20\cf0\f0\charscalex100\b {Conditions}\b0 \par\pard\sect\sectd
olsr-0\colno2\colw1160\colsr-0\colno3\colw933\colsr-0\colno4\colw1066\colsr-0\co
0\charscalex100 {Secretary}\par\pard\li1080\ri0\sl-266\slmult0 \fs20\cf0\f0\char
scalex100 {Admin }\par\pard\li1080\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{Assistant}\par\column\pard\li0\ri0\sl-320\slmult0 \fs20\cf0\f0\charscalex100 {
$9.00}\par\pard\li0\ri0\sl-373\slmult0 \fs20\cf0\f0\charscalex100 {$11.00}\par\c
olumn\pard\li0\ri0\sl-320\slmult0 \fs20\cf0\f0\charscalex100 {4.50}\par\pard\li0
\ri0\sl-373\slmult0 \fs20\cf0\f0\charscalex100 {5.50}\par\column\pard\li0\ri0\sl
-320\slmult0 \fs20\cf0\f0\charscalex100 {2.00}\par\pard\li0\ri0\sl-373\slmult0 \
fs20\cf0\f0\charscalex100 {2.50}\par\column\pard\li0\ri0\sl-320\slmult0 \fs20\cf
0\f0\charscalex100 {2.00}\par\pard\li0\ri0\sl-373\slmult0 \fs20\cf0\f0\charscale
x100 {2.50}\par\column\pard\li0\ri0\sl-320\slmult0 \fs20\cf0\f0\charscalex100 {0
.50}\par\pard\li0\ri0\sl-373\slmult0 \fs20\cf0\f0\charscalex100 {0.50}\par\pard\
colw3653\colsr-0\colno2\colw933\colsr-0\colno3\colw1066\colsr-0\colno4\colw1946\
colsr-0\colno5\colw3840\pard\li1080\ri0\sl-266\slmult0 \*\tx2493\fs20\cf0\f0\cha
rscalex100 {Supervisor}\tab \fs20\cf0\f0\charscalex100 {$15.00}\par\column\pard\
li0\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {6.00}\par\column\pard\li0\ri0
\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {3.50}\par\column\pard\li0\ri0\sl-266
\slmult0 \fs20\cf0\f0\charscalex100 {4.00}\par\column\pard\li0\ri0\sl-266\slmult
0 \fs20\cf0\f0\charscalex100 {1.50}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghs
xn15840\marglsxn666\margrsxn133\cols6\colno1\colw2493\colsr-0\colno2\colw1160\co
lsr-0\colno3\colw933\colsr-0\colno4\colw1066\colsr-0\colno5\colw1946\colsr-0\col
no6\colw3840\pard\li1080\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {Manager}
\par\column\pard\li0\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {$21.00}\par\
column\pard\li0\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {9.00}\par\column\
pard\li0\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {3.50}\par\column\pard\li
0\ri0\sl-266\slmult0 \fs20\cf0\f0\charscalex100 {7.00}\par\column\pard\li0\ri0\s
l-266\slmult0 \fs20\cf0\f0\charscalex100 {1.50}\par\pard\sect\sectd\sbknone\pgws
\cf0\par\pard\li1133\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {This proce
ss establishes the rate of pay for each factor for each }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {benchmark job. Slig
ht adjustments may need o be made to the matrix }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {to ensure equitable dollar weighting of the fac
tors.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {The othe
r jobs in the organization are then compared with the }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {benchmark jobs and
rates of pay for each factor are summed to }\par\pard\li1133\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {determine the rates of pay for eac
h of the other jobs.}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
sl-400\slmult0 \fs24\cf0\f0\charscalex100\b {Advantages}\b0 \par\column\pard\li0
\ri0\sl-400\slmult0 \fs24\cf0\f0\charscalex100\b {Disadvantages}\b0 \par\pard\se
lw5826\colsr-0\colno2\colw5613\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs20\cf0
\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {The value of th
e job is expressed in }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscal
ex100 {monetary terms. }\par\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs18\cf0\f
1\charscalex100 {\uc1\u61623X}\tab \fs18\cf0\f0\charscalex100 {Can be applied to
a wide range of }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{jobs. }\par\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs18\cf0\f1\charscalex100
{\uc1\u61623X}\tab \fs18\cf0\f0\charscalex100 {Can be applied to newly
created }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {jobs.
}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmul
t0 \fs18\cf0\par\pard\li1133\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100\b {PO

INT METHOD}\b0 \par\column\pard\li0\ri0\sl-266\slmult0 \*\tx360\fs20\cf0\f1\char
scalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {The pay for each factor
is based on }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {jud
gments that are subjective. }\par\pard\li0\ri0\sl-266\slmult0 \*\tx360\fs20\cf0\
f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {The standard use
d for determining }\par\pard\li360\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100
{the pay for each factor may have }\par\pard\li360\ri0\sl-226\slmul
t0 \fs18\cf0\f0\charscalex100 {build in biases that would affect }\par
\pard\li360\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {certain groups of
employees }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {(fe
males or minorities). }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marg
lsxn666\margrsxn133\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {A
set of }\fs24\cf0\f0\charscalex100\i {compensable}\i0 \fs24\cf0\f0\charscalex10
0 { factors are identified as determining the worth of }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {jobs. Typically the compensable factors
include the major categories }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {of: }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {1. Skill }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {2.
Responsibilities }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{3. Effort }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {4.
Working Conditions }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li533
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {70}\par\pard\sect\sectd\sbknone
\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn1
2240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1133\ri0
\f0\charscalex100 {These factors can then be further defined.}\par\pard\li1493\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {1. Skill }\par\pard\li2213\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {1. Experience }\par\pard\li2213\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {2. Education }\par\pard\li2213\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {3. Ability }\par\pard\li1493\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {2. Responsibilities }\par\pard\li2213\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {1. Fiscal }\par\pard\li2213\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {2. Supervisory }\par\pard\li1493\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {3. Effort }\par\pard\li2213\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {1. Mental }\par\pard\li2213\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {2. Physical }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {4. Working Conditions }\par\pard\li2213\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {1. Location }\par\pard\li2213\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {2. Hazards }\par\pard\li2213\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {3. Extremes in Environment }\par\pard\li1133\ri0\sl-213\slmu
lt0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {The
point method is an extension of the factor comparison method. }\par\pard\li1133
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Each factor is then divi
ded into levels or degrees which are then }\par\pard\li1133\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {assigned points. Each job is rated usin
g the job evaluation instrument. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\
f0\charscalex100 {The points for each factor are summed to form a total point sc
ore for }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the job
. }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmu
lt0 \fs22\cf0\f0\charscalex100 {Jobs are then grouped by total point score and a
ssigned to wage/salary }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {grades so that similarly rated jobs would be placed in
the same }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {w
age/salary grade.}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn6
66\margrsxn133\cols2\colno1\colw5466\colsr-0\colno2\colw5973\pard\li1066\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1066\ri0\sl-360\slmult0 \fs24\cf0\f0\charscalex
100\b {Advantages}\b0 \par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard
\li0\ri0\sl-360\slmult0 \fs24\cf0\f0\charscalex100\b {Disadvantages}\b0 \par\par
d\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\cols2\colno
1\colw5826\colsr-0\colno2\colw5613\pard\li1426\ri0\sl-280\slmult0 \*\tx1786\fs20
\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {The value o
f the job is expressed in }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\char
scalex100 {monetary terms. }\par\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs18\c
f0\f1\charscalex100 {\uc1\u61623X}\tab \fs18\cf0\f0\charscalex100 {Can be applie
d to a wide range of }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscale
x100 {jobs. }\par\pard\li1426\ri0\sl-266\slmult0 \*\tx1786\fs18\cf0\f1\charscale
x100 {\uc1\u61623X}\tab \fs18\cf0\f0\charscalex100 {Can be applied to ne
wly created }\par\pard\li1786\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {j
obs. }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\s
lmult0 \fs18\cf0\par\pard\li1133\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100\b
{Job Evaluation - The Future }\b0 \par\column\pard\li0\ri0\sl-280\slmult0 \*\tx
360\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {The
pay for each factor is based on }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f
0\charscalex100 {judgments that are subjective. }\par\pard\li0\ri0\sl-266\slmult
0 \*\tx360\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex1
00 {The standard used for determining }\par\pard\li360\ri0\sl-226\slmult0 \fs18\
cf0\f0\charscalex100 {the pay for each factor may have }\par\pard\li
360\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {built-in biases that wo
uld affect }\par\pard\li360\ri0\sl-226\slmult0 \fs18\cf0\f0\charscalex100 {cer
tain groups of employees }\par\pard\li360\ri0\sl-226\slmult0 \fs20\cf0\f0\
charscalex100 {(females or minorities).}\par\pard\sect\sectd\sbknone\pgwsxn12240
\charscalex100 {As organisations constantly evolve and new organisat
ions emerge }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {t
here will be challenges to existing principles of job evaluati
on. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Whether e
xisting job evaluation techniques and accompanying }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {schemes remain relevant in a faste
r moving and constantly changing }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\
f0\charscalex100 {world, where new jobs and roles are invented o
n a regular basis, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {remains to be seen. The formal points systems, used
by so many }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
organisations is often already seen to be inflexible. Sticking rigidly to }\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {an existing schem
e may impose barriers to change. Constantly }\par\pard\li1133\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {updating and writing new jobs together
with the time that has to be }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {spent administering the job evaluation schemes may b
ecome too }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {cum
bersome and time consuming for the benefits that are derived.}\par\pard\li5333\r
scalex100 {71}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\m
argrsxn133\pard\sect\sectd\sbkpage


18\cf0\par\pard\li2093\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100\b \ul {COMP
ETENCY-BASED COMPENSATION SYSTEMS &}\b0 \ul0 \par\pard\li2773\ri0\sl-480\slmult0
\fs24\cf0\f0\charscalex100\b \ul {SKILL-BASED COMPENSATION SYSTEMS}\b0 \ul0 \pa
r\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {All of these
evaluation methodologies are based on one or a }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {combination of the following two a
pproaches: (1) an analysis of the job }\par\pard\li1133\ri0\sl-280\slmult0 \fs24
\cf0\f0\charscalex100 {as a whole or (2) an analysis of the job's individual com
ponents. }\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Most
evaluation methods compare jobs in the organization to one }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {another and a few c
ompare jobs against a set scale. After a review of }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {the various job evaluation methodolo
gies, the compensation }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\cha
rscalex100 {management system will retain a modified version of
the position }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
classification method or whole job evaluation approach. This non
-}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {quantitative
whole job approach determines the relative value of }\par\pard\li
1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {positions by comparing them
with job descriptions as well as with other }\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {positions. }\par\pard\li1133\ri0\sl-213\slmult0 \fs
18\cf0\par\pard\li1133\ri0\sl-400\slmult0 \fs24\cf0\f0\charscalex100\b \ul {COMP
ENSABLE FACTORS }\b0 \ul0 \par\pard\li1133\ri0\sl-440\slmult0 \fs22\cf0\f0\chars
calex100 {Human resource professionals or line managers should be
able to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {ass
ign positions to the appropriate career groups by comparing the }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {overall duties and respon
sibilities listed in the employee work profile to }\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {the concept of work outlined in t
he career group description. The }\par\pard\li1133\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {compensable factors will be used primarily
to determine the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {appropriate role to which a position should be allocated within a career
}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {group. }\par\pa
rd\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {Definitions of the thre
e compensable factors are as follows: }\par\pard\li1133\ri0\sl-480\slmult0 \fs24
\cf0\f0\charscalex100\b {1. Complexity of Work }\b0 \par\pard\li1133\ri0\sl-386\
slmult0 \fs22\cf0\f0\charscalex100 {This factor describes the nature of work in
terms of resources (e.g., }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\char
scalex100 {machines, manuals, guidelines and forms) used or encountered and }\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the processes app
lied. This factor takes into account the number and }\par\pard\li1133\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {variety of variables considered, the depth
and breath of activity and }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {the originality exercised. }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {Difficulty - the relative character of the
work process and the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\cha

rscalex100 {corresponding, thinking, analysis and judgment required
of the }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {employ
ee while doing the work.}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsc
alex100 {Scope and Range of Assignments - the breadth and varie
ty of the }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {e
mployee's assignments.}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {Knowledge, Skills and Abilities - the level of information, experience }
\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {and qualificat
ions needed by the employee in order to perform the }\par\pard
\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {assigned duties.}\par\par
d\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Nature of Contacts - the
extent of the employee's human interactions }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {within and/or outside the organization in terms of
both frequency and }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {the depth of information exchanged.}\par\pard\li5333\ri0\sl-213\slmult0 \fs
18\cf0\par\pard\li5333\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {72}\par\pa
rd\sect\sectd\sbkpage

24\cf0\f0\charscalex100\b {2. Results }\b0 \par\pard\li1133\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {This factor describes the work outcomes and the range
and impact of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
effects, such as the benefit or harm to citizens, the gain or loss of }\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {resources and the
goodwill created. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {Impact - the range of people, things, and organizations dir
ectly }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {affected
by the employee.}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{Effect of Services - the extent to which decisions and work products }\par\par
d\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {made by the employ
ee affect the level of service, quality of work, }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {welfare of constituents,
the organization's image and cost of }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {operations.}\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {Consequence of Error - the potential costs of the e
mployee's mistakes }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {in terms of financial and human costs, efficiency, morale,
physical }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {maint
enance and image.}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
\b {3. Accountability }\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\char
scalex100 {This factor describes the employee's responsibility or
authority }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {exerc
ised in terms of guidance given to fellow workers, independence }\par\pard\li113
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {and autonomy of functioning and
finality of decisions made. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {Leadership - the level of control the employee has over resources
such }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {as people,
functions, facilities and budget.}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {Judgment and Decision-making - the types and kinds of decisio
ns made }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {by the
employee and the finality of these decisions and actions taken.}\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Independence of Action - latitud
e or freedom of action exercised by the }\par\pard\li1133\ri0\sl-280\slmult0 \fs

24\cf0\f0\charscalex100 {employee.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0
\par\pard\li1133\ri0\sl-453\slmult0 \fs24\cf0\f0\charscalex100\b \ul {COMPETENCY
-BASED SYSTEM}\b0 \ul0 \par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscal
ex100 {For the past fifty years, the concept of "jobs" has been the focus of all
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {human resour
ce practices that affected recruitment, selection, }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {performance planning, performance
evaluation, pay systems, training }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {and career development. Organizations have hired
employees, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {eval
uated performance, paid salaries, developed skills, and planned }\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {careers based on
jobs. }\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {In the
1990s, a new idea gained acceptance in a number of }\par\par
d\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {organizations that more
closely aligned human resource practices with }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {organizational strategies, missions and c
ultures. A number of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\cha
rscalex100 {organizations' switched from a traditional job-based str
ucture to a }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{competency-based structure that emphasized the development and }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {attainment of b
ehaviors, knowledge and skills compatible with and }\par\pard\li1133
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {aligned to the organization's mi
ssion and business strategies.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\
charscalex100 {The focus of competencies is centered on characteri
stics of the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{employee, including behaviors, skills and knowledge that can b
e }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {demonstrated
and positively affect the organization. Competencies }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {emphasize the attributes
and activities that are required for an }\par\pard\li5333\ri0\sl-21
0 {73}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn1
r\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {organization to
be successful. Therefore, human resource practices }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {using Competency Models tap into
the employee capabilities that are }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {aligned to the organization mission and business need.}\par\
pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Competency Models whe
n implemented in totality can impact all of the }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {agency's human resource practices inclu
ding recruitment, selection, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\
f0\charscalex100 {compensation decisions, performance planning, performa
nce }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {evaluation
and career development.}\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charsca
lex100 {Like other alternative pay and job evaluation systems, a Competency-}\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {based System is
fairly labor intensive and requires the agency's }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {commitment to designate t
he necessary staff resources during the }\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {development stages. Agencies will also want t
o consider the financial }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {and human resources required to administer such a syst
em. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Additionall
y, Competency-based Systems should not be perceived as a }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {"one size fits all" approach. It is im
portant that an agency identify the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c

f0\f0\charscalex100 {specific work unit(s) where competencies may be
identified that }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {directly and positively impact the success of employees an
d the }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {agency.
}\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {What are Comp
etencies?}\b0 \par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Co
mpetencies are identified behaviors, knowledge, and skills that }\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {directly and
positively impact the success of employees and the }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {organization. Competencies
can be objectively measured, enhanced }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {and improved through coaching and learning oppor
tunities. There are }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {two types of competencies, Behavioral and Technical. Depending on }\par\par
d\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the purpose of the Compe
tency Model, one or a combination of these }\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {competency types may be used. }\par\pard\li1133\ri0\
sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Behavioral Competencies are a
set of behaviors, described in }\par\pard\li1133\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {observable and measurable terms that make employees
particularly }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
effective in their work when applied in appropriate situations.
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Behavioral Comp
etency Models may be designed to describe common }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {or "core" behaviors that are applicable to emp
loyees throughout an }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {agency, or may be more narrowly defined to reflect behaviors unique }\par\
pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {to an Occupational Fa
mily or Career Group.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscale
x100 {Technical Competencies are underlying knowledge and skills, }\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {described in obse
rvable and measurable terms that are necessary in }\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {order for employees to perform a
particular type or level of work }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {activity. Technical Competencies typically r
eflect a career-long }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {experience in an agency.}\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0
\f0\charscalex100\b {What is a Competency Model?}\b0 \par\pard\li1133\ri0\sl-480
\slmult0 \fs22\cf0\f0\charscalex100 {A Competency Model is a listing
of Competencies that apply to a }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {particular type of work. Competency Models
can include Behavioral }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par
ctd\sbkpage



