Chapter 11 Discussion Topics
Concept and Brief Description
Pay, such an important and complicated subject. You pay people too much and you may go out of business or not be competitive at all. Pay people too little and you may have a hard time getting good workers that will make you more competitive. It is also very interesting to think that even if you pay your employees what is fair they may not be view it as fair because they may know someone that does the same job somewhere else that makes more. It is also on the employer to help the employee understand and appreciate the pay they are receiving since they may not know if it is competitive or not. Although now there is so much information available on the Internet that employees can usually find out what the pay is for their position in other companies.
Pay is so complex that if a company does not have a good strategy and consistency they are destined to fail. If a company does not have a good strategy for pay then they will most likely not be able to make it.
Key Points to Elicit in Discussion
There are many issues surrounding pay that have legal implications.
Even if pay is fair the employee may still not perceive it that way.
There are many ways to evaluate pay, choosing the best for your company is crucial.
What is the difference between product and labor markets when it comes to determining pay?
Benchmarking is used in so many areas. How is it used it in evaluating pay?
What do you think of minimum wage, is it needed?