MGT 4543 Compensation Management Dr Laura E Marler

MGT 4543: Compensation Management Dr. Laura E. Marler

WELCOME to Compensation Management

Agenda • Discuss syllabus • Introduction to compensation • Reminders for next class

Contact Information Professor: Dr. Laura E. Marler (Templeton) Office: 302 -I Mc. Cool Hall E-mail is the best way Office Phone: 662 -325 -1957 M&IS Department Phone: 662 -325 -3928 to contact me. E-mail: lmarler@business. msstate. edu Office Hours: Feel free to contact me via e-mail or phone, or stop by my office at any time. Course Site: http: //misweb. cbi. msstate. edu Click on “Laura Marler” then “online grades” Mention general vs. private course website

Contact Information for Graduate Assistant • Graduate Assistant: Taewoo “Tae” Kim • Office: 313 – B Mc. Cool Hall • E-mail: tk 196@msstate. edu

Other considerations Accommodation • MSU seeks to provide reasonable accommodations for all qualified persons with disabilities. The University will adhere to all applicable federal, state and local laws, regulations and guidelines with respect to providing reasonable accommodations as required to afford equal educational opportunity. It is the student's responsibility to register with Disability Support Services and to contact faculty members in a timely fashion to arrange for suitable accommodations. Contact Information: 01 Montgomery Hall; phone 662 -325 -3335; http: //www. sss. msstate. edu/disabilities/ E-mail Communication • Please include “MGT 4543 – Your last name” in the subject line of any e-mail you send to me regarding this course. Remember to compose a professional e-mail.

A Little bit about me…

Course description • “Three hours lecture. Compensation fundamentals, practices, and problems, including wage level determinants, wage & salary structures, merit rating, methods of wage payments, fringe benefits, & controls. ” From the MSU catalogue

Course Objectives • Understand the relationship between compensation systems and strategy • Understand apply motivational theories that deal with rewards • Understand legal influences on compensation systems (e. g. , Fair Labor Standards Act) • Understand the use of merit pay systems

Course Objectives • Understand internal pay equity and external pay equity as well as the tradeoffs between the two • Explain the potential benefits and drawbacks of different pay-for-performance systems • Identify the significance of employee benefits to both employees and employers • Enhance your ability to think critically and to apply course concepts

Textbook required Required Course Materials (text available at Barnes & Noble on campus) • Required text: Martocchio, Joseph J. 2017. Strategic compensation: A human resource management approach, 9 th edition. Boston: Pearson. • Other assigned readings and discussion questions will be posted on the course website: http: //misweb. cbi. msstate. edu/~COBI/faculty/professor. shtm l? lmarler (click on “Online Grades”)

BUY THE BOOK • Buy the 9 th edition of the book if you have not already! • Borrow a book if you don’t have one yet. • You will need a book to PREPARE for almost every class meeting!

Preparing for class 1. 2. Check the course schedule to see what material we are covering. Let’s take a look! HOW TO FIND THE COURSE WEBSITE & ACCESS SLIDES COURSE WEBSITE: http: //misweb. cbi. msstate. edu/ ***We use MISWEB (NOT mycourses)***

Click button under “online grades” NOT course website MGT 4543: Compensation Management

Select correct class AND section

MGT 4543: Compensation Management

Preparing for class Sample Questions from Power. Point Slides • Cost leadership • What is cost leadership? • What compensation practices fit with this strategy? • Differentiation • What is differentiation? • What compensation practices fit with this strategy? A question mark in the bottom corner of a slide indicates you need to look up the answer in your book; I will call on you during class so be prepared!!!

Preparing for class My thoughts on how to be organized… 1. Get a binder. 2. Print out slides in notes page view 3. *Only 1 slide per page with 4. room to take notes*

Preparing for class My thoughts on learning strategies… 1. Answer questions BEFORE class. 2. During class, take notes in a different COLOR.