\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {Competencies only, T
echnical Competencies only, or both. An example }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {of a Competency Model for Human Resource Profes
sional follows:}\par\pard\li1093\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1093\ri
0\sl-360\slmult0 \fs24\cf0\f0\charscalex100\b {Human Resource Professional }\b0
\par\pard\li1093\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {Behavioral Com
petencies }\b0 \par\pard\li1453\ri0\sl-280\slmult0 \*\tx1813\fs20\cf0\f0\charsca
lex100 {!}\tab \fs24\cf0\f0\charscalex100 {Agency (implies company) Mission Focu
s }\par\pard\li1453\ri0\sl-280\slmult0 \*\tx1813\fs20\cf0\f0\charscalex100 {!}\t
ab \fs24\cf0\f0\charscalex100 {Customer Focus }\par\pard\li1453\ri0\sl-280\slmul
t0 \*\tx1813\fs20\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charscalex100 {Teamw
ork }\par\pard\li1453\ri0\sl-280\slmult0 \*\tx1813\fs20\cf0\f0\charscalex100 {!}
\tab \fs24\cf0\f0\charscalex100 {Consultation}\par\pard\li1453\ri0\sl-280\slmult
0 \*\tx1813\fs20\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charscalex100 {Achiev
ement Orientation }\par\pard\li1093\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0\b {Technical Competencies}\b0 \par\pard\li1453\ri0\sl-280\slmult0 \*\tx1813\fs
20\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charscalex100 {Compensation Experti
se }\par\pard\li1453\ri0\sl-280\slmult0 \*\tx1813\fs20\cf0\f0\charscalex100 {!}\
tab \fs24\cf0\f0\charscalex100 {Recruitment/Selection Expertise }\par\pard\li145
3\ri0\sl-280\slmult0 \*\tx1813\fs20\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\ch
arscalex100 {Employee Relations Expertise }\par\pard\li1453\ri0\sl-280\slmult0 \
*\tx1813\fs20\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charscalex100 {Employee
Benefits Expertise }\par\pard\li1093\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {
Training and Development Expertise }\par\pard\li1133\ri0\sl-213\sl
mult0 \fs18\cf0\par\pard\li1133\ri0\sl-360\slmult0 \fs24\cf0\f0\charscalex100\b
{How are Competency Models used?}\b0 \par\pard\li1133\ri0\sl-480\slmult0 \fs22\c

f0\f0\charscalex100 {Competency models can serve as a way to integrate human res
ource }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {practices
under the Compensation Management System. Agencies that }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {elect to use Competency Models need to
consider exactly how they will }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {be used to support the agency's mission and des
ired strategic }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{outcomes, and determine the extent to which Competency Models will }\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {impact and affect th
e agency's human resource practices. The }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {following is a list of human resource practi
ces that should be taken into }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {consideration when determining the purpose and intent of an agenc
y's }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {rationale f
or using Competency Models:}\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\cha
rscalex100\b {Training and Development }\b0 \fs24\cf0\f0\charscalex100 {- connec
tion to agency business need is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {a major focus of Competency Models. These models can serve as a
tool }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {to assess
employees' current behaviors, knowledge and skills; identify }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {learning areas for developm
ent and improvement and be used for }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {career planning purposes.}\par\pard\li1133\ri0\
sl-480\slmult0 \fs22\cf0\f0\charscalex100\b {Recruitment and Selection }\b0 \fs
22\cf0\f0\charscalex100 {- models can be developed to identify }\par\pard\li1133
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {criteria for recruiting and asse
ssing applicants for agency positions.}\par\pard\li1133\ri0\sl-480\slmult0 \fs24
\cf0\f0\charscalex100\b {Performance Management }\b0 \fs24\cf0\f0\charscalex1
00 {- models can be used to support the }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {assessment of employee performance.}\par\
pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100\b {Compensation Decisi
ons }\b0 \fs22\cf0\f0\charscalex100 {- models can be developed to determine }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {internal alignment
and how pay will be administered based on defined }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {competencies (e.g. starting pay, pro
motions, in-band adjustments, }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {etc.).}\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\chars
calex100\b {How are Competency Models linked to pay?}\b0 \par\pard\li5333\ri0\sl
333\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {75}\par\pard\sect\sectd\sbkpa
ge\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\
\fs24\cf0\f0\charscalex100 {The Compensation Management System, employe
e compensation is }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {based on an evaluation of the following pay factors:}\par\pard\li1493\ri0
\sl-280\slmult0 \*\tx1853\fs20\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charsca
lex100 {Agency business need; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs2
0\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charscalex100 {Duties and responsibi
lities; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f0\charscalex100
{!}\tab \fs24\cf0\f0\charscalex100 {Performance; }\par\pard\li1493\ri0\sl-280\s
lmult0 \*\tx1853\fs20\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charscalex100 {W
ork experience and education; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs2
0\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charscalex100 {Knowledge, skills, ab
ilities and competencies; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf
0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charscalex100 {Training, certification a
nd license; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f0\charscale
x100 {!}\tab \fs24\cf0\f0\charscalex100 {Internal salary alignment; }\par\pard\l
i1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f
0\charscalex100 {Market availability; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx

1853\fs20\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charscalex100 {Salary refere
nce data; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f0\charscalex1
00 {!}\tab \fs24\cf0\f0\charscalex100 {Total compensation; }\par\pard\li1493\ri0
\sl-280\slmult0 \*\tx1853\fs20\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charsca
lex100 {Budget implications; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20
\cf0\f0\charscalex100 {!}\tab \fs24\cf0\f0\charscalex100 {Long term impact; and
}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f0\charscalex100 {!}\tab
\fs24\cf0\f0\charscalex100 {Current salary }\par\pard\li1133\ri0\sl-386\slmult0
\fs22\cf0\f0\charscalex100 {Competency Models can be used to help evaluate perf
ormance or to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {d
etermine internal salary alignment and starting pay. Various formats }\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {may be used to determine
actual employee pay rates. Formats can }\par\pard\li1133\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {range from comprehensive inventories of indiv
idual competency }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {ratings to pay matrices that reference a general evaluation
of }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {competenci
es and expertise.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100
{Comprehensive inventories provide detailed information that can be }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {used for develo
pment purposes and simpler pay matrices can save }\par\pard\li1133
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {time in determining pay.}\par\pa
rd\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {With a comprehensive in
ventory including staged competency rating, }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {an assessment form (or automated format) may be use
d. The feedback }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{provider checks off indicator levels for each competency. This
data }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {results
in a competency rating summarized into a total rating score, }\par\pard\li1133\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {which is then mapped to a pay band
.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {A pay matrix i
s a point system in which points are accumulated based }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {on educational level, work exper
ience, and other value added }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {compensable factors such as licensure, certifica
tion and specialized }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {coursework that lead to a competency level. These pay matrices serve }
\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {as a guide for d
etermining pay for new hires and pay adjustments for }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {current employees. Total pay matrix points
are converted to a range of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {pay on the pay band. The total matrix points hel
p identify internal }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsc
alex100 {alignment considerations and are used with the other pay factors to }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {arrive at appropri
ate pay.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100\b {How
are Competency Models linked to performance planning }\b0 \par\pard\li1133\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100\b {and evaluation?}\b0 \par\pard\li11
33\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Competency Models provide the
supervisor and employee with a clear }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {understanding of performance expectations, and address tra
ining and }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl320\slmult0 \fs24\cf0\f0\charscalex100 {76}\par\pard\sect\sectd\sbkpage\pgwsxn12
f0\charscalex100 {development activities necessary for successful performance. M
odels }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {that incl
ude specific performance criteria ensure that supervisors and }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employees share the same

understanding of performance }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {expectations. Most Competency Models require an em
ployee self-}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {a
ssessment of their performance that provides input to the supervisor }\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {in their appraisal o
f the employee. Additionally, some may elicit }\par\pard\li1133\ri0\
sl-280\slmult0 \fs22\cf0\f0\charscalex100 {performance feedback from other inter
nal and external peers, direct }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {reports and customers.}\par\pard\li1133\ri0\sl-480\slmult0 \fs24
\cf0\f0\charscalex100\b {How is Competency-based System evaluated?}\b0 \par\pard
\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {The final step in the dev
elopment of a Competency Model is the design }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {and implementation of an on-going evalua
tion plan to measure the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\
f0\charscalex100 {effectiveness of the model's content and usage. Competency Mod
els }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {must be
reviewed and modified periodically to reflect changes in }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {desired behaviors and t
echnical knowledge and skills that result from }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {an evolving work environment. The evaluation pla
n, at the minimum, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {should include the individual(s) responsible for evaluating th
e }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Competency
Model, evaluation timelines and may follow the same }\par\pard\li1
133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {process used to develop the o
riginal Competency Model.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard
\li1133\ri0\sl-453\slmult0 \fs24\cf0\f0\charscalex100\b \ul {SKILL-BASED }\b0 \u
l0 \fs24\cf0\f0\charscalex100\b \ul {COMPENSATION SYSTEM}\b0 \ul0 \par\pard\li11
charscalex100 {The Compensation Management System is designed to provide a direc
t }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {link betwee
n organizational performance and employee contribution }\par\pard\li11
33\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {and pay. Skill-based Systems a
re one method of achieving this linkage. }\par\pard\li1133\ri0\sl-213\slmult0 \f
slmult0 \fs24\cf0\f0\charscalex100 {Skill-based pay refers to a pay system in wh
ich pay increases are }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {linked to the number or depth of skills an employee acquires and }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {applies and it is a mea
ns of developing broader and deeper skills }\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {among the workforce. Such increases are in addition
to, and not in lieu }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {of, general pay increases employees may receive. The pay increases }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {are usually tied to thr
ee types of skills: }\par\pard\li1493\ri0\sl-386\slmult0 \*\tx1853\fs20\cf0\f1\
charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {horizontal skills,
which involve a broadening of skills in terms of }\par\pard\li1853\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {the range of tasks }\par\pard\li1493\ri0\sl-48
0\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\ch
arscalex100 {vertical skills, which involve acquiring skills of a higher level }
1623X}\tab \fs24\cf0\f0\charscalex100 {depth skills, which involve a high level
of skills in specialised }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {areas relating to the same job. }\par\pard\li1133\ri0\sl-373\slmult0 \
fs24\cf0\f0\charscalex100 {Skill-based pay differs in the following respects fro
m traditional pay }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {systems which reflect skills differences in a structure consisting of }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {rates of pay for unski
lled, semi-skilled and skilled workers: }\par\pard\li5333\ri0\sl-213\slmult0 \f
{77}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133
\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li149
}\tab \fs24\cf0\f0\charscalex100 {Skill-based pay is a person-based and not a jo
b-based, system. It }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex
100 {rewards a person for what he/she, rather than the job, is worth. }\par\pard
\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Job worth is reflected in
a basic rate of pay for minimum skills, }\par\pard\li1853\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {but pay progression is directly linked to skills acqui
sition (rather }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
than to general pay increases applicable to all) . }\par\pard\li1493\ri0\sl-480\
scalex100 {It rewards (and therefore emphasizes) a broad range of skills }\par\p
ard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {which makes the employ
ee multi-skilled and therefore flexible. }\par\pard\li1493\ri0\sl-480\slmult0 \*
{It positively encourages skills development. }\par\pard\li1493\ri0\sl-480\slmul
x100 {A skill-based pay system may not necessarily reflect how well the }\par\pa
rd\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {skill is used, as this
falls within the performance component of }\par\pard\li1853\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {pay. But there is nothing to prevent injecting perfor
mance }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {criteria
into the system. In such cases the system will be more }\par\pard\li1853\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {performance-oriented than a structure wh
ich merely recognizes }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {different rates of pay for skills. }\par\pard\li1493\ri0\sl-480\slmult0 \
{The system needs to be underpinned by opportunities for }\par\pard\li1853\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {training which is critical to the suc
cess of the system. The }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {traditional structure is not dependent on such opportunities. }\par\par
d\li1133\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100\b {Reasons for Skill base
d Pay}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {More t
han ever before in industrial relations history a commonality of }\par\pard\li11
33\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {interests in the skills of emp
loyees has developed between employers }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {and employees. Skills provide employees with a measure o
f protection }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {ag
ainst unemployment, as well as opportunities for higher earnings. At }\par\pard\
li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the same time, skills prov
ide employers with an important means of }\par\pard\li1133\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {achieving competitiveness.}\par\pard\li1133\ri0\sl-373
\slmult0 \fs24\cf0\f0\charscalex100 {Many countries today are seeking to advance
to more technology and }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {skill-based industries, while others have become (or are becoming) }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {'post industrial' s
ocieties, in which the application of knowledge }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {determines productivity, performance and compet
itiveness. }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Comp
arative advantage based on, for instance, cheap labour or raw }\par\pard\li1133\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {materials, has declined in import
ance relative to competitive }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {advantage based on the ability to add value to a particular resour
ce or }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {advantage
. Such comparative advantage partly (often largely) depends }\par\pard\li1133\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {on people - their standards of lite
racy and education, work attitudes, }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\c

f0\f0\charscalex100 {value systems, skills and motivation. Critical today is the
ability to }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {inn
ovate and develop clusters of competitive enterprises in particular }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {industries. For the more in
dustrialized countries this means 'capturing' }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {some of the key industries of the next century micro-electronics, }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {biotechnology, new materials science industries, telecommunications, }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {civil aviation, comput
ers and software, robotics and machine tools and }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {entertainment. An employee with skills is most
flexible and productive }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {when he develops a broad range of skills, is able to learn the next }\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {higher skill, dev
elop analytical skills and is also able to work in a team. }\par\pard\li5333\ri0
alex100 {78}\par\pard\sect\sectd\sbkpage
;}}
824;24577;32768}}
\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {Important aspects of
today's skills package include multi-skills, }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs24\cf0\f0\charscalex100 {cognitive skills, interpersonal and communication
skills, positive work }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {attitudes and quality consciousness. Training is no longer only for }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {current competence,
but is also to prepare for the next stage of skills. }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {Thus pay systems which promote current an
d future skills needs are }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {increasing in importance among employers. }\par\pard\li1133\ri0\sl-48
0\slmult0 \fs24\cf0\f0\charscalex100 {The impact of rapid technological change,
the increasing globalization }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {of product markets, greater customer choice and the emphasis on }\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {quality necessita
te a frequent updating of skills, and flexibility to }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {respond to rapid changes in the requiremen
ts of markets. A flexible }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {workforce, which is one that is multi-skilled, ensures that productio
n is }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {not interr
upted due to the narrow skills of workers, and that workers }\par\pard\li1133\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {are themselves responsible for the
quality of products. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margl
sxn666\margrsxn133\cols3\colno1\colw3866\colsr-0\colno2\colw4826\colsr-0\colno3\
colw2746\pard\li1106\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1106\ri0\sl-213\slm
ult0 \fs18\cf0\par\pard\li1106\ri0\sl-280\slmult0 \fs24\cf3\f0\charscalex100\ul
{{\field{\*\fldinst{HYPERLINK "http://www.ilo.org/public/english/dialogue/actemp
/papers/1998/srspaysy.htm#top"}}{\fldrslt {[Top] }}}}\ul0 \par\pard\li1106\ri0\s
l-280\slmult0 \fs24\cf3\f0\charscalex100\ul {{\field{\*\fldinst{HYPERLINK "http:
//www.ilo.org/public/english/dialogue/actemp/papers/1998/srspaysy.htm#Contents"}
}{\fldrslt {[Contents}}}}\ul0 \par\pard\li1106\ri0\sl-280\slmult0 \fs24\cf3\f0\c
harscalex100\ul {{\field{\*\fldinst{HYPERLINK "http://www.ilo.org/public/english
/dialogue/actemp/papers/1998/srspaysy.htm#Contents"}}{\fldrslt {]}}}}\ul0 \par\c
olumn\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs1
8\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li0\ri0\sl-306\slmult0 \fs24\cf1\f0\charscalex100\b {Introduc
ing The System}\b0 \par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li
0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf3\f0\char
scalex100\ul {{\field{\*\fldinst{HYPERLINK "http://www.ilo.org/public/english/di
alogue/actemp/papers/1998/srspaysy.htm#C11"}}{\fldrslt {[Previous}}}}\ul0 \par\p
ard\li120\ri0\sl-280\slmult0 \fs22\cf3\f0\charscalex100\ul {{\field{\*\fldinst{H
YPERLINK "http://www.ilo.org/public/english/dialogue/actemp/papers/1998/srspaysy
.htm#C11"}}{\fldrslt {]}}}}\ul0 \fs22\cf0\f0\charscalex100\ul {{\field{\*\fldins
t{HYPERLINK "http://www.ilo.org/public/english/dialogue/actemp/papers/1998/srspa
ysy.htm#C13"}}{\fldrslt { }}}}\ul0 \fs22\cf3\f0\charscalex100\ul {{\field{\*\fld
inst{HYPERLINK "http://www.ilo.org/public/english/dialogue/actemp/papers/1998/sr
spaysy.htm#C13"}}{\fldrslt {[Next]}}}}\ul0 \fs22\cf0\f0\charscalex100 {{\field{\
*\fldinst{HYPERLINK "http://www.ilo.org/public/english/dialogue/actemp/papers/19
98/srspaysy.htm#C13"}}{\fldrslt { }}}}\par\pard\sect\sectd\sbknone\pgwsxn12240\p
ghsxn15840\marglsxn666\margrsxn133\pard\li1133\ri0\sl-400\slmult0 \fs24\cf0\f0\c
harscalex100 {Introducing a skill-based pay system requires several steps to be
taken }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {and sever
al issues to be addressed: }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\c
f0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {The skills re
quirements of the enterprise should be analysed }\par\pard\li1493\ri0\sl-480\slm
lex100 {The availability of resources for training should be ascertained }\par\p
\tab \fs24\cf0\f0\charscalex100 {The jobs to be covered by the scheme should be
identified }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\cf0\f1\charscalex
100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {The individual jobs have to b
e grouped into 'job families' on the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {basis that in each 'family' the skills needs are similar.
The skills }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {with
in each job family and the tasks needed to perform the job }\par\pard\li1853\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {should be analyzed }\par\pard\li1493
\cf0\f0\charscalex100 {The above will lead to an identification of the skill blo
cks or }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {levels.
The skill level is the pay grade relative to the competence }\par\pard\li1853\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {to use particular skills, and the s
kill block is the training input }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {which has to be completed to the satisfaction of the certifyin
g }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {authority in
order to gain entitlement to the extra pay. It is not }\par\pard\li1853\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {unusual for skill levels to consist of se
veral skill blocks, each to }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {be acquired through training. }\par\pard\li1493\ri0\sl-480\slmult0
0 {Training modules have to be formulated }\par\pard\li1493\ri0\sl-480\slmult0 \

