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The Bible presents many direct and indirect references to wages and compensation. Your task is to develop three (3) key biblical principles for the development and administration of pay systems. Support each principle with relevant scripture. Conclude by discussing the relevance and application of the three principles in today’s work environment.
This weeks study ———–
This week we’ll examine a key component of the pay model –p job analysis. Job analysis is a systematic method that focuses on describing the differences and similarities among jobs within an organization. An equitable internal pay structure has two hallmarks: to encourage employee behaviors to help achieve an organization’s objectives and to foster a sense of fairness among employees. One of the first strategic pay decisions is how much to align a pay structure internally compared to aligning it with external market forces. This is not an either/or issue – not achieving internal alignment versus alignment with external market forces. Rather, the strategic decision focuses on sustaining the optimal balance of internally aligned and externally responsive pay structure that helps the organization achieve its mission. The next decision focuses on whether job and/or individual employee characteristics will be the basic unit of analysis supporting the pay structure. This is followed by deciding what job information will be collected, what method(s) will be used to collect the information, and who should be involved in the data collection process.
Evaluating Work: Job Evaluation
This week we’ll also describe the process, techniques, and methods used to evaluate jobs to build a job-based internal pay structure. The focus is on what to value in jobs, how to assess that value, and how to translate it into a job-based structure. Job evaluation is a process for determining the relative value of jobs.
The relevance of job evaluation in a world where the nature of work is rapidly changing is challenged. Over time, job evaluation has evolved into many different forms and methods. Consequently, wide variations exist in its use and how it is used. Numerous perceptions, both positive and negative, of the role of job evaluation in the current global environment exist. Regardless how job evaluation is designed, its ultimate use is to help design and manage a work-related, business-focused, and agreed-upon pay structure.
By the end of this week, students will be able to:
- Develop and discuss three key biblical principles for the development and administration of pay systems.
- Define, recall, and identify terms and concepts associated with pay gaps, relative compensation costs, labor productivity, compensation strategies, compensation systems, Hudson Employment Index, performance-based pay, pay structures, job analysis, and job evaluation.
Newman, J.M., Gerhart, B., & Milkovich, G.T. (2017) Compensation, 12th Edition. New York: McGraw-Hill Education. (ISBN: 978-1-259-53272-6)
Read: Milkovich & Newman, Chapters 4-5