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Using peer appraisals. 3. Rating committees. Rated by immediate supervisor plus 3-4 other supervisors4. Self-ratings. 5. Appraisal by subordinates upward feedback.How to conduct the appraisal interview.1. Be direct and specific. Objective data, 2. Don t get personal, 3. Encourage the person to talk, 4. Don t tiptoe aroundCOMPENSATION Employees compensation: All forms of rewards going to employees and arising from their employment. Direct payments such as wages, salaries, commissions etc. Indirect payments such as employer-paid insurance and vacations.Establishing pay rates:1. Conduct the Salary Survey. (to help ensure external equity) A survey aimed at determining prevailing wage rates. A good salary survey provides specific wage rates for specific jobs. 2. Determine the worth of each job (internal equity) Job evaluation: A systematic comparison done in order to determine the worth of one job relative to another. Ranking method: The simplest method of job evaluation that involves ranking each job relative to all other jobs, usually based on overall difficulty. Job classification: Jobs are categorized into groups. The groups are called classes if they contain similar jobs or grades if they contain jobs that are similar in difficulty but otherwise different. Classes: Dividing jobs into classes based on a set of rules for each class, such as amount of independent judgement, skill, effort etc. required for each class of jobs. Classes usually contain similar jobs all secretaries etc. Point method: The job evaluation method in which a number of compensable factors are identified and then the degree to which each of these factors is present on the job is determined.Factor comparison method: A widely used method of ranking jobs according to a variety of skill and difficulty factors, then adding up these rankings to arrive at an overall numerical rating for each given job. 3. Group similar jobs into pay grades. A pay grade is comprised of jobs of approximately equal difficulty. 4. Price each pay grade wage curves, shows the relationship between the value of the job and the average wage paid for this job. 5. Fine tune pay rates. Current trends in compensationSkill based pay: With competency or skill based pay, you are paid for the range, depth and types of skills and knowledge you are capable of using rather then for the job you currently hold. LAWFair labor standards act. To provide minimum wages, maximum hours, overtime pay, and child labor protection. Equal pay act. ERISA Employee Retirement Income Security Act. The law that provides government protection of pensions for all employees with company pension plans. It also regulates vesting rights (employees who leave before retirement may claim compensation from the pension plan). Compensating managers1. base salary2. short term incentives (designed to reward managers for attaining short term goals- cash or stock)3. long term incentives (rewarding the person for long term performance stock options)4. executive benefits and perks. (time off with pay, health care, employee services, retirement)Chapter 12: Pay for performanceSpot bonus: A spontaneous incentive awarded to individuals for accomplishments not readily measured by a standard.Variable pay: Any plan that ties pay to productivity or profitability usually as one time lump payments.Piecework plans:Piecework: A system of pay based on the number of items processed by each individual worker in a unit of time, such as items per hour or items per day.Straight piecework plan: Under this pay system each worker receives a set payment for each piece produced or processed in a factory or shop.Guaranteed piecework plan: The minimum hourly wage plus an incentive for each piece produced above a set number of pieces per hour. Advantage by piece plan: simple to calculate and understand by employees. Disadvantages: problem when raising production standards, when attempt is made to revise production standards, it meets considerable worker resistance, even if the change is fully justified. Standard Hour Plan: A plan by which a worker is paid a basic hourly rate but is paid an extra percentage of his or her base rate for production exceeding the standard per hour or per day. Similar to piecework payment only based on a percent premium. Team or group incentive plan: A plan in which a production standard is set for a specific work group, and its members are paid incentives if the group exceeds the production standard.Annual bonus: Plans that are designed to motivate short term performance of managers and are tied to company profitabilityCapital accumulation programs: Long term incentives most often reserved for senior executives. Six popular plans include stock options, stock appreciation rights, performance achievement plans, restricted stock plans, etc. Merit pay (merit rate): Any salary increase awarded to an employee based on his or her individual performance. Profit sharing plan: A plan whereby most employees share in the company s profit. Scanlon plan: 1. philosophy of cooperation 2. identity 3. Competence 4. involvement system 5. sharing of benefits formula. +