{The way in which certification is obtained that the skill has been }\par\pard\
li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {acquired should be agreed
upon. }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-213\
d\li5333\ri0\sl-386\slmult0 \fs24\cf0\f0\charscalex100 {79}\par\pard\sect\sectd\
sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\
pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1
r\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-426\slmult0 \*
{The base rates for 'job families' have to be set, as well as the }\par\pard\li1
853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {payments that will be made th
ereafter when an employee moves }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {upwards through the skills route. }\par\pard\li1493\ri0\sl-480\
scalex100 {The criterion for extra payment is not acquisition of the skill, but
}\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {its application
. }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100 {\uc1
\u61623X}\tab \fs24\cf0\f0\charscalex100 {The period during which the skill shou
ld be applied before a new }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {one is acquired should normally be decided on, as the skill }\par\pa
rd\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {should benefit the empl
oyer who should receive a return on the }\par\pard\li1853\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {investment made.}\par\pard\li1493\ri0\sl-480\slmult0 \*
{A difficult question is how obsolete skills should be dealt with }\par\pard\li1
853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\i {e.g.}\i0 \fs24\cf0\f0\chars
calex100 { through retraining or redundancy.}\par\pard\li1133\ri0\sl-373\slmult0
\fs24\cf0\f0\charscalex100\b {Problems in Skill-based Pay}\b0 \par\pard\li1133\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {There are several problems associ
ated with the introduction of skill-}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {based pay which should not be underestimated. They can be }
\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {extremely costly
having regard to }\par\pard\li1493\ri0\sl-386\slmult0 \*\tx1853\fs20\cf0\f1\cha
rscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {the extra payment invo
lved }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100 {\
uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {training costs }\par\pard\li1493\ri
0\f0\charscalex100 {the fact that some skills may be paid for but used infrequen
tly }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100 {\u
c1\u61623X}\tab \fs24\cf0\f0\charscalex100 {the possibility that unusable skills
may be acquired unless the }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {system is properly administered }\par\pard\li1493\ri0\sl-480\slmult
100 {the fact that it is not always easy for an employer to anticipate }\par\par
d\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {accurately what skills w
ill be needed in a few years' time }\par\pard\li1133\ri0\sl-373\slmult0 \fs24\cf
0\f0\charscalex100 {The administration of the system is complex, both in regard
to }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {certificatio
n of skills acquisition and payment. Therefore, unless }\par\pard\li1133\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {administered properly, the costs can out
weigh the productivity and }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {flexibility gains. Further, the employees who reach the maximum of }
\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the skill levels
can be demotivated when extra payments, as distinct }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {from general pay increases, cease. Therefo
re the gains from flexibility, }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {improved quality, the elimination of some jobs and so on depend
on }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the employer

's ability to administer the system properly, making clear }\par\pard\li1133\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {also that it is not the acquisition
of }\fs24\cf0\f0\charscalex100\b {any}\b0 \fs24\cf0\f0\charscalex100 { skills, b
ut agreed skills, that fall }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {within the scope of the scheme. Hence the need to negotiate the }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {system. It is easi
er to introduce skill-based pay in an entirely new }\par\pard\li1133\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {(greenfield) site, than in an already existi
ng one where there is in }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {existence a pay system based on different criteria. }\par\pard\li1133\
cf0\f0\charscalex100 {Some of the circumstances which contribute to the success
of skill-}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {based
pay are: }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\ri0\sl-3
06\slmult0 \fs24\cf0\f0\charscalex100 {80}\par\pard\sect\sectd\sbkpage
;}}
824;24577;32768}}
X}\tab \fs24\cf0\f0\charscalex100 {the employer's commitment to continuous train
ing and }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {develop
ment }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100 {\
uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {the value attached by the employer
to personal growth and }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {encouragement of a learning orientation }\par\pard\li1493\ri0\sl-480\slm
lex100 {dismantling strong bureaucratic hierarchies and narrow job }\par\pard\li
1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {demarcations }\par\pard\li14
24\cf0\f0\charscalex100 {participative management practices, independent and }\p
ar\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {cooperative forms
of work }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrs
xn133\cols2\colno1\colw8693\colsr-0\colno2\colw2746\pard\li1106\ri0\sl-213\slmul
t0 \fs18\cf0\par\pard\li1106\ri0\sl-480\slmult0 \fs24\cf3\f0\charscalex100\ul {{
\field{\*\fldinst{HYPERLINK "http://www.ilo.org/public/english/dialogue/actemp/p
apers/1998/srspaysy.htm#top"}}{\fldrslt {[Top] }}}}\ul0 \par\column\pard\li0\ri0
\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-480\slmult0 \fs24\cf3\f0\charscale
x100\ul {{\field{\*\fldinst{HYPERLINK "http://www.ilo.org/public/english/dialogu
e/actemp/papers/1998/srspaysy.htm#C14"}}{\fldrslt {[Previous}}}}\ul0 \par\pard\s

olw3946\colsr-0\colno2\colw4866\colsr-0\colno3\colw2626\pard\li1106\ri0\sl-280\s
lmult0 \fs24\cf3\f0\charscalex100\ul {{\field{\*\fldinst{HYPERLINK "http://www.i
lo.org/public/english/dialogue/actemp/papers/1998/srspaysy.htm#Contents"}}{\fldr
slt {[Contents}}}}\ul0 \par\pard\li1106\ri0\sl-280\slmult0 \fs24\cf3\f0\charscal
ex100\ul {{\field{\*\fldinst{HYPERLINK "http://www.ilo.org/public/english/dialog
ue/actemp/papers/1998/srspaysy.htm#Contents"}}{\fldrslt {]}}}}\ul0 \par\column\p
ard\li0\ri0\sl-386\slmult0 \fs24\cf1\f0\charscalex100\b {Appropriate Industries}
\b0 \par\column\pard\li0\ri0\sl-280\slmult0 \fs24\cf3\f0\charscalex100\ul {{\fie
ld{\*\fldinst{HYPERLINK "http://www.ilo.org/public/english/dialogue/actemp/paper
s/1998/srspaysy.htm#C14"}}{\fldrslt {]}}}}\ul0 \fs24\cf0\f0\charscalex100\ul {{\
field{\*\fldinst{HYPERLINK "http://www.ilo.org/public/english/dialogue/actemp/pa
pers/1998/srspaysy.htm#C16"}}{\fldrslt { }}}}\ul0 \fs24\cf3\f0\charscalex100\ul
{{\field{\*\fldinst{HYPERLINK "http://www.ilo.org/public/english/dialogue/actemp
/papers/1998/srspaysy.htm#C16"}}{\fldrslt {[Next]}}}}\ul0 \fs24\cf0\f0\charscale
x100 {{\field{\*\fldinst{HYPERLINK "http://www.ilo.org/public/english/dialogue/a
ctemp/papers/1998/srspaysy.htm#C16"}}{\fldrslt { }}}}\par\pard\sect\sectd\sbknon
\fs24\cf0\f0\charscalex100 {Skill-based pay systems are most appropriate to ent
erprises which }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
depend on a high level of skills, and in which labour costs represent a }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {relatively small portio
n of total costs, unlike in labour intensive }\par\pard\li1133\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {industries. Though such pay systems have been comm
onest in }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {manufa
cturing organizations, they are applicable to service industries }\par\pard\li11
33\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {as well though the objectives
may differ. In banks and airlines, for }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {example, skill-based pay can be used to encourage people
to work in }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {are
as where manpower is most needed at a given point of time due to }\par\pard\li11
33\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {customer flows. Skill-based pa
y is particularly consistent with }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {knowledge-based work. }\par\pard\li1133\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100\b {Advanta
ges of Skilled Based Pay}\b0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\ch
arscalex100 {Among the advantages of skill-based pay are the following: }\par\p
\tab \fs24\cf0\f0\charscalex100 {It contributes to job enlargement and enrichmen
t by breaking }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {d
own narrow job classifications. }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\f
s20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Flexibil
ity is increased by encouraging the performance of }\par\pard\li1853\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {multiple tasks. It enables job rotation, and
filling of temporary }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal
ex100 {vacancies due, for instance, to absenteeism. It therefore }\par\pard\li18
53\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {contributes to a leaner workfo
rce. }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100 {\
uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {It enhances productivity and qualit
y through better use of human }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {resources.}\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\cf0
\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {It facilitates
technological change, which may meet with }\par\pard\li1853\ri0\sl-280\slmult0 \
fs24\cf0\f0\charscalex100 {resistance in a purely job-based system.}\par\pard\li
fs24\cf0\f0\charscalex100 {The higher pay levels, continuous training, and job e
nlargement }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {thro
ugh the broadening of skills, tend to reduce staff turnover. }\par\pard\li5333\r

t0 \fs24\cf0\f0\charscalex100 {81}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsx
n15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\m
arglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1493\ri0\sl-213\slmult0 \f
slmult0 \fs18\cf0\par\pard\li1493\ri0\sl-426\slmult0 \*\tx1853\fs20\cf0\f1\chars
calex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Elimination of unnecessa
ry jobs can result from a workplace }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {having broad, rather than narrow, skills. It also reduces t
he need }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {for sup
ervision. }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\cf0\f1\charscalex1
00 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Job satisfaction is engendered
through employees having greater }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {control over the planning and implementation of their work.}\
623X}\tab \fs24\cf0\f0\charscalex100 {Broadening of skills leads employees to de
velop a better }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
perspective of operations as a whole. }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx
1853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {It
is an incentive for self-development. }\par\pard\li1493\ri0\sl-480\slmult0 \*\t
x1853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {I
t provides employment security through skills enhancement. }\par\pard\li1493\ri0
\sl-480\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0
\f0\charscalex100 {It reduces the need to look to promotion to higher levels (wh
ich }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {are always
limited) as the only way to enhance earnings, and it }\par\pard\li1853\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {facilitates the planning of an employee's
career development }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {path.}\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs20\cf0\f1\charscalex10
0 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Since the reward flows from the
application of a skill and it does }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {not reduce opportunities for others to similarly increase t
heir }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {skills and
earnings, there is likely to be less competition among }\par\pard\li1853\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {individuals. }\par\pard\li1493\ri0\sl-4
harscalex100 {Since the pay increases on account of skills are linked to a }\par
\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {measurable standard,
the criticism of subjectivity often }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {associated with performance appraisals and individual-base
d }\par\pard\li1853\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performance-r
elated pay, is avoided}\par\pard\li1133\ri0\sl-466\slmult0 \fs24\cf0\f0\charscal
ex100 {Skill-based Systems reward employees for the range, depth and type }\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {of skills they posses
s that are key to the organization's work functions }\par\pard\li1133\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {and operations. Additionally, Skill-b
ased Systems may be used to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22
\cf0\f0\charscalex100 {directly link an employee's compensation to work-related
skills learned }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
and used on the job. As the needs of the organization chan
ge, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {compensable
skills can be added or eliminated to encourage employee }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {development to meet the changi
ng business needs. Skill-based }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {Systems represent a person-based rewards system, as oppose
d to a }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {job-base
d reward system.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100
{Agencies interested in developing a Skill-based System must identify }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {what goal(s) they are see
king to achieve. Questions to consider are }\par\pard\li1133\ri0\sl-280\slmult0

\fs24\cf0\f0\charscalex100 {"what outcomes or results will be expected from impl
ementing a Skill-}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{based System?" and "what skill sets are valued?". Some poten
tial }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {answers
may be increased productivity, multi-skilled workforce, }\par\pard\li1
133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {acquisition of new skil
ls needed for changing work environment, }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {increased employee morale, or to solve a spe
cific problem, issue or }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {need. }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5333\r
d\li5333\ri0\sl-320\slmult0 \fs24\cf0\f0\charscalex100 {82}\par\pard\sect\sectd\
sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\
mult0 \fs24\cf0\f0\charscalex100 {In a Skill-based System, the focus is on skill
acquisition that can be }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {observed and objectively measured. Therefore, this type of system is }
\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {most commonly fo
und in trades or labor settings. Skill-based Systems }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs24\cf0\f0\charscalex100 {can be designed from two perspectives:}\pa
3X}\tab \fs22\cf0\f0\charscalex100 {horizontal or breadth of skills where cross
training is emphasized }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {(e.g. a multi-skilled trades worker possess electrical, plumbing, and }\
par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {carpentry skills)
; and}\par\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs18\cf0\f1\charscalex100 {\
uc1\u61623X}\tab \fs22\cf0\f0\charscalex100 {vertical or depth of skills where s
pecialization and expertise is }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {valued (e.g. an electronic technician possesses the entire range
of }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {electrical
and electronic skills).}\par\pard\li1133\ri0\sl-360\slmult0 \fs22\cf0\f0\charsca
lex100 {Skill blocks are identified sets of skills, knowledge and tasks that are
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {required based
on the work to be performed. Skill blocks focused on }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {breadth of skills or the versatility
of the individual tend to have an }\par\pard\li1133\ri0\sl-280\slmult0 \fs22
\cf0\f0\charscalex100 {array of different categories of skills. Skil
l blocks that focus on the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {depth of skills or expertise in a particular area tend to
have a more }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {nar
rowly defined, specialized set of skills. Determining whether th
e }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Skill-based S
ystem will be based on breadth, depth or a combination is }\par\pard\li1133\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {a key design decision.}\par\pard\li11
33\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Like other alternative pay and
job evaluation systems, a Skill-based }\par\pard\li1133\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {System is fairly labor intensive and requires the agenc
y's commitment }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
to designate the necessary staff resources during the developmen
t }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {stages.}\par\
pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Additionally, Skillbased Systems should not be perceived as a "one }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {size fits all" approach. It would be highly un
likely, given the workforce, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {that an agency would implement a Skill-based System agency-wide fo
r }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the entire em
ployee population. It is important that an agency identify }\par\pard\li1133\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the specific work unit(s) where obse
rvable and measurable skills may }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\

f0\charscalex100 {be identified and would contribute to the overall success of t
he work }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {unit(s)
and agency.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Whi
le there are many benefits to implementing a Skill-based System }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {under the right circumstances,
it is not totally free from potential risks. }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {Poorly designed Skill-based Systems can lead to pa
ying for skills that }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {are not used or not relevant to the business needs of
the agency. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{Employees may reach their maximum pay rates with the attainment of }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the entire set of identi
fied skills which limits opportunity for further }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {salary increase but allows for
a fully skilled workforce. Paying }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {employees based on skills attained and used makes it
more difficult to }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {make pay comparisons with the labor market that focuses on
job-}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {based
rather than individual skill-based comparisons. Agencies will }\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {need to convert skill
blocks into benchmark descriptions in order to }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {continuously review and match salary reference
data.}\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {What ar
e skills and skill blocks?}\b0 \par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par
24\cf0\f0\charscalex100 {83}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840
\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\li1133\ri0\sl-213\slmult0
0 {Skills are the basic components of a Skill-based System. These skills }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {typically are grouped
into skill blocks that include predefined set of }\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {skills, knowledge and tasks. When performed b
y employees, these skill }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {blocks will add value to the work process and increase the likelihood
of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the work uni
t's success. Skills and skill blocks should be directly related }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {to the business needs o
f the agency. Based on business needs, }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {agencies should encourage employees
in a Skill-based System to }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {achieve the highest potential skill level required.}\par\par
d\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {As more skill blocks are
acquired and are used, the potential value of }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {the employee increases.}\par\pard\li1133\ri0\sl480\slmult0 \fs24\cf0\f0\charscalex100\b {How are Skill-based Systems used?}\b0
\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Skill-based Syst
ems can serve as a way to integrate human resource }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {practices under the Compensation Management
System. Agencies that }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {elect to use Skill-based Systems need to consider exactly how they will }
\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {be used to
support the agency's mission and desired strategic }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {outcomes. Furthermore, agencies
will need to determine the extent to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22
\cf0\f0\charscalex100 {which this type of system will impact and affect the agen
cy's human }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {reso
urce practices. The following is a list that should be taken i
nto }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {considerati

