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HRM3705 CHAP7 SU6
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STUDY UNIT 6-CHAPTER 7
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COMPENSATION MANAGEMENTCHAPTER 7 (Study unit 6)
Defining Competitiveness
Chapter Topics
• Compensation Strategy: External Competitiveness
• What Shapes External Competitiveness?
• Labor Market Factors
• Modifications to the Demand Side
• Modifications to the Supply Side
• Product Market Factors and Ability to Pay
1
, Learning objectives
After studying Chapter 7, students should be able to:
• E l i the
Explain th importance
i t off external
t l competitiveness
titi t the
to th pay model.
d l
• Discuss the factors that influence external competitiveness.
• Discuss the differences among labor market, product market, and
organizational factors in determining external competitiveness.
• Explain the different pay policy positions and the consequences of using
each.
each
Chapter Topics (cont.)
• Organization Factors
• Relevant Markets
• Competitive Pay Policy Alternatives
• Consequences of Pay-Level and Mix Decisions: Guidance from the
Research
• Your Turn: Sled Dog Software
• Still Your
Y T
Turn: Fit the
th Pay
P Mix
Mi Policy
P li tot the
th Compensation
C ti Strategy
St t
2
, Compensation Strategy: External
Competitiveness
• External competitiveness is expressed in practice by:
– Setting a pay level that is above, below, or equal to that of competitors
– Determining mix of pay forms relative to those of competitors
• Pay level and pay mix decisions focus on:
– Controlling costs
– Attracting and retaining employees
What Is External Competitiveness?
External competitiveness
refers to pay relationships
among organizations - an
organization’s pay relative to
its competitors.
3
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