• Describe the key purpose of a compensation system.
• Distinguish between extrinsic and intrinsic motivation.
• Describe the key aspects of a compensation strategy.
• Be ablet to discuss compensation mix (base, performance, indirect) and the concept of total rewards.
• Understand the criteria (8 goals) for evaluating the success of a compensation system.
• Understand the concept of "fit" and why a compensation system that is a success in one company can be a failure in another company.
• Understand the strategic framework for compensation, contextual variables and how you use these to determine the optimal managerial strategy.
• Understand the three employee behaviors desired by employers and what elements of compensation generate a particular behaviour.
• Be able to identify and address the causes and consequences of reward dissatisfaction.
• Understand the methods of determining base pay and which behaviours base pay incentivizes.
• Be able to differentiate between individual, group and organizational performance and know when to use each. Be able to link these to specific behaviours.
• Be able to discuss the key elements of a benefits plan (mandatory vs voluntary) and how indirect benefits links to specific behaviours.