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The Big Book of HR, Revised and Updated Edition by Cornelia Gamlem, Barbara Mitchell

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18

Compensation: An Introduction

Five dollars a day is what Henry Ford paid to assembly line workers in 1914. It was more than double what his competitors were paying. Why did Ford take this revolutionary approach? He wanted to attract the best and the brightest—the best mechanics and workers for his plant.

Lead, lag, or meet the market—which compensation strategy should an organization follow? How and when should this be decided? Compensation, as part of the total rewards structure, is a key strategy for successful organizations. In order to meet its mission, it must attract and retain people who have the appropriate knowledge, skills, aptitudes, competencies, and attitudes to get the work done.

    A company leads the market when it decides ...

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