Compensation

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9780072875430: Compensation

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.

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From the Publisher:

Strong emphasis on total compensation 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. Why is this important? The business environment is more competitive. 'It is not only HOW MUCH you pay, but HOW you pay, that matters.' (i.e., not only base pay, but also work-life benefits, and variable pay and stock options that are tied to the performance of the individual and the company.)
Discussion of Compensation Strategies: 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 is important because it shows the integration of all decisions, highlights the reason for doing them, makes them consistent, and focuses on the results of decisions.
Discussion of up-to-date trends and practices: broad-based stock options, competency development, changes in market surveys, accessibility of pay data on the web, 'living wage', changes in compensations practices in Japan, China, Germany, and other countries.
Your Turn Exercise that shows students how to value stock options, using actual web site and stock price quotes!
Chapter 2 (Strategic Perspectives) tells how to craft a compensation strategy and examines the research and business practice on strategic perspectives applied to compensation. Emphasis on strategy carried throughout all chapters.
In each chapter, Internet Exercises called 'Cybercomps' help students learn where to find compensation material on the web.
The text contains an international chapter plus global examples throughout all chapters.
Real-life "Your Turn" Exercises ask the student to apply the concepts and techniques discussed in each chapter.
Casebook containing more extensive case and computer applications (eighth edition released August 2000) can be obtained directly from the authors by calling (607) 257 - 3859 or emailing gtm1@cornell.edu (that is a #1, not an "L"). Completing this integrated case will help students develop skills readily transferable to future job and assignments.
The total compensation model ,introduced in chapter one, provides an integrating framework that is used throughout the book. It introduces the strategic choices which confront managers in the U.S. and around the world.
Readers guide on how to be an informed consumer of compensation material.

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