on when determining the purpose and intent of an agency's }\par\pard\li1133\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {rationale for using Skill-based Syste
ms.}\par\pard\li1493\ri0\sl-493\slmult0 \*\tx1853\fs18\cf0\f1\charscalex100 {\uc
1\u61623X}\tab \fs22\cf0\f0\charscalex100\b {Training and Development }\b0 \fs
22\cf0\f0\charscalex100 {- connection to agency business }\par\pard\li1493\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {need is the cornerstone to
Skill-based Systems. The agency's }\par\pard\li1493\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {commitment to learning is vital to the s
uccess of the system. }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {Employees must be given the opportunity to acquire the knowledge }\
par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {and/or skills req
uired for the progression through the skill blocks. }\par\pard\li1493\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {The skills identified within a skill block
may serve as curriculum for }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {training. Training plans should be well documented, include specifi
c }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {training obje
ctives and communicated to employees.}\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1
853\fs18\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs22\cf0\f0\charscalex100\b {R
ecruitment and Selection }\b0 \fs22\cf0\f0\charscalex100 {- systems can
be developed to }\par\pard\li1493\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {identify knowledge and skills for recruiting and assessing applicants }\
par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {for agency positi
ons. }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs18\cf0\f1\charscalex100 {\
uc1\u61623X}\tab \fs22\cf0\f0\charscalex100\b {Performance Management }\b0 \fs2
2\cf0\f0\charscalex100 {- systems can be used to support }\par\pard\li1493\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {the assessment of employee performance
. }\par\pard\li1493\ri0\sl-480\slmult0 \*\tx1853\fs18\cf0\f1\charscalex100 {\uc1
\u61623X}\tab \fs22\cf0\f0\charscalex100\b {Compensation Decisions }\b0 \fs22\cf
0\f0\charscalex100 {- systems will determine how pay will }\par\pard\li1493\ri0\
sl-280\slmult0 \fs22\cf0\f0\charscalex100 {be administered based on defined skil
l blocks and guide other pay }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {decisions (e.g. starting pay, promotions, in-band adjustments, etc
.). }\par\pard\li1133\ri0\sl-466\slmult0 \fs24\cf0\f0\charscalex100\b {What are
the steps for developing Skill-based Systems?}\b0 \par\pard\li1133\ri0\sl-480\sl
mult0 \fs22\cf0\f0\charscalex100 {The following is a suggested approach, but age
ncies need to tailor the }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {process to meet business needs and objectives.}\par\pard\li5333\ri0\sl
x100 {84}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrs
xn133\margtsxn666\margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\
\par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {1. Identify the
group of employees to be covered: This step consists of }\par\pard\li1133\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {linking the business goals with the Car
eer Group or agency work unit(s) }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\
f0\charscalex100 {that are most appropriate for a Skill-based Syst
em. Typically, skill }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {blocks are created to reflect the skills needed for employees in Caree
r }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Group(s), R
ole(s) or functions within a Role. Skill-based Systems }\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {compliment job and p
ay structures that have broad Roles and }\par\pard\li1133\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {extended pay bands.}\par\pard\li1133\ri0\sl
-480\slmult0 \*\tx3093\fs22\cf0\f0\charscalex100 {2. Gather data:}\tab \fs22\cf0
\f0\charscalex100 {Identify knowledge and skills that are important to the }\par
\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {work unit(s) and
can be objectively measured. The use of Focus }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Group(s) comprised of Subj
ect Matter Experts (managers and }\par\pard\li1133\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {employees) is the desired method to be used to identif

y skills and skill }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {blocks. It may be helpful to initially have the Focus Group(s) identify }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the tasks perfo
rmed in the work unit(s) and then identify the skills }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {needed to perform
these work tasks. The "essential' tasks or skills }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {should be explicitly ide
ntified, organized into skill blocks and rank }\par\pard\li1133\ri0\
sl-280\slmult0 \fs22\cf0\f0\charscalex100 {ordered by degree of difficulty or co
mplexity. Each skill must be clearly }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {articulated to the point that verifiable measu
res or standards of }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {performance can be established.}\par\pard\li1133\ri0\sl-480\slmult0 \
*\tx6360\fs22\cf0\f0\charscalex100 {3. Develop skill and skill inventor
ies:}\tab \fs22\cf0\f0\charscalex100 {Based on the information }\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {identified in the data co
llection step, skill inventories are developed }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {that list the discrete knowledge and
skills needed to complete the }\par\pard\li1133\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {required tasks. The skill inventories are helpful to b
oth supervisors and }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {employees for career development purposes and outline clearly how }\par\par
d\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {performance will be meas
ured and assessed.}\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex10
0\b {How are Skill-based Systems validated?}\b0 \par\pard\li1133\ri0\sl-480\slmu
lt0 \fs22\cf0\f0\charscalex100 {After the skill blocks and/or skill
inventories have been developed, }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {each skill should be validated. Functional s
upervisors that have a }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {detailed understanding of the work and its relations
hip to business }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {need should be asked to validate the accuracy of the identified skill }\par
\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {blocks and/or skill
inventories. As business needs or skill requirements }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {change, functional supervisors should prov
ide input to modify the skill }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\
charscalex100 {blocks and/or skill inventories.}\par\pard\li1133\ri0\sl-480\slmu
lt0 \fs24\cf0\f0\charscalex100\b {How are Skill-based Systems linked to pay?}\b0
\par\pard\li1133\ri0\sl-386\slmult0 \fs22\cf0\f0\charscalex100 {The Compensat
ion Management System, employee compensation is }\par\pard\li1133\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {based on an evaluation of the followi
ng pay factors:}\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f1\charsc
alex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Agency business need; }\p
23X}\tab \fs24\cf0\f0\charscalex100 {Duties and responsibilities; }\par\pard\li1
493\ri0\sl-280\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \f
s24\cf0\f0\charscalex100 {Performance; }\par\pard\li1493\ri0\sl-280\slmult0 \*\t
x1853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {W
ork experience and education; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853\fs2
0\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Knowledge,
skills, abilities and competencies; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1
853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Tra
ining, certification and license; }\par\pard\li1493\ri0\sl-280\slmult0 \*\tx1853
\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Intern
al salary alignment }\par\pard\li5333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li53
33\ri0\sl-320\slmult0 \fs24\cf0\f0\charscalex100 {85}\par\pard\sect\sectd\sbkpag
e\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn240\pard\l

0 {Market availability; }\par\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs20\cf0\
f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Salary reference
data; }\par\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs20\cf0\f1\charscalex100
{\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Total compensation; }\par\pard\li
fs24\cf0\f0\charscalex100 {Budget implications }\par\pard\li1493\ri0\sl-293\slmu
lt0 \*\tx1853\fs20\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscal
ex100 {Long term impact; and }\par\pard\li1493\ri0\sl-293\slmult0 \*\tx1853\fs20
\cf0\f1\charscalex100 {\uc1\u61623X}\tab \fs24\cf0\f0\charscalex100 {Current sal
ary }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {Using the
skill blocks, agencies determine which skills are }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {compensable. Market data can b
e obtained to identify a sub-band or }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {pay band to support a Skill-based System. Once the sub-ban
d or pay }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {band h
as been established, the skill blocks can then be assigned to the }\par\pard\li1
133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {continuum. Thus, the skill
blocks become the unit measurement for }\par\pard\li1133\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {pay increases within a sub-band or pay band. }\par\par
d\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {There are a number
of design options that should be taken into }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {consideration when administeri
ng pay in a Skill-based System. }\par\pard\li1133\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {Progression through a skill block can be compensated
by a variety of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{methods including constant dollar amount, increasing dollar amount, }\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {fixed percentage or increa
sing percentage amount. The timing of pay }\par\pard\li1133\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {increases should also be considered. Oftentimes an ag
ency will want to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10
0 {establish some limitations on the pay increase process in o
rder to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {contr
ol cost. For example, a control measure may be to require the }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employee to remain at a skill lev
el for a fixed period of time or another }\par\pard\li1133\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {option would be for the agency to establ
ish a policy that sets the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {maximum increase an employee may receive during a specifi
c time }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {period.
}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {The timing
of pay increases and any cost control measure has a }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {significant impact on
both employee morale and cost escalation. }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {Consideration should be given to
any other type of direct }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {compensation awards the employee may be eligibl
e for such as }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {recognition awards, retention and market-based adjustments. Oth
er }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {compensation
actions should support the goals and intent of the Skill-}\par\pard\li1133\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {based System.}\par\pard\li1133\ri0\sl
-480\slmult0 \fs22\cf0\f0\charscalex100 {Procedures must be developed for estab
lishing starting pay for new }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {hires and/or employees transitioning from a traditiona
l pay and job }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {evaluation system to a Skill-based System. A key issue du
ring the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {tran
sition is how current employees will be moved to the Skill-based }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {System. Key implementation dec
isions such as how current employees }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\

cf0\f0\charscalex100 {will be paid initially under the system need
to be determined (e.g. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {placed at the entry level or obtain an initial or baseline asse
ssment }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {certifyi
ng the employee's current skill level).}\par\pard\li1133\ri0\sl-480\slmult0 \fs2
2\cf0\f0\charscalex100 {Lastly, consideration must be given to how
the agency will handle }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {employees whose skills diminish (e.g. freeze employee's pay or re
duce }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {pay). }\pa
s18\cf0\par\pard\li5333\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {86}\par\p
ard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn6
66\margbsxn240\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-2
3\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100\b {How is a Skill-based
System linked to performance planning }\b0 \par\pard\li1133\ri0\sl-280\s
lmult0 \fs24\cf0\f0\charscalex100\b {and evaluation?}\b0 \par\pard\li1133\ri0\sl
-480\slmult0 \fs22\cf0\f0\charscalex100 {Skill-based Systems provide the supervi
sor and the employee with a }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {clear understanding of the performance expectations and
clearly }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {addr
ess the learning activities that are necessary for successful }\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {performance. Addi
tionally, this type of system helps supervisors and }\par\pard\li1133\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {employees to share the same understanding o
f expected performance.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charsca
lex100 {Agencies must determine the overall method for determining
the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employee
's skill level. The process developed will serve as a way to }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {certify that the employee
has met all performance standards }\par\pard\li1133\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {established for a skill block. Evaluation methods to
consider include }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10
0 {checklists, skill demonstration or testing. Consideration must be given }\par
\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {to the timing of the
performance measure. Questions to be answered }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {include: Will performance be measured at a desig
ned time (annually, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {semi-annually, quarterly)? Will the employee be assessed on skills only }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {one time or will t
he continued mastery of the skill be required?}\par\pard\li1133\ri0\sl-480\slmul
t0 \fs22\cf0\f0\charscalex100 {After identifying a method for assessing the empl
oyee's skills, the next }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsc
alex100 {step is to identify who will assess the performance. Evaluators can be
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {managers, techn
ical and functional experts, peers or an assessment }\par\pard\li1133\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {team with optional rotating membership. The
evaluation of skills can }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {be accomplished either by a paper or automated process.}\par\pard\li1
133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {How are Skill-based Systems
evaluated?}\b0 \par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {
The skill block(s) and pay mechanism that is established must make }\par\pard\li
1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {sense in terms of the goal t
he agency is seeking to accomplish and }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {must be understandable to employees. An evaluation plan
should be }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {estab
lished and implemented to ensure that the Skill-based System is }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {effectively meeting the a
gency needs and reflects the desired }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs24\cf0\f0\charscalex100 {knowledge and skills needed by the agency.}\par\

pard\li1133\ri0\sl-386\slmult0 \fs24\cf0\f0\charscalex100\b \ul {KNOWLEDGE-BASED
PAY}\b0 \ul0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\
sl-440\slmult0 \fs22\cf0\f0\charscalex100 {It is defined as the compensation pre
dicated upon an employee's level }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\
f0\charscalex100 {of skill and educational attainment. Knowledge-based pay can b
e an }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {incentive
for employees to acquire additional training and education, }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {thus upgrading overall work
force skills. Pay-for-learning programs, }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {also known as pay-for-knowledge, skill-b
ased compensation, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {knowledge-based pay, or pay-for-skill programs can be define
d as }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {follows:
Pay-for-learning structures link pay to depth or breadth of the }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {skills, abilities, and knowled
ge a person acquires that are relevant to }\par\pard\li1133\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {the work. Structures based on skill pay individuals f
or all the skills for }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {which they have been certified regardless of whether the work they are }\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {doing requires al
l or just a few of those particular skills. Simply put, }\par\pard\li5333\ri0\sl
333\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {87}\par\pard\sect\sectd\sbkpa
ge

\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {pay-for-learning pro
grams compensate employees for knowledge and }\par\pard\li1133\ri0\sl-280\slmult
0 \fs24\cf0\f0\charscalex100 {skills that they posses, not for the job in which
they are performing.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11
33\ri0\sl-453\slmult0 \fs22\cf0\f0\charscalex100 {The critical processes t
o determine a skill-based structure should }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {include the following steps. An organizati
on must make sure that there }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {pay-for-learning structure is: }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100\ul {1) Internally aligned with work relationshi

ps within the organization, }\ul0 \par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {perform a }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {2) Skill analysis: a systematic process to identify
and collect }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{information about skills required to perform work in an organization, }\par\par
d\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {select}\par\pard\li1133\
ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100\ul {3) Skill blocks,}\ul0 \par\par
d\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {4) Skill certification,
and, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {5) Skillbased structure. Skill analysis decisions also include: what is }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the objective of the plan, what
information should be collected, what }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {methods should be used to determine and certify skills,
who should be }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {i
nvolved, and how useful are the results for pay purposes. Up
on }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {answering th
ese questions in their respective order, it is important to }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {remember that skill-based systems f
ocus on inputs, not results. There }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {success is closely correlated with how well the plan is alig
ned with an }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {org
anization\uc1\u8217Xs strategy. The information that is collected
should be }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {ver
y specific information on every aspect of the production process. }\par\pard\li1
133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {There are many different meth
ods used to verify certification of skills, }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {some companies use peer review, on-the-jo
b demonstrations, tests, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {and also completion of formal courses related to certain subject a
reas. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {The most
important group of people that should be involved in building }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {a skill-based structure, ar
e the employees of an organization. }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {Employee involvement is almost built into skill-b
ased plans, as there }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {opinion in all levels will ensure that they find the p
ay-for-learning }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{system to be fair. }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11
33\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {Skill-based pay systems can be
found in some form in approximately 5 }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {to 8 percent of U.S. corporations. They are usually appl
ied to so-called }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{blue-collar work, most of these firms are in manufacturing a
nd }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {assembly w
ork where the work can be specified and defined. The }\par\par
d\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {advantage of a skill-bas
ed plan is that people can be deployed in a way }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {that better matches the flow or work, thus avoi
ding bottlenecks as well }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\chars
calex100 {as idle hands. So far skill-based pay systems, particularly multi-skil
l-}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {based systems
, have been thought to be most successful and have }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {been implemented with the greatest
ease in new plants with a }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {participative team management style. In a part
icipative new plant }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsc
alex100 {environment, such systems fit the management style, reinf
orce }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employees
for learning new skills, and implementation is easier }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {because traditional a

ttitudes about job ownership don't have to be }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {overcome. In established planes,
such systems are more difficult to }\par\pard\li5333\ri0\sl-213\slmult0 \f
slmult0 \fs24\cf0\f0\charscalex100 {88}\par\pard\sect\sectd\sbkpage\pgwsxn12240\
harscalex100 {implement precisely because of traditional views about job ownersh
ip }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {but offer th
e possibility of breaking down such views and providing an }\par\pard\li1133\ri0
\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {incentive for veteran employees to l
earn new skills.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\r
i0\sl-306\slmult0 \fs24\cf0\f0\charscalex100\b {Using Pay-for-Learning Systems }
\b0 \par\pard\li1133\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {As stated be
fore, pay-for-learning plans can focus on depth or breadth. }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {In fact, there are two ba
sic forms of skill-based pay systems, }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs24\cf0\f0\charscalex100 {increased-knowledge-based systems and multi-ski
ll-based systems.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\
ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {Increased-knowledge or depth
deals with specialists, such as: }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {specialists in corporate law, finance, or
welding and hydraulic }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {maintenance. These are a few examples to help under
stand that }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {sp
ecialists are likely paid based on their knowledge as measured by }\par\pard\li1
133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {education level. Increased k
nowledge-based systems pay employees }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {based upon the range of skills they possess in a single sp
ecialty or job }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
classification. These are probably the most common skill-based pa
y }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {systems and
at their simplest are nothing more than technical skill }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {ladders. For example,
skilled trades often have a pay scale that }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {increases as employees acquir
e additional skills and move from an }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {entry to a journeyman level. Similar pay progr
essions based upon skill }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {level can be found in universities, law offices, and
research and }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{development labs. Increased knowledge based systems are sometimes }\par\pard\li
1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {called "Vertical" system
s because pay is tied to the depth of }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs24\cf0\f0\charscalex100 {knowledge or skill in a defined job. }\pa
s22\cf0\f0\charscalex100 {Multi-skill based systems or breadth deals
with generalists with }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\cha
rscalex100 {knowledge in all phases of operations including market
ing, }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {manufactur
ing, finance, and human resource. Employees in a multi-}\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {skill system earn pay increases by acq
uiring new knowledge, but the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {knowledge is specific to a range of related jobs. This means that
pay }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {increases
come with certification of new skills, rather than with job }\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {assignments. Multi-sk
illed based systems are a newer, less common, }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {and more revolutionary form of skill-ba

sed pay. In this case, pay }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {progression is tied to the number of different jobs an emp
loyee can }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {perfo
rm throughout the entire organization. For example, in a }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {manufacturing enviro
nment, employees might be paid higher rates }\par\pard\li1133\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {based upon their ability to p
erform jobs upstream and downstream }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {from their normal assignment in the production proc
ess. Maximum pay }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{rates would be paid to employees who can perform most or all jobs }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {within the plant.}\par\pard
0\f0\charscalex100 {Because they tie pay to the number of differen
t jobs a person can }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\cha
rscalex100 {perform, Multi-skilled-based systems are sometimes called horizontal
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {systems. These
will enhance the benefits of greater labor flexibility and }\par\pard\li1133\ri
0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {job mobility for employees.}\par\pa
cf0\par\pard\li5333\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {89}\par\pard\
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lmult0 \fs24\cf0\f0\charscalex100\b {Advantages of Pay-for-Learning Systems }\b0
\par\pard\li1493\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {1\uc1\u8226X Gr
eater Flexibility }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {2\uc1\u8226X Leaner Staff }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {3\uc1\u8226X Improved Problem Solving }\par\pard\li1493\ri0\sl-280
\slmult0 \fs24\cf0\f0\charscalex100 {4\uc1\u8226X Improved Horizontal Communicat
ion }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {5\uc1\u8226
X Improved Vertical Communication }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0
\f0\charscalex100 {6\uc1\u8226X Supports Employment Security }\par\pard\li1493\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {7\uc1\u8226X Improved Lob Satisfac

