chapter 6Compensation

This chapter covers the concept of compensation. While sometimes puzzling, designing compensation systems is key to maintaining a high-performing workforce. While creating these plans is truly an art, this chapter will give you the basics on how and why certain components are important or essential to employees in your organization.

CHAPTER OBJECTIVES

After completing this chapter, the student should be able to

1. Understand the three components of an employee’s total compensation.

2. Determine the key components to consider when designing a compensation system.

3. Understand the key components of job evaluation.

4. Understand the legal constraints on compensation.

Compensation

Compensation is a systematic approach to providing ...

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