The World of Pay and Compensation

The World of Pay and Compensation

The World of Pay and Compensation Seventy percent (70%) of all jobs in the USA are in the service sector. Service-sector jobs tend to be labor intense. Service-sector companies typically spend 40 to 80 cents of each revenue dollar on employee compensation. Wage competition in service-sector companies tends to be more intense. 1 The Compensation Program Base Wages and Salaries After-tax amount on the paycheck Wage and Salary Add-ons Premiums an Differentials

Incentive Payments Payment for specified outputs Benefits and Services Retirement, Savings, Medical, (39% of payroll) 2 and Compensation for Different Employees Factors That Determine Rates of Pay Kinds and Levels of Required Skills Philosophy of Management Kind of Business Union and Nonunion Status Total Compensation

Package Geographic Location Capital Vs. Labor Intense Industries Size of Business 3 Average Hourly Earnings November 1995 Specified Production Workers Lowest Paid Eating and Drinking Places Apparel and Accessory Stores General Merchandise Stores Apparel and Other Textile Products

Food Stores Leather and Leather Products Misc. Retail Establishments Amusement and Recreation Building Materials and Garden Textile Mill Products $5.65 7.54 7.60 7.77 8.25 8.26 8.52 9.02 9.26 9.49 4 Average Hourly Earnings November 1995 Specified Production Workers Highest Paid $20.26 PIPELINE except NATURAL GAS PETROLEUM and COAL PRODUCTS 19.68

TOBACCO PRODUCTS 18.49 COAL MINING 18.43 ELECTRIC, GAS, and SANITARY SERVICES 18.04 METAL MINING 16.94 TRANSPORTATION EQUIPMENT 16.65 LEGAL SERVICES 16.37

COMMUNICATIONS 15.90 CHEMICAL and ALLIED PRODUCTS 15.85 Hourly Rates (1994) for Production Workers Five Highest 1) Michigan $ 16.40 2) Ohio 14.53 3) Delaware 14.08 4) Indiana 13.90 5) Connecticut 13.82 Five Lowest 50) S.Dakota

49) Mississippi $ 9.51 9.90 48) S.Carolina 10.21 47) Arkansas 10.23 46) N.Carolina 10.67 6 Reasons For The Differences In Pay And Compensation For Different Employees Other Factors That Determine Rates Of Pay Supply and Demand of Labor Profitability of the Firm Employment Stability Gender Difference

Employee Tenure and Performance 7 A World in Transition More Intense Global Competition Slower Growth More Rapid Change Reordering of Traditional Businesses Organizational Restructuring Deregulation, Takeovers, and Mergers Wage Depression and Revenue Escalation 8

Global Variations In Compensation Practices Direct Compensation Tax System Social Security Benefit Entitlements Regulatory Environment Employment Law 9

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