COMPENSATION, 8th Edition, by Milkovich and Newman is the market-leading text in this course area. It offers instructor's current research material, in depth discussion of topics, integration of Internet coverage, excellent pedagogy, and a truly engaging writing style. George Milkovich and Jerry Newman are leading authorities in the field of Human Resource Management and Compensation. They consult with leading businesses, have won teaching awards, publish in the leading journals. Milkovich received a career contribution award from WorldatWork (formerly American Compensation Association) in 2000.
COMPENSATION, 8th Edition, examines the strategic choices in managing total compensation. The total compensation model introduced in chapter one serves as an integrating framework throughout the book. The authors discuss major compensation issues in the context of current theory, research, and real-business practices. Milkovich and Newman strive to differentiate between beliefs and opinions from facts and scholarly research. They showcase practices that illustrate new developments in compensation practices as well as established approaches to compensation decisions. Time after time, adopters relay stories of students getting job offers based on the knowledge they learned from this book.
This edition gives greater emphasis to the importance of total compensation and its relevance for achieving sustainable competitive advantage. The authors believe that HOW people are paid really matters- not just how much they are paid. Managing pay means insuring that the right people get the right pay for achieving objectives in the right way.
Discussion of up-to-date trends and practices: performance-based pay, person-based plans versus job-based plans, skill and competency approaches to compensation, the impact of outsourcing and global competition on compensation, market pricing, executive compensation, the impact of technology on compensation systems, as well as ethical issues affecting compensation practices.
Updated chapters on performance based pay dig into all forms of variable pay such as stock options, profit sharing, gain sharing, and team based approaches.
In response to reviewer feedback, Chapter 14 broadens its discussion of board of director compensation, executive compensation, and sales compensation.
There is a strong emphasis on total compensation, a critical concept in the competitive business environment, which extends throughout the entire book- in the strategy chapter (2), in the market survey chapters (7 & 8), and in the benefits and performance-based pay chapters.
There is a strong discussion of Compensation Strategies, including how (and why) managers design a compensation strategy, how all compensation decisions are based on that strategy, and how these decisions impact competitive advantage and fair treatment for employees. This discussion shows the integration of all decisions and encourages students to focus on the results of decisions, not just the process.
Your Turn Exercises are real-life exercises ask the student to apply the concepts and techniques discussed in each chapter. For example, the "Your Turn" in Chapter 10 takes you through several exercises designed to explain how stock options work and how to value them. It also allows you to connect to real time stock prices for up to date stock option valuations.
In each chapter, Internet Exercises called "Cybercomps" help students learn where to find compensation material on the web.
The global flavor of this text has been retained- it contains an international chapter plus global examples throughout all chapters.
The authors also publish Cases in Compensation, an integrated case designed to provide additional practical skills applying the material in this book. The casebook is NOT a McGraw-Hill/Irwin product, but it is made available directly from the authors (telephone 310-450-5301; e-mail email@example.com). Completing the integrated case helps students develop skills readily transferable to future jobs and assignments. Instructors are invited to call for more information on how Cases in Compensation can help translate compensation research and theory into practice and build competencies for on the job decisions.
Online Learning Center (OLC) (www.mhhe.com/milkovich8e) is a website that follows the text chapter-by-chapter. OLC content is ancillary and supplementary germane to the textbook, as students read the book, they can go online to take self-grading quizzes, review material, or work through interactive exercises. OLCs can be delivered multiple ways – professors and students can access them directly through the textbook website, through PageOut, or within a course management system (i.e. WebCT, Blackboard, TopClass, or eCollege.)
McGraw-Hill’s Knowledge Gateway - The Complete Resource for Teaching Online Courses. McGraw-Hill/Irwin, in partnership with Eduprise, is proud to bring this unique service to instructors. This comprehensive Website contains a wealth of information for any professor interested in teaching online. Level one is available to any instructor browsing our Website. Level two is reserved for McGraw-Hill customers and contains access to free technical and instructional design assistance. For more details, visit http://mhhe.eduprise.com/home.nsf
PageOut is McGraw-Hill’s unique point-and click course Website tool, enabling you to create a full-featured, professional quality course Website without knowing HTML coding. With PageOut you can post your syllabus online, assign McGraw-Hill Online Learning Center or eBook content, add links to important off-site resources, and maintain student results in the online grade book. You can send class announcements, copy your course site to share with colleagues, and upload original files. PageOut is free for every McGraw-Hill/Irwin user and, if you’re short on time, we even have a team ready to help you create your site!
You can customize this text. McGraw-Hill/Primis Online's digital database offers you the flexibility to customize your course including material from the largest online collection of textbooks, readings, and cases. Primis leads the way in customized eBooks with hundreds of titles available at prices that save your students over 20% off bookstore prices. Additional information is available at 800-228-0634.
OLC Student Center (www.mhhe.com/milkovich8e) provides several tools to support the learning process. Self-quizzes allow students to test their knowledge by answering five true-false and five multiple-choice questions per chapter. The PowerPoint presentation is made available for students’ study needs. Internet Exercises, provided for each chapter, prompt students to utilize the Internet for a variety of exercise experiences that enhances the concepts in the textbook. A link to HROnline is also provided. Here students can find interactive exercises and Business Around the World, a resource for researching and exploring human relations on the Internet.
Table of Contents
Chapter 1. The Pay Model
Chapter 2. Strategic Perspectives
Part 1 Internal Alignment: Determining the Structure
Chapter 3. Defining Internal Alignment
Chapter 4. Job Analysis
Chapter 5. Evaluating Work: Job Evaluation
Chapter 6. Person-Based Structures
Part 2 External Competitiveness: Determining the Pay Level
Chapter 7. Defining Competitiveness
Chapter 8. Designing Pay Levels, Mix, and Pay Structures
Part 3 Employee Contributions: Determining Individual Pay
Chapter 9. Pay for Performance: The Evidence
Chapter 10. Pay for Performance Plans
Chapter 11. Performance Appraisals
Part 4 Employee Benefits
Chapter 12. The Benefits Determination Process
Chapter 13. Benefit Options
Part 5 Extending the System
Chapter 14. Compensation of Special Groups
Chapter 15. Union Role in Wage and Salary Administration
Chapter 16. International Pay Systems
Part 6 Managing the System
Chapter 17. Government and Legal Issues in Compensation
Chapter 18. Budgets and Administration
Instructor's Resource CD (IM/TB/CTB/PPT) ISBN: 0072875453 Author(s): MILKOVICH