tion }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-306\s
lmult0 \fs24\cf0\f0\charscalex100\b {Limitations of Pay-for-learning }\b0 \par\p
ard\li1493\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100 {1\uc1\u8226X Increase
in Labor Costs }\par\pard\li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
2\uc1\u8226X Increase in Training Costs }\par\pard\li1493\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {3\uc1\u8226X Increased Administrative Costs }\par\pard\
li1493\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {4\uc1\u8226X Potential bur
eaucracy }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-3
06\slmult0 \fs24\cf0\f0\charscalex100\b {Real World Use of Pay-for-Learning Syst
ems }\b0 \par\pard\li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {There
are well-known companies using pay-for-learning systems. }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {AT&T, Corning, Ford Mot
or Company, General Mills, General Motors, }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {Maxwell House, and Volvo to name a few. General M
ills uses four skill }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {\uc1\u8220Xcategories\uc1\u8221X corresponding to the steps in
the production process: }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {materials handling, mixing, filling, and packaging. Each skill cat
egory }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {has three
blocks: 1) entry level, 2) accomplished, and 3) advanced. An }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employee can start at entry level
and after becoming certified on the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {skill needed for the next block, will be compensated for l
earning those }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {s
kills. The employee can continue this process as allowed.}\par\pard\sect\sectd\s
sr-0\colno2\colw7946\pard\li1173\ri0\sl-160\slmult0 \fs14\cf0\f0\charscalex100\b
{What is valued }\b0 \par\pard\li1133\ri0\sl-266\slmult0 \fs14\cf0\f0\charscale
x100\b {Quantify the value }\b0 \par\pard\li1133\ri0\sl-173\slmult0 \fs14\cf0\f0
\charscalex100\b {Mechanisms to translate }\b0 \par\pard\li1560\ri0\sl-160\s
lmult0 \fs14\cf0\f0\charscalex100\b {into pay }\b0 \par\pard\li1133\ri0\sl-280\s
lmult0 \fs14\cf0\f0\charscalex100\b {Pay structure }\b0 \par\pard\li1133\ri0\sl173\slmult0 \fs14\cf0\f0\charscalex100\b {Pay increase }\b0 \par\pard\li1133\ri0
\sl-253\slmult0 \fs14\cf0\f0\charscalex100\b {Managers focus }\b0 \par\pard\li11
charscalex100\b {Employee focus }\b0 \par\pard\li1133\ri0\sl-226\slmult0 \fs14\c
f0\f0\charscalex100\b {Procedures }\b0 \par\pard\li1133\ri0\sl-253\slmult0 \fs14
\cf0\f0\charscalex100\b {Advantages }\b0 \par\pard\li1133\ri0\sl-266\slmult0 \fs
14\cf0\f0\charscalex100\b {Limitations }\b0 \par\column\pard\li0\ri0\sl-160\slmu
lt0 \fs14\cf0\f0\charscalex100 {Skill Blocks }\par\pard\li0\ri0\sl-266\slmult0 \
fs14\cf0\f0\charscalex100 {Skill Levels }\par\pard\li0\ri0\sl-173\slmult0 \fs14\
cf0\f0\charscalex100 {Certification and price skills in external market }\par\pa
rd\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-226\slmult0 \fs14\cf0\f0
\charscalex100 {Based on skills certified/market }\par\pard\li0\ri0\sl-173\slmul
t0 \fs14\cf0\f0\charscalex100 {Skill acquisition }\par\pard\li0\ri0\sl-253\slmul
t0 \fs14\cf0\f0\charscalex100 {1) Utilize skills efficiently 2) Provide training
3) Control costs via training, certification, }\par\pard\li0\ri0\sl-173\slmult0
\fs14\cf0\f0\charscalex100 {and work assignments }\par\pard\li0\ri0\sl-213\slmu
lt0 \fs14\cf0\f0\charscalex100 {Seek skills }\par\pard\li0\ri0\sl-226\slmult0 \f
s14\cf0\f0\charscalex100 {Skill analysis, and Skill certification }\par\pard\li0
\ri0\sl-253\slmult0 \fs14\cf0\f0\charscalex100 {Continuous learning, Flexibility
, and Reduced work force }\par\pard\li0\ri0\sl-266\slmult0 \fs14\cf0\f0\charscal
ex100 {Requires cost controls and Potential bureaucracy }\par\pard\li1840\ri0\sl

f0\par\pard\li1840\ri0\sl-400\slmult0 \fs24\cf0\f0\charscalex100 {90}\par\pard\s
ect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sect
d\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn36
0\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \f
i0\sl-373\slmult0 \fs24\cf0\f0\charscalex100\b \ul {TEAM BASED COMPENSATION}\b0
\ul0 \par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {Teams have
become a popular way to organize business because they }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {offer companies the flexibility
needed to meet the demands of the }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {changing business environment. While many
companies have been }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\cha
rscalex100 {quick to organize their workforce into teams, they have not been as
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {eager to imple
ment team-based compensation systems. However, if }\par\pard\li1133\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {team-based organizations continue to utiliz
e old, individually-oriented }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {pay systems, they will not fully realize the benefit of highly coo
perative }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {and mo
tivated work teams.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex1
00 {Team compensation is a way of rewarding performance in tea
m }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {settings. Tha
t is, individuals are rewarded based on the performance of }\par\pard\li1133\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the team as opposed to individu
al performance. There are different }\par\pard\li1133\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {kinds of compensation such as a portion of base pay, o
ther financial }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
rewards such as gain-sharing, and non-financial rewards such as movie }\par\pard
\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {passes and gift certifica
tes. }\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Teams ar
e defined as groups of individuals who work together to }\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {develop products
or deliver services for which they are mutually }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {accountable. Because of thi
s new shift in organizational structure, }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {employees are being Organizations have been
using teams more and }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {more to carry out different functions in the asked to work with others }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {and their collecti
ve performance is evaluated. Traditionally, employees }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {have been compensated based on their in
dividual performance, but }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {now they are being evaluated based on how their t
eams perform. }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{Therefore, it does not seem to make much sense to compensat
e }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employees i
ndividually based on how their whole team performs. }\par\pard\li1
133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Therefore, organizations are
moving toward compensating individuals }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {based on team performance. Team compensation
is a way of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {rewarding performance in team settings. That is, individuals
are }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {rewarded
based on the performance of the team as opposed to }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {individual performance.
Team compensation is often referred to as }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {team-based rewards or team-based
pay. People learn to behave in }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {certain ways based on the rewards they receive. The

refore, in order to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {convey to people that they want them to produce more in
teams, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {reinf
orcement of behaviors that lead to and sustain team performance }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {is necessary. Individual bonuse
s work against the team, thus lessening }\par\pard\li1133\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {the team spirit.}\par\pard\li1133\ri0\sl-480\slmult0 \f
s22\cf0\f0\charscalex100 {Some examples of different forms of team-b
ased rewards are: a }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\char
scalex100 {portion of the individual\uc1\u8217Xs base pay, other financial rewar
ds such as }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {gain
-sharing, and non-financial rewards such as recognition and praise. }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Gain-sharing combines p
ay for performance and employee }\par\pard\li1133\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {involvement; as performance improves, employees share f
inancially in }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {t
he gain generally monthly or quarterly. In surveys of the Fortune 1000 }\par\par
d\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666
\margbsxn386\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213
ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {companies in 1990 and then in 199
3, team-based pay has increased its }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {prevalence and usage in organizations from 59% to 70% in th
ree years }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {time.
Anfuso, however, warns that only 1 to 20% of the workforce in }\par\pard\li1133
\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {these organizations receive team
-based incentives. }\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex1
00 {If companies stress the organizational role of the employee, then the }\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employee will view th
eir incentives as entitlements based upon that }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {membership role. This will de-emphasize
the "personal" role where }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {they only think about themselves and not about the organizati
on as a }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {whole.
This helps the organization in that it increases the amount of }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {commitment from the employee. Te
am pay has also been associated }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f
0\charscalex100 {with an increased level of motivation. A company needs to be pr
epared }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {to sup
port organizational changes in order to reward the new }\par\par
d\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {behaviors and results pr
oduced. This allows them to become capable }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {team members. Therefore, it is recommended that team
-based reward }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {s
ystems should be implemented in order to reinforce team behavior.}\par\pard\li11
33\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Various forms of team-based re
wards are used in organizations - they }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {fall into three categories: a proportion of their base p
ay, other financial }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {rewards, and non-financial rewards. 5-10% of the base pay is usually a }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {sufficient amount
to reward individuals. Gain-sharing, defined more }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {specifically, is another t
ype of financial reward that shares group }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {improvement in productivity, cost
savings, and quality with each }\par\pard\li1133\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {employee in the group. Other types of financial rewards
are lump-sum }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {a
wards where individuals receive an amount of money that is }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {independent of the

ir base pay, discretionary bonuses given to teams }\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {based on after-the fact judgment of
their performance, and profit }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {sharing where the employees share a percentage of the or
ganization\uc1\u8217Xs }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {profit. Finally, non-financial rewards are another alternati
ve. For }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {examp
le, organizations may award teams by recognizing them for }\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {exceeding expectation
s on the job. Additional examples include coffee }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {mugs, T-shirts, plaques, TV, DVD Player, vacat
ion vouchers etc.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100
{Several companies give team bonuses to sales, management, and
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {engineering sta
ff. Their performance criteria are based on customer }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {satisfaction, sales revenue, and market
share. It is important to link }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {employee objectives to company goals. The team\uc1\u
8217Xs performance is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\char
scalex100 {measured against the team revenue target and the market share. The }\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {bonus is paid qua
rterly but not to poor performers.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0
\f0\charscalex100 {Strategy and culture, are important first steps in any kind o
f design }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {proces
s of a team-based compensation plan. Pay sends a loud }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {message to the employee
s about what is important in an organization. }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {If teamwork is what the company wants
to emphasize, then it is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {important that the pay structure reinforces that behavior.
Strategy and }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {cu
lture and competencies (personal attributes and behaviors such as }\par\pard\li1
133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {attitudes, motives, and trait
s that predict longer-term success) all need }\par\pard\sect\sectd\sbkpage\pgwsx
n12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn400\pard\li1133\r
f0\f0\charscalex100 {to be aligned with compensation in order to be effective.
Culture is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {imp
ortant in the sense that it tells the organization where you are and }\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {allows you to assess
where it is that you want to be. This process }\par\pard\li1
133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {allows the organization to id
entify missing values, skills, and behavior }\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf0\f0\charscalex100 {necessary to make the transition from one to the ot
her. }\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {Team rew
ards are very difficult to develop and must be custom-}\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {tailored to the o
rganization\uc1\u8217Xs configuration. The effectiveness of }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {rewards depends upon the re
view and evaluation processes. Therefore, }\par\pard\li1133\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {it is imperative that organizations set up these prog
rams only when }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
the organization feels that they have a stable design and has assessed }\par\par
d\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {which teams should be re
warded. }\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {Desig
n Considerations}\b0 \par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex
100 {There are many considerations in the designing of the new
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {compensation p
lan. After the alignment of pay with strategy, culture, }\par\pard\li1133\ri0\sl

-280\slmult0 \fs22\cf0\f0\charscalex100 {and competencies of the employee, then
the next step is to determine }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {the type or types of team in a particular organization. There are
four }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {types of
teams: The first is the parallel team that is defined as a part-}\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {time team that can be
temporary or permanent that employees }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {participate on in addition to their normal activ
ities. The second type of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\char
scalex100 {team is a process team that carries out the work processes and is don
e }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {collectively
by members of a team. A project, or time-based team, is }\par\pard\li1133\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {the third type of team and is the oppos
ite of a parallel team in that }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {members work full-time for the duration and until
completion of a }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {project. A fourth type is a hybrid organization that includes a mixture }
\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {of the teams des
cribed above. }\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {A
nother consideration that the organization should take into account is }\par\par
d\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the number of job catego
ries in an organization. The concept is termed }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {broad banding, or encompassing more jobs into fe
wer bands, and it is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {used to determine the number of pay grades. The narrower the band, }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the fewer the di
fferences, and the greater the equality of pay }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {opportunity among the people withi
n that band. After determining the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {bands, one must determine the parameters used to pay every j
ob. This }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {is th
e base pay for each job. Setting base pay is usually based on }\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {market pricing
and job evaluations. Market pricing indicates what }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {others in the market w
ould pay for the same job. Job evaluations }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {assess what skills and work is involve
d in a particular job. Also, one }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\
f0\charscalex100 {must determine the total pay allocated to the base pay.}\par\p
ard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {The next step in the d
esign of a team-based compensation system is }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {the performance appraisal stage. The criteria upon
which the rewards }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex1
00 {are given are necessary in order to create the link between strategy }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {and reward. An organiz
ation must define the performance criteria of }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {their employees. There are four criteri
a used in measuring team }\par\pard\sect\sectd\sbkpage









\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {performance. The fir
st is a demonstration of behavioral competencies }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {that are personal attributes and behaviors suc
h as attitude, motives, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsc

alex100 {and traits that predict longer-term success. The second criterion is th
e }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {acquisition a
nd/or the demonstration of skills and knowledge. Thirdly, }\par\pard\li1133\ri0\
sl-280\slmult0 \fs22\cf0\f0\charscalex100 {there needs to be an achiev
ement of specific objectives within a }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {specified period of time, best known
as management by objectives }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {(MBO\uc1\u8217Xs). Finally, the results (quantitative or
qualitative) are used to }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\cha
rscalex100 {measure the performance of the team.}\par\pard\li1133\ri0\sl-480\slm
ult0 \fs22\cf0\f0\charscalex100 {These criteria are different depending on the t
ype of team present in }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {an organization. The parallel teams would primarily use
the MBO\uc1\u8217Xs }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {approach followed by the demonstration of behavioral competencies }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {and the results
of the team effort. In a process team, the primary }\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {criterion used is th
e demonstration of behavioral competencies }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {followed by the acquisition of skills and kn
owledge and results. Finally, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {in a project team, the most important criteria is what the result
s are }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {followed
by demonstration of behavioral competencies and the }\par\pard\li1
133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {achievement of specific objec
tives in a specified period of time.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\c
f0\f0\charscalex100 {Another component of pay is the increase in base pay. Indiv
iduals will }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {som
etimes ask for raises and in a team-based environment, it is much }\par\pard\li1
133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {more difficult. One reason fo
r the difficulty lies in the fact that different }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {types of teams require different ways in which
to handle the demands }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charsca
lex100 {to increase base pay.}\par\pard\li2466\ri0\sl-213\slmult0 \fs18\cf0\par\
pard\li2466\ri0\sl-320\slmult0 \fs20\cf0\f0\charscalex100\b {Table 1. Different
Approaches to Increase Base Pay }\b0 \par\pard\li2466\ri0\sl-240\slmult0 \fs20\c
f0\f0\charscalex100\b {as a Function of Team Type}\b0 \par\pard\li2466\ri0\sl-21
0 {Team Type Increase Approach}\par\pard\li2826\ri0\sl-213\slmult0 \fs18\cf0\par
X}\tab \fs20\cf0\f0\charscalex100 {Parallel Merit Increases are desired with tea
m and }\par\pard\li3186\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {regular j
ob performance }\par\pard\li2826\ri0\sl-266\slmult0 \*\tx3186\fs20\cf0\f1\charsc
alex100 {\uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {Process General Wage Incr
ease }\par\pard\li2826\ri0\sl-266\slmult0 \*\tx3186\fs20\cf0\f1\charscalex100 {\
uc1\u61623X}\tab \fs20\cf0\f0\charscalex100 {Skill-based Pay }\par\pard\li2826\r
f0\f0\charscalex100 {Pay tied to demonstration of Competencies }\par\pard\li2826
\cf0\f0\charscalex100 {Peer Evaluations that assess the team members
\uc1\u8217X }\par\pard\li3186\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {con
tribution to the performance of the entire team }\par\pard\li2826\ri0\sl-266\slm
lex100 {Project Merit Increases are desired where the }\par\pard\li3
186\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {demonstration of required ski
lls and competencies }\par\pard\li3186\ri0\sl-226\slmult0 \fs20\cf0\f0\charscale
x100 {are the criteria used to determine whether or not }\par\pard\li3186\ri0\sl
-226\slmult0 \fs20\cf0\f0\charscalex100 {an increase is in order. }\par\pard\li2
466\ri0\sl-333\slmult0 \fs20\cf0\f0\charscalex100 {Note: Adapted from }\fs2
0\cf0\f0\charscalex100\i {Compensation for Teams: How to }\i0 \par\pard\

