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Make Your Pay System Pay Off A comprehensive look at not only the choices surrounding the development of a pay system but also the pros and cons associated with each choice....Thorough. --HR Magazine In this seminal work, acclaimed compensation expert Edward Lawler III shows companies that the way they pay can be an important source of competitive advantage. He reveals how pay strategies that draw a clear connection between pay and performance can support an organization's strategic objectives by communicating unmistakably what that organization values most. Moreover, he examines a wide range of performance-based pay practices--from piecework incentive systems to merit pay and skill-based pay--to demonstrate how compensation systems can be tailored to fit a variety of business strategies and management styles. Both traditional and nontraditional pay strategies are examined, with special emphasis given to designing pay systems that support participatory management and other innovative practices.
Pay is a key element of the employment relationship and it has been advocated by some recently as a tool for enhancing organizational performance and sustained competitiveness. This book explores the realities of contemporary pay management in seven leading companies operating globally in the fast moving consumer goods sector.
`Gerhart and Rynes provide a thorough, comprehensive review of the vast literatures relevant to compensation. Their insights regarding the integration of economic, psychological and management perspectives are particularly enlightening. This text provides an invaluable tool for those interested in advancing our understanding of compensation practices' - Alison Barber, Eli Broad College of Business, Michigan State UniversityCompensation provides a comprehensive, research-based review of both the determinants and effects of compensation. Combining theory and research from a variety of disciplines, authors Barry Gerhart and Sara Rynes examine the three major compensation decisions - pay level, pay structure and pay delivery systems.Revealing the impact of different compensation policies, this interdisciplinary volume examines: the relationship between performance-based pay and intrinsic motivation; implications of individual pay differentials for team or unit performance; the consequences of pay for performance policies; effect sizes and practical significance of compensation findings; and directions for future research.Compensation considers why organizations pay people the way they do and how various pay strategies influence the success of organizations. Critically evaluating areas where research is inconsistent with common beliefs, Gerhart and Rynes explore the motivational effects of compensation.Primarily intended for graduate students in human resource management, psychology, and organizational behaviour courses, this book is also an invaluable reference for compensation management consultants and organizational development specialists.
The contents of this book center around the management of strategic reward systems. In particular, the book focuses in on the following elements of managing a reward system: design, implementation, and evaluation. It is my belief that too much time is spent on the administration of strategic reward systems at the expense of these other activities that add more value than does administration to the organization. Moreover, it is very important to remember that the management of reward systems takes place in a larger context that must be accommodated when designing, implementing, and evaluating strategic reward systems. This larger context includes the business environment, business strategy, and compensation strategy. Elements of the environment include the internal environment (organizational structure, business processes, HR systems) and external environment (laws and regulations, labor markets, and unions). The collection of articles presented throughout the book is very concerned with the fit of strategic reward management with the business environment, business strategy, and compensation strategy. Research has clearly documented the importance of this "fit" to organizational effectiveness (Gomez-Mejia & Balkin, 1992). A practical illustration makes the point as well. Taco Bell was found guilty in a class action suit by current and former employees. In order to keep the number of labor hours low in a productivity formula used to grant bonuses to managers, employee time sheets failed to account for overtime hours by employees. Failure to pay attention to the legal context in designing, implementing, and evaluating a strategic reward program cost Taco Bell millions of dollars (Gatewood, 2001). Although all of the readings in the book focus in on the management of strategic rewards in the larger business context, the readings are organized by topical area. The selection of topics is simply based on my writing interests and do not reflect the entire domain of important topics in strategic reward management.
Defines common ground at the interface of strategy and management science and unites the topics with an original approach vital for strategy students, researchers and managers Strategic Analytics: Integrating Management Science and Strategy combines strategy content with strategy process through the lenses of management science, masterfully defining the common ground that unites both fields. Each chapter starts with the perspective of a certain strategy problem, such as competition, but continues with an explanation of the strategy process using management science tools such as simulation. Facilitating the process of strategic decision making through the lens of management science, the author integrates topics that are usually in conflict for MBAs: strategy and quantitative methods. Strategic Analytics features multiple international real-life case studies and examples, business issues for further research and theory review questions and exercises at the end of each chapter. Strategic Analytics starts by introducing readers to strategic management. It then goes on to cover: managerial capabilities for a complex world; politics, economy, society, technology, and environment; external environments known as exogenous factors (PESTE) and endogenous factors (industry); industry dynamics; industry evolution; competitive advantage; dynamic resource management; organisational design; performance measurement system; the life cycle of organisations from start-ups; maturity for maintaining profitability and growth; and finally, regeneration. Developed from the author's own Strategy Analytics course at Warwick Business School, personal experience as consultant, and in consultation with other leading scholars Uses management science to facilitate the process of strategic decision making Chapters structured with chapter objectives, summaries, short case studies, tables, student exercises, references and management science models Accompanied by a supporting website Aimed at both academics and practitioners, Strategic Analytics is an ideal text for postgraduates and advanced undergraduate students of business and management.
The highly anticipated third edition of Strategic Human Resource Management offers a fresh perspective on SHRM. Bringing together a wealth of expertise in HRM, Work and Organizational Psychology and Organizational Behaviour, the authors provide a balanced approach to structuring and solving real-life HR issues in organizations. This new edition aligns Human Resource practices with both the internal and external organizational context and takes a critical perspective on economics, sustainability, psychology, sociology, and industrial relations. Its unique multi-level approach includes the individual employee, teams, business units, organizations, sectors, and countries to build a more balanced people management value chain. New additions: • New chapter on Career Development • New Activity Boxes to encourage practical application of theory • New case studies throughout, including Google, easyJet and Ikea • Major revisions to chapters to highlight sustainable career development, employability, digitalization, and diversity • Major update of the scientific literature references Key Features: • Cases and Discussion Questions provide real-world scenarios and issues to illustrate contemporary HR issues in practice • Stop and Reflect Boxes throughout each chapter are designed to encourage students to critically evaluate topics and issues raised and how they can be applied to real-life situations • Personal Development Boxes help students think about how to link theoretical concepts with the development of personal skills appropriate to effective HRM • Experiential Exercises present ‘Individual’ and ‘Team’ tasks that can be used as in-class exercises encouraging students to learn from direct experiences Paul Boselie is Professor in Public Administration & Organization Science at Utrecht University, the Netherlands. His research traverses human resource management, institutionalism, strategic management and industrial relations. Beatrice van der Heijden is Professor in Strategic Human Resource Management at Radboud University, the Netherlands, and Head of the SHRM Department. Her research and teaching are focused on strategic human resource management, sustainable careers, employability, and aging at work.
A research-backed clarion call to CEOs and managers, making the controversial case that good, well-paying jobs are not only good for workers and for society--they're good for business, too.