Discuss the following: Executive Compensation, Benefits, and Budgets and Administration
1. Executive and Other Special Group Pay
In 2008, Pratt estimated that executives received more than 360 times the pay of the average worker (as cited in Milkovich, Newman, & Gerhart, 2011). What are the components of executive compensation? Why is there concern about executive pay today?
2. Managing Compensation Programs
Compensation programs are managed to assure that the total compensation is aligned with organizational goals and strategies. There are the right number of employees with the correct skill sets, and they are paid at the appropriate level and within a budget that is affordable to the organization. How can labor costs be managed? What tools are available to HR?