li2466\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100\i {Design and Implement
Team-Based Reward Systems}\i0 \fs20\cf0\f0\charscalex100 { (p. }\par\par
d\li2466\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {125), by S. E. G
ross, 1995, NewYork: American }\par\pard\li2466\ri0\sl-240\slmult0 \fs20\c
f0\f0\charscalex100 {Management Association. Copyright 1995 by The H
ay }\par\pard\li2466\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {Group, Inc.}
\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\mar
gtsxn666\margbsxn413\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri
\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {The third component of pa
y is recognition. Recognizing team results is }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {very important in the sense that it can motivate
team members and }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{increase the team\uc1\u8217Xs level of cohesiveness. If team m
embers are }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {pr
aised for a job on which they all contributed, their teamwork will be }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {reinforced. Recognition c
an actually have more of a motivating effect }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {that reaches into the future. Non-monetary rewards
such as plaques, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10
0 {trophies, vacation trips, and small gifts can be the best incentive for }\par
\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {team members. Ho
wever, the most important part of this kind of }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {recognition is that manage
ment must give it with sincerity. In }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs22\cf0\f0\charscalex100 {implementing recognition, the organizati
on must reward teams that }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {exceed objectives, they must determine who is e
ligible, and they }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {should have several levels of recognition. For example, appreciation }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {non-cash rewards,
awards for significant financial contribution, and }\par\pard\li113
3\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {awards for extraordinary financ
ial results. It is recommended that non-}\par\pard\li1133\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {cash rewards be the primary type of recognition for all
team types, and }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{cash be the secondary reward for parallel and process teams but not }\par\pard
\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {for project teams.}\par\p
ard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {The fourth main compon
ent of a compensation plan is the incentive }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {plan. There are nine basic elements to an incentive
plan that needs to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {be assessed beforehand. These are eligibility to receive in
centives, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {parti
cipation, measurement, alignment of team and organizational }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {goals, funding, timing
(shorter time between payoffs is better because }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {it raises motivation), benefits, admini
stration, and evaluation of the }\par\pard\li1133\ri0\sl-280\slmult0 \fs
24\cf0\f0\charscalex100 {whether or not the plan needs changes.}\par\pard\li1133
\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Implementation of a reward syste
m is the next step after identifying }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {and assessing the different pay components. There are thre
e phases to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {imp
lementation. The first phase is labeled feasibility, which asks
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {whether the str
ategy in the organization is feasible at the stage, they }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {are in currently. It includes
planning, environmental assessment, }\par\pard\li1133\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {readiness diagnostic, and the compensation

strategy. The second }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {phase is the design phase and it includes the design
concept, the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10
0 {design components, testing of the compensation strategy, transition }\par\par
d\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {approach, union part
icipation strategy, and administrative }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {requirements. The third phase is the a
ctual implementation of the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {program and it includes education/communication pro
gram, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {organizat
ional integration, and ongoing monitoring. As mentioned }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {earlier, it is important th
at the organization be ready to implement the }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {new compensation system. The team design needs to
be stable before }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex10
0 {implementing a new pay structure. The organization must stres
s }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {communication
and flexibility. There must be management support of }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {teams; the culture must be one of coopera
tion; and there also needs to }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {be strong administrative support that records team performance. O
nly }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {after these
elements are in place should an organization attempt to }\par\pard\li1133\ri0\s
l-280\slmult0 \fs24\cf0\f0\charscalex100 {design and implement a team-based comp
ensation system.}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn66
fs18\cf0\par\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {For any
team-based pay plans to be implemented, there must be a link }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {to the organization\uc1\u8217Xs st
rategy. Team goals should be subsumed under }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {the organization\uc1\u8217Xs overall goals and obje
ctives. Pay should be aligned }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {with the accomplishment of those objectives. A perf
ormance }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {measure
ment system also needs to be established. It is imperative }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {that there are exp
licit measures of how well the team is performing in }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {reaching the desired goals. These
measures usually include such }\par\pard\li1133\ri0\sl-280\slmult0 \fs22
\cf0\f0\charscalex100 {factors as productivity and quality. This is important in
meeting goals }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {
and also measuring how much the team members should be paid
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {according to
their measured performance from the predetermined }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {criteria. Another important
design consideration is the allocation }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {method to the team members. Various methods of
distributing rewards }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {- Equal payments to all members of the team; differential payments to }\pa
r\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {team members based
on their contribution to the team\uc1\u8217Xs performance; }\par\pard\li1133\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {and differential payments dete
rmined by a ratio of each group }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {member\uc1\u8217Xs base pay to the total
base pay of the group. The first }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {method fosters cooperation, whereas the second m
ethod may result in }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {some members feeling slighted. A measure of cooperation and
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {teamwork must

be built in to this plan if used. The third ratio method }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {reflects the market rates of the jobs.
The last design consideration is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {the payment method. Team rewards should be kept separated fro
m }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {base pay so t
hat the team member knows that their reward is strictly }\par\pard\li1133\ri0\sl
-280\slmult0 \fs24\cf0\f0\charscalex100 {because of the performance of their tea
m.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Team pay resu
lts in- Improved productivity (Better results are reported }\par\pard\li1133\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {for those using team incentives than
those using individual incentives }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {in a team environment. These results seem to be long-term, a
s well); }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Improv
ed employee satisfaction with the job and pay (This is due, in }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {large part, to the improvement o
f their skills through teamwork and to }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {the greater control over their pay than in the
past); Reduced costs }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {(Production costs are often decreased as employees perform
more }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {effecti
vely and efficiently as a team); Reduced turnover and }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {absence(because employe
es feel that they have a stake in the }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {production, and they are more s
atisfied); An advantage to the }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {customers is that the product is improved and the servic
e quality is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {im
proved (This is because the employees start becoming well versed in }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the operations of the team
and can, therefore, identify some of the }\par\pard\li1133\ri0\sl-280\slmult0 \f
s24\cf0\f0\charscalex100 {important product and service improvements that can be
made).}\par\pard\li1133\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100\b {Conclu
sions}\b0 \par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Becaus
e more and more organizations are moving toward the use of }\par\pard\li1133\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {teams to do most of the work, a shif
t in the way that workers are being }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {compensated are in order. No longer is it a
ppropriate to reward }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {employees strictly on how they perform individually when they are no }
\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {longer performin
g individually. Their performance is based solely on }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {how the team performs. Therefore,
organizations need to start }\par\pard\sect\sectd\sbkpage\pgwsxn12240\pg
hsxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn666\pard\li1133\ri0\sl-213
rscalex100 {compensating individuals based on how their team performs through }\
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {team-based reward
s.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {Under whateve
r circumstances, the compensation plan must be one }\par\pard\li1133\ri0\sl-280\
slmult0 \fs22\cf0\f0\charscalex100 {that can be communicated easily to
the employees. Another }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\
charscalex100 {consideration that must be taken into account is fairness. Fairne
ss is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {subjectiv
e, but it can be remedied by having employees participate in }\par\pard\li1133\r
i0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the design of the compensation pla
n.}\par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {There are
a number of prerequisites to an effective teaming }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {environment that creates a fou
ndation for the reward system. These }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\

cf0\f0\charscalex100 {are: interdependent jobs; accurate and objective
measures of the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {team\uc1\u8217Xs performance; management support for teams,
the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {organizatio
nal culture emphasizes cooperation among the team }\par\pard\li1133\
ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {members at all levels; th
ere are effective communication skills and }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {flexible channels between managers
and employees; a flat }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {organizational structure that is ideal in fostering
a team approach, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {because there are fewer levels of hierarchy; a small group size that }\par
\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {facilitates communic
ation and cooperation; no union or positive union-}\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {management relations that forces a
hierarchy on the organization; }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {there is strong administrative support that records perfor
mance based }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {on
team accomplishments; and there are variable external }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {environmental factors t
hat have flexibility to deal with changing }\par\pard\li1133\ri0\sl280\slmult0 \fs24\cf0\f0\charscalex100 {technology.}\par\pard\li1133\ri0\sl-480\
slmult0 \fs22\cf0\f0\charscalex100 {One must not forget the individual
in a team. The rewarding of }\par\pard\li1133\ri0\sl-280\slmult0 \f
s22\cf0\f0\charscalex100 {individuals is still important, but it must be combine
d with some sort of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {team-based reward as well. The most effective recognition programs }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {are those that recogniz
e outstanding individuals but also reward the }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {collaborative efforts of the team. Idea
lly, individual rewards should }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {reward the fact that the employee has been
a "team player." This }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\c
harscalex100 {helps to foster an environment of cooperation and collaboration.}\
par\pard\li1133\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {All team-based re
ward systems are different in different organizations. }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {There is no template that can
be placed in an organization to }\par\pard\li1133\ri0\sl-280\slmult0
\fs22\cf0\f0\charscalex100 {determine what kind of plan they should
use. Finding the "correct }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {formula" for any particular organization will be the most di
fficult part, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {b
ut with a lot of planning, an organization will be able to find the right }\par\
pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {mix of rewards for th
e teams in their organization.}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15
840\marglsxn666\margrsxn133\margtsxn666\margbsxn360\pard\li1133\ri0\sl-213\slmul
scalex100\b \ul {ROLE OF WAGE BOARD & PAY COMMISSIONS}\b0 \ul0 \par\pard\li1133\
rscalex100 {A }\fs24\cf0\f0\charscalex100\b {Pay Commission}\b0 \fs24\cf0\f0\ch
arscalex100 { is a panel comprised of members of the Union }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Cabinet of India for hiking the sal
aries of government employees. Pay }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {Commissions were set up to reshape & revise the salary struc
ture of }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {central
government servants.}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {The Central Pay Commissions were set up in the past at intervals of 10 }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {to 13 years. Thes
e Pay Commissions examined various issues such as }\par\pard\li1133\ri0\sl-280\s
lmult0 \fs22\cf0\f0\charscalex100 {pay and allowances, retirement benefi
ts, conditions of service, }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\
f0\charscalex100 {promotion policies, etc. and submitted recommendations thereon
. The }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {extant ru
les do not stipulate any specific time period for constitution of }\par\pard\li1
133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {a Pay Commission for Central
Government employees. Till now five }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
4\cf0\f0\charscalex100 {Central Pay Commissions have been constituted as under:
- }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\
cols2\colno1\colw3680\colsr-0\colno2\colw7760\pard\li1120\ri0\sl-253\slmult0 \fs
16\cf0\f0\charscalex100\b {Pay Commission}\b0 \par\column\pard\li0\ri0\sl-253\sl
mult0 \*\tx2106\fs16\cf0\f0\charscalex100\b {Date of Appointment}\b0 \tab \fs16\
cf0\f0\charscalex100\b {Date of Submission of Report}\b0 \par\pard\sect\sectd\sb
r-0\colno2\colw2106\colsr-0\colno3\colw5653\pard\li1120\ri0\sl-306\slmult0 \fs16
\cf0\f0\charscalex100 {First Pay Commission}\par\pard\li1120\ri0\sl-306\slmult0
\fs16\cf0\f0\charscalex100 {Second Pay Commission}\par\pard\li1120\ri0\sl-293\sl
mult0 \fs16\cf0\f0\charscalex100 {Third Pay Commission}\par\pard\li1120\ri0\sl-3
06\slmult0 \fs16\cf0\f0\charscalex100 {Fourth Pay Commission}\par\pard\li1120\ri
calex100 {Fifth Pay Commission}\par\column\pard\li0\ri0\sl-306\slmult0 \fs16\cf0
\f0\charscalex100 {May, 1946}\par\pard\li0\ri0\sl-306\slmult0 \fs16\cf0\f0\chars
calex100 {August, 1957}\par\pard\li0\ri0\sl-293\slmult0 \fs16\cf0\f0\charscalex1
00 {April, 1970}\par\pard\li0\ri0\sl-306\slmult0 \fs16\cf0\f0\charscalex100 {Jun
e, 1983}\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-280\slmul
t0 \fs16\cf0\f0\charscalex100 {April, 1994}\par\column\pard\li0\ri0\sl-306\slmul
t0 \fs16\cf0\f0\charscalex100 {May, 1947}\par\pard\li0\ri0\sl-306\slmult0 \fs16\
cf0\f0\charscalex100 {August, 1959}\par\pard\li0\ri0\sl-293\slmult0 \fs16\cf0\f0
\charscalex100 {March, 1973}\par\pard\li0\ri0\sl-306\slmult0 \fs16\cf0\f0\charsc
alex100 {Three Reports submitted in June, 1986; }\par\pard\li0\ri0\sl186\slmult0 \fs16\cf0\f0\charscalex100 {December, 1986 and May, 1987 respectivel
y.}\par\pard\li0\ri0\sl-306\slmult0 \fs16\cf0\f0\charscalex100 {January, 1997}\p
li1133\ri0\sl-346\slmult0 \fs24\cf0\f0\charscalex100 {The first pay commis
sion was constituted in May 1946, and had }\par\pard\li1133\ri0\sl
-280\slmult0 \fs22\cf0\f0\charscalex100 {submitted its report in a year. The sec
ond panel had been set up in }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {August 1957 and had given its report exactly after two years, with
a }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {financial im
pact was Rs.396 million. The third pay commission set up in }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {April 1970 gave its report in March
1973, and created proposals that }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {cost the government Rs.1.44 billion. The fourth was constitut
ed in June }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {1983
, its report was given in three phases within four years and the }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {financial burden to the gover
nment was Rs.12.82 billio{\field{\*\fldinst{HYPERLINK "http://en.wikipedia.org/w
iki/Pay_commission#_note-All_info_till_this_point%23_note-All_info_till_this_poi
nt"}}{\fldrslt {n.}}}}\fs12\cf0\f0\charscalex100\ul {{\field{\*\fldinst{HYPERLIN
K "http://en.wikipedia.org/wiki/Pay_commission#_note-All_info_till_this_point%23
_note-All_info_till_this_point"}}{\fldrslt {[1]}}}}\ul0 {\sub \fs22\cf0\f0\chars
calex100 {{\field{\*\fldinst{HYPERLINK "http://en.wikipedia.org/wiki/Pay_commiss
ion#_note-All_info_till_this_point%23_note-All_info_till_this_point"}}{\fldrslt
{ }}}The Fifth }}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100
{Pay Commission was set up in 1994 and implemented in 1997 at a cost }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {of Rs. 17,000 crore. In J
uly 2006, the Cabinet approved setting up of }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {the sixth pay commission which. The co
st of hikes in salaries is }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {anticipated to be about Rs. 20,000 crore for
a total of 5.5 million }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {government employees as per the 6th Pay Commiss
ion. The }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {empl
oyees had threatened to go on a nationwide strike if the }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {government failed
to hike their salaries.}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {Reasons for the hikes include rising inflation due to
the forces of }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {globalization and liberalization of the Indian economy.}\par\pard\li1133\ri0\
sl-280\slmult0 \fs22\cf0\f0\charscalex100 {The Class 1 officers in India are gro
ssly underpaid with an IAS officer }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {after 25 years of work experience earning just Rs.550000 as
his take }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margr
sxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\m
argtsxn666\margbsxn373\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\
rd\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {home pay. Even a fresh
graduate can earn Rs.20000 as initial salary }\par\pard\li1133\ri0\sl-280\slmul
t0 \fs22\cf0\f0\charscalex100 {but the person with talent and skill who even
earned reputation as }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {good and result oriented worker in government job is getting much }\par
\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {lesser salary af
ter serving for more than a decade in government }\par\pard\li11
33\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {department is very much
dejected which reduces his performance }\par\pard\li1133\ri0\sl-280\sl
mult0 \fs24\cf0\f0\charscalex100 {leve.}\par\pard\li1133\ri0\sl-213\slmult0 \fs1
mult0 \fs22\cf0\f0\charscalex100 {The government should be model employer in al
l aspects. But if the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {burden on taxpayers keeps increasing in return for succes
sively }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {inferior
governments there are only two ways to deal with the }\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {situation: Impose a w
age freeze across the board for next 10 yrs and }\par\pard\li1133\ri0\sl-280\slm
ult0 \fs22\cf0\f0\charscalex100 {resume revision based on performance. Alternati
vely,make the 6th pay }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {commission a permanent performance evaluation cum pay commission }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {with statutary auth
ority and appellate remedies to deal with }\par\pard\li1133\ri0\sl-2
80\slmult0 \fs22\cf0\f0\charscalex100 {grievances of each organised grou
p including cadres based on }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {mutually agreed norms by an independent body of people outs
ide the }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {governm
ent.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\sl
mult0 \fs24\cf0\f0\charscalex100\b {Sixth Pay Commission}\b0 \par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Last year, the central government a
pproved the setting up of the sixth }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {pay commission to upwardly revise salaries and perks for it
s 550,000 }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {emplo
yees across the country. A cabinet meeting headed by Prime }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Minister Manmohan
Singh decided that the term of the commission }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {would be for 18 months. 'The commissio
n will comprise one chairman }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\c
harscalex100 {of the rank of minister of state, one part time

member and one }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {member-secretary of the rank of secretary or additional secretary in }\par
\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the central gove
rnment. The proposal is estimated to cost the }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {government an additional Rs.200 bil
lion ($4.2 billion). The Commission }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {will consider certain aspects of service condit
ions of central }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex
100 {government employees. But several guesstimates are being made
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {before the
report is announced. For over four million government }\par\pard\l
i1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employees, including mi
litary personnel, the Sixth Pay Commission }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {may not usher in a dramatic new era where
salaries are more in tune }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\char
scalex100 {with skyrocketing wages in the private sector. As per the draft salar
y }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {structure tha
t is now under discussion between the commission and }\par\pard\li1133\ri0\sl-28
0\slmult0 \fs22\cf0\f0\charscalex100 {the finance ministry, even at the top-most
level \uc1\u8212X the Union cabinet }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {secretary \uc1\u8212X the fixed salary will be just about
Rs.80,000 per month, up }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charsc
alex100 {from Rs.30,000 earlier. }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\
par\pard\li1133\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {As head of th
e Indian bureaucracy, the cabinet secretary notionally }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {runs India\uc1\u8217Xs largest
corporation of almost 3.3 million people, excluding }\par\pard\li1133\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {over a million men in military uniform. His
proposed salary wouldn\uc1\u8217Xt be }\par\pard\li1133\ri0\sl-280\slmult0 \fs2
2\cf0\f0\charscalex100 {a patch on CEO salaries in the corporate
sector, where annual }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\char
scalex100 {compensation packages run into crores of rupees for even medium-}\par
\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {sized companies.}\pa
r\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margts
xn666\margbsxn373\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\s
1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {At the bottom of the
totem pole, starting salaries for Class IV }\par\pard\li1133\ri0\
sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employees would rise from a basic of
Rs2,550 to Rs6,500 \uc1\u8212X which is }\par\pard\li1133\ri0\sl-280\slmult0 \fs
22\cf0\f0\charscalex100 {the new minimum pay for anybody working in government.
And the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {jump
is not as high as it seems since the new basic salary wo
uld }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {absorb the
earlier dearness allowance (DA).}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f
0\charscalex100 {1}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex10
0 {2}\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {3}\par\pard
\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {4}\par\pard\li1133\ri0\sl
133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100\b \ul {5WAGE BOARDS}\b0 \ul0 \
par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {6}\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {7}\fs22\cf0\f0\charscalex100 {T
he }\fs22\cf0\f0\charscalex100\b {Wage Board}\b0 \fs22\cf0\f0\charscalex100 {
Division comes under Ministry of Labour and }\par\pard\li1133\ri0\
sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Employment and majorly deals with the
following: }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {81.
Payment of Bonus Act, 1965 }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {92. Working Journalists and Other Newspaper Employees (Conditions o
f }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Service) and
Miscellaneous Provisions Act, 1955}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0

