Learning Objectives
After studying this chapter, you should be able to do the following:
11-1 Identify the components of a compensation system and describe how expectancy and equity theories apply to compensation.
11-2 Identify the seven basic issues that make up the organization’s compensation strategy.
11-3 Discuss the three major provisions of the FLSA and the penalties for misclassification of employees.
11-4 Briefly describe the concept of comparable worth and highlight the other legal issues in compensation.
11-5 Identify the three types of job evaluation and discuss whether they are more objective or subjective in form.
11-6 Briefly describe the concepts of job structure, pay levels, product market competition, and labor market competition.
11-7 Briefly describe the concept of a pay structure, including broadbanding and delayering.
11-8 Briefly discuss the issues of independent contractors versus employees and the problem of the gender–wage gap.