Just a thought: Print slides in Notes View 1. Write your answers below slide in one color 2. Take notes during class in another color

Making the grade… Graded Activities* • 25% Q & A, Class Activities, & Assignments • 25% Exam 1 • 25% Exam 2 • 25% Exam 3 • Comprehensive Final Exam (Replaces Lowest Exam) Grading Scale • The standard 10 -point grading scheme will be used: • A = 100 -90% • B = 89. 999 -80% • C = 79. 999 -70% • D = 69. 999 -60% • F = 59. 999% or below *Additional information about course activities will be provided during

Making the grade My goal = fairness • Grades are based on your individual performance rather than effort, personality, potential, or need. • No student’s final grade will be increased for any reason other than calculation error. • Please do not ask for extra credit or a higher grade at the END of the semester.

Bonus Points • You will have several opportunities to earn bonus points this semester. • The syllabus contains deadlines for the ones I have developed. • You have an opportunity to submit a typed proposal to me if you come across an activity that merits bonus points. The proposal should include how the activity • relates to compensation • is accessible to all students • incorporates reflective and critical thinking. • These proposals should be submitted well in advance of when the opportunity would take place (ideally two weeks before, one week minimum).

Exams • There are 3 required exams in this class and an optional comprehensive final. • Exams will have various types of questions including but not limited to essay/short answertype, fill-in-the blank, multiple choice. • I DO NOT give make-up exams without a Universityapproved reason along with documentation. • Let’s discuss the final exam time*. * Final exam time is based on MSU’s exam schedule. One is included with your syllabus: http: //www. registrar. msstate. edu/Students/examschedule. html

Attending class • Attendance will be taken each course meeting. • Attendance is reported to the University. • University-approved absences will not count against your participation grade provided you complete and turn in an excused absence form along with the appropriate documentation. The absence form is available on the course website.

Participation: Q & A and Class Activities • Your participation is worth an exam grade. • This should be a good thing, but this could prove to be a challenge if you are not prepared. • Missing 1 class is likely to lower your participation grade. Missing 3 classes is likely to result in 1 letter grade lower.

Participation: Q & A and Class Activities • Show up prepared. I will call on you!!! Be able to answer discussion questions in your own words. • PLEASE DON’T JUST READ OUT OF THE BOOK!!! That might put us ALL to sleep.

Participation: Guest Speaker Assignments • You need to attend class when there is a speaker. • Students who miss will lose participation points. • Test questions may come from the material discussed. • Let’s make a good impression! We can make MSU stand out by…

Participation: Q & A and Class Activities • Most classes will have some sort of activity. Make an effort to be engaged. This is part of your grade. • All participation activities are worth 3 points each. I reserve the right to adjust this number if needed; it is based on the projected number of activities & questions to be asked.

Participation: Q & A and Class Activities • Example: • You are called on 7 times and do not answer correctly 2 times. • We have 21 class activities and you complete only 20. • What is your grade? Your grade = 100 – (3 (3)) = 100 – 9 = 91

Cell Phones & Other Technology • BRING your cell phone, tablet, and/or laptop to class. We will use technology for various activities. • Be professional!

Academic Integrity HONOR the CODE • http: //www. honorcode. msstate. edu/ • Potential consequences: XF, suspension, expulsion

Student Profiles

INTRODUCTION: What is Compensation Management?

REVIEW: What is Human Resource Management? The design of formal systems in an organization to ensure the effective and efficient use of human talent to accomplish organizational goals. What are some of the major functions of HR? __________________

What is Compensation? • Compensation represents the ________ and _______ rewards employees receive from performing their jobs.

Compensation at MSU http: //www. hrm. msstate. edu/ Compensation - What are some of the benefits of working at MSU? __________________________________________

Class activity: Designing Incentive Pay Systems • Medical Resolutions (MR) handles insurance claims for larger insurance companies such as Blue. Cross. Call center reps from MR speak with patients who are in need of health care services. • Part of handling claims involves recommending possible health care providers the patient may use. • MR wants to develop a system to reward employees based on the number of low cost health care providers their patients use. 1. Your charge is to develop an incentive plan to help MR achieve their objective. 2. Now, critique the weaknesses of the incentive plans.

It’s not quitting time yet…

REMINDERS • Purchase textbook. • Complete your student profile (if you have not). • Register for MISWEB – select the correct section. • Access MISWEB (go to online grades). • Print out slides for next class meeting. • Bring slides & answers to our next class. • Feel free to contact me if you have any questions! lmarler@business. msstate. edu