\par\pard\li1133\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {In the 1950s
and 60s, when the organized labour sector was at a }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {nascent stage of
its development without adequate unionization or }\par\pard\li1133\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {with trade unions without adequate b
argaining power, Government in }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {appreciation of the problems which arise in the arena of wage fi
xation }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {due to a
bsence of such bargaining power, constituted various Wage }\par\pard\li1133\ri0\
sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Boards. The Wage Boards are
tripartite in character in which }\par\pard\li1133\ri0\sl-280\slmult0 \
fs22\cf0\f0\charscalex100 {representatives of workers, employers and i
ndependent members }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {participate and finalize the recommendations. The utility an
d }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {contribution
of such boards in the present context are not beyond }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {question. Except f
or the Wage Boards for journalists and non-}\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {journalists newspaper and news-a
gency employees, which are }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\
f0\charscalex100 {statutory Wage Board, all other Wage Boards are
non-statutory in }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {nature. Therefore, recommendations made by these Wage Boards are }\par\par
d\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {not enforceable under th
e law. }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346
\slmult0 \fs22\cf0\f0\charscalex100 {The importance of the non-statutory Wage Bo
ards has consequently }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {declined over a period of time and no non-statutory Wage Board has }\par\
pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {been set up aft
er 1966, except for sugar industry, where last such }\par\pard\li1
133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Wage Board was constituted in
1985. The trade unions, having grown }\par\pard\li1133\ri0\sl-280\slmult0 \fs22
\cf0\f0\charscalex100 {in strength in these industries, are themselves able to n
egotiate their }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {
wages with the management. This trend is likely to continue in future. }\par\par
f0\f0\charscalex100 {The Working Journalists and other Newspaper Employees (Cond
itions }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {of Ser
vice) and Miscellaneous Provisions Act, 1955 (45 of 1955) (in
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {short, the
Act) provides for regulation of conditions of service of }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {working journalists
and non-journalists newspaper employees. The }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {Section 9 and 13 C of the Act, inter-ali
a, provide for constitution of two }\par\pard\sect\sectd\sbkpage
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\pard\li1133\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {Wage Boards for fixi
ng or revising rates of wages in respect of working }\par\pard\li1133\ri0\sl-280
\slmult0 \fs22\cf0\f0\charscalex100 {journalists and non-journalists newspaper e
mployees, respectively. The }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {Central Government shall, as and when necessary, constitu
te Wage }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Boards
, which shall consist of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\chars
calex100 {1(a) Three persons representing employers in relation to Newspaper }\p
ar\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Establishments; }\
par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {2(b) Three perso
ns representing working journalists for Wage Board }\par\pard\li1133\ri0\sl280\slmult0 \fs22\cf0\f0\charscalex100 {under Section 9 and three pers
ons representing non-Journalist }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\c
f0\f0\charscalex100 {newspaper employees for Wage Board under Section 13 C of th
e Act.}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {3(c) Four
independent persons, one of whom shall be a person who is, }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {or has been a judge of High Court o
r the Supreme Court, and who shall }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf
0\f0\charscalex100 {be appointed by the Government as the Chairman thereof. }\pa
s22\cf0\f0\charscalex100 {Since 1955, the government has constituted 5 wage boar
ds at regular }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {i
ntervals for the working journalists and non-journalist newspaper
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {employees. The
following table gives the details of the constitution of }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {wage boards and other relevant details
: Constitution of Wage Boards }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0
\charscalex100 {for Working Journalists and Non-Journalists Newspaper Empl
oyees in }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {the
Past}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
3\cols8\colno1\colw1773\colsr-0\colno2\colw1986\colsr-0\colno3\colw893\colsr-0\c
olno4\colw360\colsr-0\colno5\colw866\colsr-0\colno6\colw413\colsr-0\colno7\colw1
ex100 {S. }\par\column\pard\li0\ri0\sl-200\slmult0 \fs16\cf0\f0\charscalex100 {N
ame of the Wage }\par\column\pard\li0\ri0\sl-200\slmult0 \fs16\cf0\f0\char
scalex100 {Date}\par\column\pard\li0\ri0\sl-200\slmult0 \fs16\cf0\f0\charscalex1
00 {of }\par\column\pard\li0\ri0\sl-200\slmult0 \fs16\cf0\f0\charscalex100 {Date
}\par\column\pard\li0\ri0\sl-200\slmult0 \fs16\cf0\f0\charscalex100 {on }\par\co
lumn\pard\li0\ri0\sl-200\slmult0 \fs16\cf0\f0\charscalex100 {Date of accepta
nce }\par\column\pard\li0\ri0\sl-200\slmult0 \fs16\cf0\f0\charscalex100 {Remarks
}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\c
ols5\colno1\colw1773\colsr-0\colno2\colw1986\colsr-0\colno3\colw1253\colsr-0\col
no4\colw1280\colsr-0\colno5\colw5146\pard\li1133\ri0\sl-186\slmult0 \fs16\cf0\f0
\charscalex100 {No. }\par\column\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charsc
alex100 {Board }\par\column\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex1
00 {appointment }\par\pard\li0\ri0\sl-186\slmult0 \*\tx586\fs16\cf0\f0\charscale
x100 {of}\tab \fs16\cf0\f0\charscalex100 {Wage }\par\pard\li0\ri0\sl-186\slmult0
\fs16\cf0\f0\charscalex100 {Board }\par\column\pard\li0\ri0\sl-186\slmult0 \fs1
6\cf0\f0\charscalex100 {which final }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf
0\f0\charscalex100 {report was }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\
charscalex100 {submitted to }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\cha
rscalex100 {the Govt }\par\column\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\chars
calex100 {of }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {recom
mendations }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {by the
Govt. }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn
133\cols5\colno1\colw1773\colsr-0\colno2\colw1986\colsr-0\colno3\colw2533\colsr0\colno4\colw1866\colsr-0\colno5\colw3280\pard\li1133\ri0\sl-186\slmult0 \fs16\c
f0\f0\charscalex100 {I }\par\column\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\cha
rscalex100 {Wage Board for }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\ch
arscalex100 {Working Journalists }\par\column\pard\li0\ri0\sl-186\slmult0 \*\tx1
253\fs16\cf0\f0\charscalex100 {02-05-1956 }\tab \fs16\cf0\f0\charscalex100 {NA }
\par\column\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {10-05-1957 }
\par\column\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {- }\par\pard
\colw1773\colsr-0\colno2\colw1986\colsr-0\colno3\colw4400\colsr-0\colno4\colw328
0\pard\li1133\ri0\sl-253\slmult0 \fs16\cf0\f0\charscalex100 {II }\par\column\par
d\li0\ri0\sl-253\slmult0 \fs16\cf0\f0\charscalex100 {(a) Wage Board for }\
par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {Working Journalists
}\par\column\pard\li0\ri0\sl-253\slmult0 \*\tx1253\*\tx2533\fs16\cf0\f0\charscal
ex100 {12-11-1963 }\tab \fs16\cf0\f0\charscalex100 {17-07-1967 }\tab \fs16\cf0\f
0\charscalex100 {27-10-1967 }\par\column\pard\li0\ri0\sl-253\slmult0 \fs16\cf0\f
0\charscalex100 {- }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsx
n666\margrsxn133\cols5\colno1\colw3760\colsr-0\colno2\colw1253\colsr-0\colno3\co
lw1280\colsr-0\colno4\colw1866\colsr-0\colno5\colw3280\pard\li1773\ri0\sl-253\sl
mult0 \fs16\cf0\f0\charscalex100 {(b) Wage Board for }\par\pard\li1773\ri0
\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {Non-Journalist }\par\pard\li1773\ri0
\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {Newspaper Empl.}\par\column\pard\li0
\ri0\sl-253\slmult0 \fs16\cf0\f0\charscalex100 {25-2-64 }\par\column\pard\li0\ri
0\sl-253\slmult0 \fs16\cf0\f0\charscalex100 {17-7-67 }\par\column\pard\li0\ri0\s
l-253\slmult0 \fs16\cf0\f0\charscalex100 {18-11-67 }\par\column\pard\li0\ri0\sl253\slmult0 \fs16\cf0\f0\charscalex100 {- }\par\pard\sect\sectd\sbknone\pgwsxn12
w1986\colsr-0\colno3\colw4400\colsr-0\colno4\colw3280\pard\li1133\ri0\sl-253\slm
ult0 \fs16\cf0\f0\charscalex100 {III }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\
ex100 {IV }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11
33\ri0\sl-306\slmult0 \fs16\cf0\f0\charscalex100 {V }\par\column\pard\li0\ri0\sl
-253\slmult0 \fs14\cf0\f0\charscalex100 {(a) Wage Board for }\par\pard\li0

\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {Working Journalists }\par\pard\l
i0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-293\slmult0 \fs16\cf0\f0\cha
rscalex100 {(b) Wage Board for }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0
\f0\charscalex100 {Non-Journalist }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0
\charscalex100 {Newspaper }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charsca
lex100 {Employees }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {
Wage Boards for }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100
{Working Journalists }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscale
x100 {and Non-Journalist }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charsc
alex100 {Newspaper }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100
{Employees }\par\pard\li0\ri0\sl-200\slmult0 \fs16\cf0\f0\charscalex100 {Wage
Boards for }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {Worki
ng Journalists }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {a
nd Non-Journalist }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100
{Newspaper }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {Employ
ees }\par\column\pard\li0\ri0\sl-253\slmult0 \*\tx1253\*\tx2533\fs16\cf0\f0\char
scalex100 {11-06-1975 }\tab \fs16\cf0\f0\charscalex100 {13-08-1980 }\tab \fs16\c
f0\f0\charscalex100 {26-12-1980 }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\
pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-266\slmult0 \*\tx1253\
*\tx2533\fs16\cf0\f0\charscalex100 {06-02-1976 }\tab \fs16\cf0\f0\charscalex100
{13-08-1980 }\tab \fs16\cf0\f0\charscalex100 {20-07-1981 }\par\pard\li0\ri0\sl-2
sl-320\slmult0 \*\tx1253\*\tx2533\fs16\cf0\f0\charscalex100 {17-07-1985 }\tab \f
s16\cf0\f0\charscalex100 {30-05-1989 }\tab \fs16\cf0\f0\charscalex100 {31-08-198
9 }\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-306\slmult
0 \*\tx1253\*\tx2533\fs16\cf0\f0\charscalex100 {02-09-1994 }\tab \fs16\cf0\f0\ch
arscalex100 {25-07-2000 }\tab \fs16\cf0\f0\charscalex100 {05-12-2000 and }\par\p
ard\li2533\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {15-12-2000 }\par\colum
n\pard\li0\ri0\sl-253\slmult0 \fs16\cf0\f0\charscalex100 {Converted into 1 }
\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {man Tribunals o
n }\par\pard\li0\ri0\sl-186\slmult0 \fs16\cf0\f0\charscalex100 {9th Feb 1979. }\
cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \f
s18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs16\cf0\f0\charscalex100 {- }\par\pard
\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\
pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-306\slmult0 \fs16\cf0\
f0\charscalex100 {- }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\margls
xn666\margrsxn133\pard\li1133\ri0\sl-466\slmult0 \fs24\cf0\f0\charscalex100 {The
last Wage Board, namely the Manisana Wage Board, was set up on }\par\pard\li113
3\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {2nd September 1994, which submi
tted its report to the Government on }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\
cf0\f0\charscalex100 {25th July, 2000. The Government accepted the recommendat
ions of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {the Man
isana Wage Board, and notified the same for implementation }\par\pard\li1133\ri0
\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {with minor modifications, vide
notifications dated 5.12.2000 and }\par\pard\sect\sectd\sbknone\pgwsxn1
2240\pghsxn15840\marglsxn666\margrsxn133\pard\sect\sectd\sbkpage\pgwsxn12240\pgh
sxn15840\marglsxn666\margrsxn133\margtsxn666\margbsxn506\pard\li1133\ri0\sl-213\
scalex100 {15.12.2000. The prime responsibility for implementing the
}\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {recommendation
s of the Wage Board rests with the concerned State }\par\pard\li1133\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {Governments / Union Territories under the pr
ovision of the Act. }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li11
33\ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {The newspaper employees unions
have been demanding constitution }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {of fresh Wage Boards as more than 10 years have elapsed after
the }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {constituti

on of last Wage Board and they felt the last Wage Boards had }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {not taken into consideration
the boom in the newspaper sector on }\par\pard\li1133\ri0\sl-280\
slmult0 \fs24\cf0\f0\charscalex100 {account of globalization and liberalization.
}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-346\slmul
t0 \fs22\cf0\f0\charscalex100 {Although the Working Journalists and Ot
her Newspaper Employees }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\ch
arscalex100 {(Conditions of Service) and Miscellaneous Provisions Act,
1955 does }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {no
t say anything about the periodicity of constitution of Wage Boards, }\par\pard\
li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {it was felt that the time
was ripe for constitution of fresh Wage Boards }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {as more than 10 years have elapsed since the las
t Wage Boards were }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1
00 {constituted. }\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\
ri0\sl-346\slmult0 \fs22\cf0\f0\charscalex100 {The Cabinet in its meeting held o
n 18.12.2006 approved the proposal }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf
0\f0\charscalex100 {for constitution of two Wage Boards, one for working journal
ists and }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {anothe
r one for non-journalist newspaper employees, under Sections 9 }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {and 13 C of the Working Journali
sts and Other Newspaper Employees }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0
\f0\charscalex100 {(Conditions of Service) and Miscellaneous Provision
s Act, 1955. The }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charsca
lex100 {Wage Boards have been given 3 years to submit there reports to the }\par
\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {Government. }\par\pa
cf0\f0\charscalex100 {The present Wage Boards have been constituted
vide Notification }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscal
ex100 {No.V-24040/3/2004-WB dated 24th May, 2007 under the Chairmanship }\par\pa
rd\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {of Dr. Justice K. Naray
ana Kurup, formerly Judge High Court of Kerala }\par\pard\li1133\ri0\sl-280\slmu
lt0 \fs22\cf0\f0\charscalex100 {and Acting Chief Justice High Court of Madras. S
h. K.M.Sahni, former }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscale
x100 {Secretary, Ministry of Labour and Employment has been appointed as }\par\p
ard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {full-time Member-Sec
retary of the Wage Boards. The Wage Boards }\par\pard\li1133\ri0\s
l-280\slmult0 \fs22\cf0\f0\charscalex100 {have started functioning from Delhi. T
he Composition of the two Wage }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0
\charscalex100 {Boards is indicated in the relevant notifications.}\par\pard\li1
\charscalex100 {Wage boards are constituted under the Working Journalists and ot
her }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Newspaper
Employees (Conditions of Service) and Miscellaneous }\par\pard\li1133
\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Provisions Act, 1955 that regula
tes the conditions of employment of }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\c
f0\f0\charscalex100 {journalists and employees of news agencies and newspapers.
It has }\par\pard\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {been
instrumental in recognizing the key role decent working }\par\pard
\li1133\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {conditions play in buil
ding quality media. The country\uc1\u8217Xs three major }\par\pard\li1133\r
i0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {journalists groups \uc1\u8211X the
Indian Journalists\uc1\u8217X Union, the National Union of }\par\pard\li1133\ri
0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {Journalists, India and the All Indi
a Newspaper Employees Federation \uc1\u8211X }\par\pard\li1133\ri0\sl-280\slmult
0 \fs22\cf0\f0\charscalex100 {formed a confederation to demand that the governme
nt made good on }\par\pard\li1133\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100
{promises to re-launch the country\uc1\u8217Xs wage board system.}\par\pard\sect
\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\margb
sxn440\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-213\slmul
x100\b {Key Definitions}\b0 \par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pa
rd\li1133\ri0\sl-400\slmult0 \fs26\cf0\f0\charscalex100\b {Commission }\b0 \fs26
\cf0\f0\charscalex100 {A commission is compensation based on a }\par\pard\li1133
\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {percentage of sales in units or
dollars.}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100\b {Compe
tency-based pay }\b0 \fs26\cf0\f0\charscalex100 {A combination of skill
-based, }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {knowled
ge-based and credential-based pay}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\
f0\charscalex100\b {Cost-of-living adjustment (COLA) }\b0 \fs24\cf0\f0\charscale
x100 {Wage increase or decrease }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f
0\charscalex100 {pegged to the rise and fall in the cost-of-living index.}\par\p
ard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100\b {Differential piece
rate (Taylor plan) }\b0 \fs26\cf0\f0\charscalex100 {A piecework plan t
hat }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {pays on the
basis of two separate piecework rates: one for those }\par\pard\li1133\ri0\sl-3
06\slmult0 \fs26\cf0\f0\charscalex100 {who produce below or up to standard and a
nother for those who }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscale
x100 {produce above standard.}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\c
harscalex100\b {Feedback pay }\b0 \fs24\cf0\f0\charscalex100 {Based on al
igning pay with strategic business }\par\pard\li1133\ri0\sl-306\slmult0
\fs26\cf0\f0\charscalex100 {objectives and then establishing a direct connection
between the }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {jo
b}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {holder and his
or her part in accomplishing these goals.}\par\pard\li1133\ri0\sl-306\slmult0 \
fs26\cf0\f0\charscalex100\b {Gainsharing plans }\b0 \fs26\cf0\f0\charscalex10
0 {Companywide group incentive plans that, }\par\pard\li1133\ri0\sl-306\
slmult0 \fs26\cf0\f0\charscalex100 {through a financial formula for di
stributing organization-wide }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0
\charscalex100 {gains,}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscal
ex100 {unite diverse organizational elements in the common pursuit of }\par\pard
\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {improved organizational e
ffectiveness.}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100\b {
Guaranteed annual wage (GAW) }\b0 \fs24\cf0\f0\charscalex100 {A plan in which th
e employer }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {guar
antees the employee a certain number of weeks of work at a }\par\pard\li1133\ri0
\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {certain wage after the worker has pa
ssed a probation period.}\par\pard\li1133\ri0\sl-306\slmult0 \*\tx5120\fs26\cf0\
f0\charscalex100\b {Knowledge-based pay}\b0 \tab \fs24\cf0\f0\charscalex100 {K
nowledge-based pay rewards }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0
\charscalex100 {employees for acquiring additional knowledge both wi
thin the }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {curr
ent job and in new job categories.}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0
\f0\charscalex100\b {Merit pay }\b0 \fs26\cf0\f0\charscalex100 {Individual
pay increases based on the rated }\par\pard\li1133\ri0\sl-306\slmult0
\fs26\cf0\f0\charscalex100 {performance}\par\pard\li1133\ri0\sl-306\slmult0 \fs2
6\cf0\f0\charscalex100 {of the individual employee in a previous time period.}\p
ar\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margt
sxn666\margbsxn413\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0\

