Compensating the Diversified and Information Technology Workforce
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Abstract
The establishment o f fair wages and compensation relative to employers and employees has been a topic o f debate since the beginning o f our wage economy. Moral and economic factors have played important roles in wage setting considerations with the
state, church and business organizations playing various roles along the way. We have progressed from a subsistence system under the “just wage ” and “sustainable wage " doctrines of the middle ages through the piece-rate and job-based wage plans of the industrial and post-industrial revolution periods where extrinsic elements formed the centerpiece o f employee compensation. In the new workplace, characterized by culturally diverse and high technology imperatives, appropriate compensation requires more than a take home paycheck and traditional fringe benefits. Intrinsic factors that appeal to employees' dignity, desire for autonomy, recognition, professional growth and opportunities for advancement must become a part of the compensation mix. This paper examines the goals and results of the traditional methods o f compensation, and synthesizes proposals proffered in the literature for making compensation systems more relevant in attracting and retaining the desired pool of talents and skills for effective performance in the modern diversified and high technology workplace
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