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Key Management Models, 3rd Edition
book

Key Management Models, 3rd Edition

by Gerben Van den Berg, Paul Pietersma
January 2015
Beginner
344 pages
7h 36m
English
FT Publishing International
Content preview from Key Management Models, 3rd Edition

61

Compensation model

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The big picture

The compensation model is a conceptual framework for the design, implementation and assessment of a remuneration strategy in organisations. It was originally designed by Milkovich and Newman (2013) in order to examine strategic choices in managing all aspects of compensation. The model describes three dimensions (Figure 61.1):

  1. Policies – that outline the foundation of the system
  2. Techniques – that link the policies and the pay objectives
  3. Objectives – of the pay system.

When to use it

The compensation model provides a framework for examining current pay systems. It also plays a central role in creating ...

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Publisher Resources

ISBN: 9781292016276