wage structure and recruiting
Terms
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- group incentive
- tasks interdependent, plant wide: scanlon plan, improshare; profit sharing, competency based comp (broad banding, preset pay for levels)
- incentive compensation
- individual or group
- applicant pool
- subset of applicant population--> the people actually evaluated
- selection rate
- %hired from given group
- individual incentive
- merit pay, commission, piecework pay (output>req is comped), time $ savings
- 4 decisions affect nature of applicant population:
- recruitment method, recruitment message, applicant qualifications, applications procedures
- problems with group incentive
- 'dilution effect': hard to see indiv efforts, delayed gratification, becomes expectied, performance related to econ state > that of individual workers
- applicant population
- subset of labor force population available using SPECIFIC recruitment strategies
- labor force population
- all people available for selection if ALL possible recruitment strategies are used
- external recruiting
- schools, emp agencies, temp firms, unions, media etc
- basic recruitment concepts
- labor force population, applicant population, applicant pool
- yield ratios
- approximate necessary size of initial applicant pool
- problems with individual incentive
- need to set clear objectives with independent tasks
- internal recruiting
- recruit through current emp, promotion/transfer, recruit former emp/applicant, previous applicants
- recruitment evaluation methods
- selection rates, base rates, yield rate, time elapsed
- base rate
- # of good employees in population
- time elapsed
- avg time from contact to hire for each applicant