Aug 14, 2022  
2022-2023 College Catalog 
    
2022-2023 College Catalog
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HRS 103 - Benefits and Compensation

3 Credits, 3 Contact Hours
3 lecture periods 0 lab periods

Study of benefits and compensation management. Includes strategic compensation planning, components of the wage mix, job evaluation systems, the compensation structure, governmental regulation of compensation, significant compensation issues, employee benefits programs, employee benefits required by law, discretionary major employee benefits, employee services, reasons and requirements for incentive plans, setting performance measures, administering incentive plans, incentive for non-management employees, incentive for management employees, incentives for executive employees, and gain-sharing incentive plans.

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Course Learning Outcomes
  1. Identify the various factors that influence the setting of wages, including major provisions of federal laws affecting compensation.
  2. Identify the characteristics of a sound employee benefits program, including those benefits required by law, and discuss management concerns about their cost.
  3. Explain the characteristics, advantages and disadvantages of profit-sharing plans.
  4. Describe the mechanics of each of the major job evaluation systems.
  5. Discuss the current issues of equal pay for comparable worth, pay compression, and low wage budgets.

Performance Objectives:
  1. Explain employer concerns in developing a strategic compensation program.
  2. Identify the various factors that influence the setting of wages.
  3. Discuss the mechanics of each of the major job evaluation systems.
  4. Explain the purpose of a wage survey.
  5. Define the wage curve, pay grades, and rate ranges as parts of the compensation structure.
  6. Identify the major provisions of the federal laws affecting compensation.
  7. Discuss the current issues of equal pay for comparable worth, pay compression, and low wage budgets.
  8. Describe the characteristics of a sound benefits program.
  9. Discuss management concerns about the costs of employee benefits and discuss ways to control costs.
  10. Explain the employee benefits required by law.
  11. Discuss suggested ways to control the costs of health care programs.
  12. Describe those benefits that involve payment for time not worked.
  13. Discuss the recent trends in retirement policies and programs.
  14. Describe the major factors involved in the management of pension plans.
  15. List the types of service benefits that employers may provide.
  16. Discuss the basic requirements for successful implementation of incentive programs.
  17. List the types of and reasons for implementing incentive plans for nonmanagement employees.
  18. Explain why merit raises may fail to motivate employees adequately and discuss ways to increase their motivational value.
  19. Identify and discuss the advantage of each of the principal methods used to compensate salespersons.
  20. Explain what profit-sharing plans are and the advantages and disadvantages of these programs.
  21. Differentiate how gains may be shared with employees under the Scanlon, Rucker, Improshare, and earnings-at-risk gainsharing systems.
  22. Describe the main types of ESOP plans and discuss the advantages of ESOPS to employers and employees

Outline:
  1. Strategic Compensation Planning
    1. Linking compensation to organizational objectives
    2. The pay-for-performance standard
    3. The motivating value of compensation
    4. The bases for compensation
  2. Components of the Wage Mix
    1. Internal factors
    2. External factors
  3. Job Evaluation Systems
    1. Job ranking system
    2. Job classification system
    3. Point system
    4. Factor comparison system
    5. Job evaluation for management positions
  4. The Compensation Structure
    1. Wage and salary surveys
    2. The wage curve
    3. Pay grades
    4. Rate ranges
    5. Alternatives to traditional job-based pay
  5. Governmental Regulation of Compensation
    1. Davis-Bacon Act of 1931
    2. Walsh-Healy Act of 1936
    3. Fair Labor Standards Act of 1938 (as Amended)
    4. The Federal Minimum Wage Poster
  6. Significant Compensation Issues
    1. The issue of equal pay for comparable worth
    2. The issue of wage-rate compression
    3. The issue of low salary budgets
  7. Employee Benefits Programs
    1. Information technology and employee benefits
    2. Requirements for a sound benefits program
    3. Concerns of management
    4. A personalized statement of benefits
  8. Employee Benefits Required by Law
    1. Social Security Insurance
    2. Unemployment Insurance
    3. Workers’ Compensation Insurance
    4. Leaves without pay
    5. The Family and Medical Leave Act (FMLA)
  9. Discretionary Major Employee Benefits
    1. “Your Rights”: another federally required poster
    2. Health care benefits
    3. Payment for time not worked
    4. Supplemental unemployment benefits
    5. Life insurance
    6. Long-term care insurance
    7. Retirement programs
    8. Pension plans
    9. Maximizing employee savings with a Tax Shelter Annuity (TSA)
  10. Employee Services
    1. Employee assistance programs
    2. Counseling services
    3. Educational assistance plans
    4. Child and elder care
    5. Other services
  11. Reasons and Requirements for Incentive Plans
    1. Incentive plans as links to organizational objectives
    2. Requirements for a successful incentive plan
  12. Setting Performance Measures
    1. Organizational
    2. Management
    3. Employee
  13. Administering Incentive Plans
    1. Benefits
    2. Challenges
  14. Incentives for Nonmanagement Employees
    1. Incentives for hourly employees
    2. Standard hour plan
  15. Incentives for Management Employees
    1. Merit raises
    2. Lump-sum merit pay
    3. Merit pay guideline charts
    4. Incentives for sales employees
    5. Incentives for professional employees
  16. Incentives for Executive Employees
    1. Components of executive compensation
    2. The issue of amount
    3. Most prevalent executive perks
  17. Gainsharing Incentive Plans
    1. Profit-sharing plans
    2. Designing effective gainsharing programs
    3. Four unique bonus plans
    4. Stock ownership
    5. Employee Stock Ownership Plans (ESOPs)


Effective Term:
Fall 2015



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