i1133\ri0\sl-440\slmult0 \fs26\cf0\f0\charscalex100\b {Open system }\b0 \fs26
\cf0\f0\charscalex100 {A pay system where pay ranges and even an
}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {individual's p
ay are open to the public and fellow employees.}\par\pard\li1133\ri0\sl-306\slmu
lt0 \fs26\cf0\f0\charscalex100\b {Pay compression }\b0 \fs26\cf0\f0\charscalex1
00 {A situation in which employees perceive too }\par\pard\li1133\ri0\sl-306\slm
ult0 \fs26\cf0\f0\charscalex100 {narrow a difference between their own
pay and that of their }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\
f0\charscalex100 {colleagues.}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\c
harscalex100\b {Production bonus system }\b0 \fs24\cf0\f0\charscalex100 {An ind
ividual incentive system that }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\
charscalex100 {pays an employee an hourly rate plus a bonus wh
en the }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {employ
ee exceeds the standard.}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charsc
alex100\b {Profit sharing plans }\b0 \fs26\cf0\f0\charscalex100 {Profit-sha
ring plans distribute a fixed }\par\pard\li1133\ri0\sl-306\slmult0 \fs26
\cf0\f0\charscalex100 {percentage of total organizational profit to employees in
the form }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {of ca
sh-deferred bonus amounts.}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\char
scalex100\b {Salary }\b0 \fs26\cf0\f0\charscalex100 {Pay calculated at an annua
l or monthly rate rather than }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\
charscalex100 {hourly.}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscal
ex100\b {Secret system }\b0 \fs24\cf0\f0\charscalex100 {A compensation system w
here pay is regarded }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscale
x100 {as privileged information known only to the employee, the
}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {supervisor, and
staff employees such as HRM and payroll.}\par\pard\li1133\ri0\sl-306\slmult0 \f
s26\cf0\f0\charscalex100\b {Severance pay }\b0 \fs26\cf0\f0\charscalex100 {An
income bridge from employment to }\par\pard\li1133\ri0\sl-306\slmult0
\fs26\cf0\f0\charscalex100 {unemployment and back to employment, prov
ided by some }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100
{employers.}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100\b {S
kill-based pay }\b0 \fs24\cf0\f0\charscalex100 {An alternative to job-based pay
that sets pay }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {
levels on the basis of how many skills employees have or how }\par\pard\li1133\r
i0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {many jobs they can do.}\par\pard\l
i1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100\b {Spot gainsharing }\b0
\fs24\cf0\f0\charscalex100 {A gainsharing system that focuses on a }
\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {specific probl
em in a specific department rather than on }\par\pard\li1133\ri0\s
l-306\slmult0 \fs26\cf0\f0\charscalex100 {performance improvements for the whole
organization.}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100\b
{Standard-hour plan }\b0 \fs26\cf0\f0\charscalex100 {An individual incent
ive plan that sets }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\chars
calex100 {wages on the basis of completion of the job or tas
k in some }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {e
xpected period of time.}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charsca
lex100\b {Straight piecework }\b0 \fs26\cf0\f0\charscalex100 {An individual
incentive plan where pay }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0
\f0\charscalex100 {fluctuates on the basis of units of production per time perio
d.}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100\b {Suggestion
system }\b0 \fs26\cf0\f0\charscalex100 {A formal method of obtaining employees'
}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {advice for
improvement in organizational effectiveness; it }\par\pard\li1133\ri0\s
l-306\slmult0 \fs26\cf0\f0\charscalex100 {includes some kind of reward based on
the successful application }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\cha
rscalex100 {of the idea.}\par\pard\li1133\ri0\sl-306\slmult0 \*\tx9293\fs26\cf0\
f0\charscalex100\b {Supplementary Unemployment Benefits (SUB)}\b0 \tab \fs
26\cf0\f0\charscalex100 {The }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\c
harscalex100 {employer adds to unemployment compensation payments to help }\par\

pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {the employee achieve
income security.}\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100\
b {Total Compensation Approach }\b0 \fs26\cf0\f0\charscalex100 {Total compensati
on is made up }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {o
f base pay, variable pay, and indirect pay (benefits).}\par\pard\li1133\ri0\sl-3
06\slmult0 \fs24\cf0\f0\charscalex100\b {Variable pay }\b0 \fs24\cf0\f0\charsca
lex100 {Any compensation plan that emphasizes a share }\par\pard\li1133\ri0\sl-3
06\slmult0 \fs26\cf0\f0\charscalex100 {focus on organizational success, broadens
the opportunities for }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charsca
lex100 {incentives to nontraditional groups (such as non-executives
or }\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn1
r\pard\li1133\ri0\sl-440\slmult0 \fs26\cf0\f0\charscalex100 {non-managers), an
d operates outside the base pay increase }\par\pard\li1133\ri0\sl-30
6\slmult0 \fs26\cf0\f0\charscalex100 {system.}\par\pard\li1133\ri0\sl-306\slmult
0 \fs26\cf0\f0\charscalex100\b {Wage }\b0 \fs26\cf0\f0\charscalex100 {Pay calcul
ated at an hourly rate.}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\l
i1133\ri0\sl-386\slmult0 \fs26\cf0\f0\charscalex100\b {Summary}\b0 \par\pard\li1
133\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {1. Determination of ind
ividual pay - Pay differentials are based on individual }\par\pa
rd\li1133\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100 {differences in experien
ce, skills, performance; expectations that seniority and higher }\par\pard\li113
3\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {performance deserve higher pay;
reasons for choosing to pay employees at different }\par\pard\li1133\ri0\sl-226
\slmult0 \fs20\cf0\f0\charscalex100 {rates for doing the same job include: pay d
ifferentials allow firms to recognize that }\par\pard\li1133\ri0\sl-240\slmult0
\fs20\cf0\f0\charscalex100 {different employees}\par\pard\li1133\ri0\sl-226\slmu
lt0 \fs20\cf0\f0\charscalex100 {performing the same job make substanti
ally different contributions to meeting }\par\pard\li1133\ri0\sl-240\slm
ult0 \fs20\cf0\f0\charscalex100 {organizational goals; differentials allow
employers to communicate a changed }\par\pard\li1133\ri0\sl-226\slmul
t0 \fs20\cf0\f0\charscalex100 {emphasis on important job roles, skills
, knowledge, etc; differentials provide }\par\pard\li1133\ri0\sl-240\slm
ult0 \fs20\cf0\f0\charscalex100 {organizations with an important tool for emphas
izing norms of the enterprise without }\par\pard\li1133\ri0\sl-226\slmult0 \fs20
\cf0\f0\charscalex100 {having employees change jobs; without differenti
als, the pay system violates the }\par\pard\li1133\ri0\sl-226\slmult0 \
fs20\cf0\f0\charscalex100 {internal equity norms of most employees, reducing emp
loyee satisfaction with pay }\par\pard\li1133\ri0\sl-240\slmult0 \fs20\cf0\f0\ch
arscalex100 {and making attraction and retention of employees more difficult; p
ay differentials }\par\pard\li1133\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100
{allow firms to recognize market changes between jobs in the same grade without
}\par\pard\li1133\ri0\sl-240\slmult0 \fs20\cf0\f0\charscalex100 {requiring a ma
jor overhaul of the whole compensation system}\par\pard\li1133\ri0\sl-213\slmult
0 \fs18\cf0\par\pard\li1133\ri0\sl-400\slmult0 \fs26\cf0\f0\charscalex100 {2. Me
thods of Payment}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100
{a. flat rate -single rate in unionized firms (treating everyo
ne }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {equally)}\pa
r\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {b. recognizing indi
vidual differences - assumes workers are not }\par\pard\li1133\ri0\sl-306\slmult
0 \fs26\cf0\f0\charscalex100 {interchangeable/equally productive}\par\pard\li113
3\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {c. payment for time worked: wag
e (calculated on hourly basis); }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f
0\charscalex100 {salary (calculated on monthly/annual basis); pay ad
justed }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {upwards
through four types of increases: general across-the-}\par\pard\li1
133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {board increase, merit increas
e, cost-of-living-adjustment (COLA), }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\
cf0\f0\charscalex100 {seniority}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0

\charscalex100 {d. variable pay: incentive compensation - based on
shared }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {organ
izational success, available to nontraditional groups & }\par\pard\l
i1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {operates outside base
pay, plans need to be based on clear }\par\pard\li1133\ri0\sl-306
\slmult0 \fs24\cf0\f0\charscalex100 {goals, unambiguous measures; key de
sign factors need to }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\cha
rscalex100 {include: management support, employee acceptance, supportive }\par\p
ard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {organizational culture
(teamwork, trust), timing (minimal risk of }\par\pard\li1133\ri0\sl-306\slmult0
\fs24\cf0\f0\charscalex100 {economic downturn), total compensation appr
oach includes: }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100
{variable pay puts a percentage of employee's paycheck at risk, }\par\pard\li11
33\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {pay rate will not rise above l
ower base pay if goals aren't met, }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf
0\f0\charscalex100 {flexibility can be built into the system of total compensati
on, base }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {pay: m
atched closely with the competition, variable pay: methods }\par\pard\li1133\ri0
\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {like gainsharing, lump-sum bonuses,
indirect pay: like benefits}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\cha
rscalex100 {e. merit incentives - study shows merit needs to be 6-7%; less }\par
\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {(unmotivate) more
(demotivate) in practice merit pay systems }\par\pard\li1133\ri0\sl306\slmult0 \fs24\cf0\f0\charscalex100 {fail because: employees fail to make the
connection between pay }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charsc
alex100 {& performance, secrecy of reward is perceived by other
}\par\pard\sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\ma
rgtsxn666\margbsxn493\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\r
d\li1133\ri0\sl-440\slmult0 \fs26\cf0\f0\charscalex100 {employees as inequity,
size of merit award has little effect on }\par\pard\li1133\ri0\sl-306\slmult0
\fs26\cf0\f0\charscalex100 {performance}\par\pard\li1133\ri0\sl-306\slmult0 \fs
24\cf0\f0\charscalex100 {f. individual incentives - straight piecework
, differential piece }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\chars
calex100 {rate, standard hour plan, production bonus system, straight sales }\pa
r\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {commission, varia
tion (salary plus commission) / (salary plus }\par\pard\li1133\ri0\s
l-306\slmult0 \fs26\cf0\f0\charscalex100 {draw)}\par\pard\li1133\ri0\sl-306\slmu
lt0 \fs24\cf0\f0\charscalex100 {g. team/group incentives (used when:)
there is a strong }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charsc
alex100 {dependence among individuals in a group, it is hard to determine }\par\
pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {which individual
is responsible for the level of achievement }\par\pard\li1133\ri0\sl
-306\slmult0 \fs24\cf0\f0\charscalex100 {because of interrelated work, the organ
ization wishes to reinforce }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\ch
arscalex100 {teamwork, group planning and problem-solving}\par\pard\li1133\ri0\s
l-306\slmult0 \fs24\cf0\f0\charscalex100 {h. organization-wide incentives - sugg
estion systems, gainsharing }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\ch
arscalex100 {incentive plan (Scanlon plan, Rucker plan, ImproShare,
}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {Winsharing),
spot gainsharing, profit-sharing incentive plan, }\par\pard\li1133\ri0\s
l-306\slmult0 \fs26\cf0\f0\charscalex100 {Lincoln Electric plan, cash & deferred
bonuses, }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {i. ow
nership- defined contribution plans vs. defined benefits}\par\pard\li1133\ri0\sl
-306\slmult0 \fs24\cf0\f0\charscalex100 {j.. people-based pay (alternative to jo
b-based pay) - skill-based }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\cha
rscalex100 {pay (breadth of skills), knowledge-based pay (depth of
skills), }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {cre
dential-based pay (qualification dependent), feedback pay }\par\pard\l
i1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {(fulfill strategic goals \u

c1\u8211X research bonus ex. NDSU), competency-}\par\pard\li1133\ri0\sl-306\slmu
lt0 \fs26\cf0\f0\charscalex100 {based pay (skills + knowledge + traits + motives
), }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {k. executi
ve pay - executive salaries, bonuses, stock options, }\par\pard\li
1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {executive perquisites, e
xecutive pay package dependent on }\par\pard\li1133\ri0\sl-306\slmult0 \
fs24\cf0\f0\charscalex100 {comparative performance. The pay design has
five underlying }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscale
x100 {principles: compensation committees consist of stockholders &
}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {directors who
link CEO compensation to shareholder returns, }\par\pard\li1133\ri0
\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {variable performance-based pay is em
phasized over guarantees }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\chars
calex100 {(bonuses), CEOs are encouraged to invest in company st
ock }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {(stock opti
ons), performance yardsticks are linked to actual key }\par\pard\li1133\ri0\sl-3
06\slmult0 \fs24\cf0\f0\charscalex100 {productivity indices or to competition, C
EOs are held responsible }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\chars
calex100 {for cost of capital, forcing them to look for vehicles of g
rowth }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {rather th
an amassing wealth}\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex10
0 {3. Issues in Compensation Administration - pay secrecy or }\p
ar\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {openness, pay
security, guaranteed annual wage (GAW), }\par\pard\li1133\ri0\sl-306\slm
ult0 \fs24\cf0\f0\charscalex100 {supplementary unemployment benefits (SUB), COLA
s, severance }\par\pard\li1133\ri0\sl-306\slmult0 \fs26\cf0\f0\charscalex100 {pa
y, pay compression solutions for pay compression - re-}\par\pard
\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {examining how many entrylevel people are needed, reassessing }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\
cf0\f0\charscalex100 {recruitment itself, focusing on the job evalua
tion process }\par\pard\li1133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {
emphasizing performance, basing all salaries on longevity, giving }\par\pard\li1
133\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {first line supervisors
the authority to recommend equity }\par\pard\li1133\ri0\sl-306\slmult0 \
fs26\cf0\f0\charscalex100 {adjustments for victims of pay compression}\par\pard\
sect\sectd\sbkpage\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn666\m
argbsxn666\pard\li1120\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1120\ri0\sl-213\s
0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {***********************************
*************************************}\par\pard\li1120\ri0\sl-280\slmult0 \fs24\
cf0\f0\charscalex100 {*********}\par}

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{\rtf\ansi\deff0\ansicpg1252

ts, is increasingly important to his employees' performance and }\par\pard\li149

0\slmult0 \fs22\cf0\f0\charscalex100 {A third objective is macro-economic stabil

0\f0\charscalex100 {4 Encourage value \uc1\u8211X added performance}\par\pard\li

COMMUNICATES}\b0 \ul0 \par\pard\li1493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li

Allocation, conversion, and transfer of a portion of the income of an }\par\pard

80\slmult0 \fs24\cf0\f0\charscalex100 {- social security, workers\uc1\u821

\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {- Perks or perquisites}\par\pard\li1

\pard\li1853\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {elimination of c

13\slmult0 \fs18\cf0\par\pard\li1133\ri0\sl-413\slmult0 \*\tx2573\fs24\cf0\f0\ch

ntary benefits}\par\pard\li1133\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1133\ri0

ons by employer & employee are }\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn1

1\u61623X}\par\column\pard\li0\ri0\sl-293\slmult0 \fs24\cf0\f0\charscalex100 {No

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ediclaim / personal accident insurance \uc1\u8211X adequate }\par\pard\sect\sect

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