mgt 4543: compensation management dr. laura e. marler

MGT 4543: Compensation ManagementDr. Laura E. Marler

WELCOME to Compensation Management

Contact Information

Professor: Dr. Laura E. Marler Office: 302-I McCool HallOffice Phone: 662-325-1957 M&IS Department Phone: 662-325-3928E-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.eduClick on “Laura Marler”, then “online grades”Mention general vs. private course website

E-mail is the best way to contact me.

Accommodation•If you have special needs due to a physical, emotional, sensory, learning, or other disability, contact the office of Student Support Services in Room 01 Montgomery Hall (325-3335) so that I can make an effort to accommodate your needs. After registering, please provide me with your letter from DSS.

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 and 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. 2012. Strategic compensation: A human resource management approach, 7th edition. Upper Saddle River, NJ: Pearson.

•Other assigned readings and discussion questions will be posted on the course website: http://misweb.cbi.msstate.edu/~COBI/faculty/professor.shtml?lmarler (click on “Online Grades”)

Preparing for class

• Buy 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!

• Check the course schedule to see what material we are covering. Let’s take a look!

Preparing for class

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 PowerPoint 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. *Only1 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* •20% Q & A, Class Activities, & Assignments

•20% Exam 1•20% Exam 2•20% Exam 3 •20% Comprehensive Final 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 the semester.

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.

Exams

• There are 4 exams in this class (3 during the semester + a comprehensive final).

• Exams will have various types of questions including but not limited to essay/short answer-type, fill-in-the blank, multiple choice.

• I DO NOT give make-up exams without a University-approved 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. • Students who attend all course meetings will receive 3 extra points • Students who miss only 1 course meeting will receive 2 extra points• Students who miss only 2 course meetings will receive 1 extra point

• Students with more than 5 unexcused absences will not be eligible for extra credit points (even for activities that may have been completed during the semester).

• University-approved absences will not count against you 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

• We will have several guest speakers this semester.• You need to attend these classes.

• 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• Not texting during class• Arriving on time• Asking intelligent questions

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 3.5 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)

• Example: You are called on 7 times and do not answer correctly 2 times. We have 21 class activities and you complete only 20.

Your grade = 100 – (3.5(3)) = 100 – 10.5 = 89.5

Cell Phones & Other Technology

• BRING your cell phone, tablet, and/or laptop to class. We will use technology for various activities.

• Be professional! • Texting during class activities will lower

your grade.

Academic Integrity

HONOR the CODE

•http://www.honorcode.msstate.edu/

•Potential consequences: XF, suspension, expulsion

Student Profile

• One of the best ways to learn is to be engaged.

• Help ME make this class engaging for YOU by filling out a student profile sheet.

What do YOU know about Compensation???

Knowledge Assessment

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 BlueCross. Call center reps from MR speak with patients who would 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• Bring smart phone, tablet or laptop to the next class.• Feel free to contact me if you have any questions!

lmarler@business.msstate.edu