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Compensation, by George T. Milkovich, Jerry M. Newman, Barry A. Gerhart
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"Compensation, 10th Edition", by Milkovich, Newman and Gerhart is the market-leading text in this course area. It offers instructors current research material, in depth discussion of topics, integration of Internet coverage, excellent pedagogy, and a truly engaging writing style. The authors consult with leading businesses, have won teaching awards, and publish in the leading journals. This text 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, Newman and Gerhart 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.
- Sales Rank: #1858014 in Books
- Published on: 2010-04-01
- Original language: English
- Number of items: 1
- Dimensions: 9.13" h x .98" w x 7.36" l, 1.10 pounds
- Binding: Paperback
- 672 pages
About the Author
McGraw-Hill authors represent the leading experts in their fields and are dedicated to improving the lives, careers, and interests of readers worldwide
Most helpful customer reviews
18 of 19 people found the following review helpful.
Uses superb strategic model to supply decision-making tools
By A Customer
A 5++ - the best BUSINESS text i've read. This is the first book i've read where i both grew intellectually and in tactical/application skills. This compensation text is quite unusual in that it effectively reduces huge bodies of research in business strategy, economics, organizational behavior and compensation to provide a holistic business model to analyze compensation decisions - all in the first three chapters. The Milkovich/Newman approach creatively blends a conceptual underpining (the why) with tactical details (the what and how). This blending allows them to supply enormous value by reducing the myriad of compensation decisions to 4 major pieces. The utility of this elegance is that long after reading the book or taking a course using this book, you'll still remember the framework and steps to both build from scratch and to adjust a compensation system - not just the what, but the why. i personally felt quite empowered and ready to take on compensation work after reading this text.
This text is really designed for those compensation practioners that want to understand how compensation might be used to supply a sustainable competitive advantage. The authors' deep reading and involvement in both research and consulting with business shows here. They worked very hard to allow us to absorb the research implication and to use the tools, without our having to read the full body of research or to invent the tools.
The authors balance the research perspective by developing a working model and applying it to real world cases where they have consulted. The reader is then challenged to apply the model to case situations presented in the book and to their work practice.
Lastly, some things i've learned from this book:
1. you get what you pay for ... -- the research clearly shows that pay is a key motivator and that people will behave as they're incentivized by their pay systems. -- the implication is that EVERY compensation system, no matter whether it's planned or evolves, supplies a network of incentives that in part direct employee behavior and business outcomes.
2. compensation systems can be designed to support a sustainable competitive advantage. -- through understanding the motivational incentives and how they tie into business strategy. -- a "universalistic" compensation approach that says there's one right answer supplies some good practices, but doesn't fully explain observed motivational differences.
3. Compensation must tie tightly to the work process (work flow) or it will surely fail in it's objectives. -- how many companies talk about changing their cultures while they don't change or even understand the motivational impacts of their pay plans?
4. There's no right answer, only a good model to help. -- is a tournament pay system (tied to an individual / hierachical workflow) better than an egalitarian system (tied to a team workflow)? it depends ... and that's where Milkovich/Newman fill in the blanks.
A M-U-S-T read for anyone participating in making compensation decisions - whether you're in school or already a compensation vice president.
12 of 14 people found the following review helpful.
A First-Rate Text That Challenges As Well As Informs
By vivalasvogus
Milkovich and Newman's text is sets the standard for Compensation and Human Resources texts,period. From its strategic decisions framework it clearly illustrates that compensation policy can be a key to unlocking an organization's capabilities (and the ever elusive sustainable competitive advantage).
The strength of the book is that it extracts and builds on key research findings in a way that advances the body of compensation knowledge (in a way pleasing to academics) and is relevant to practitioners. Chapter 2 on Strategic Perspectives and Chapters 9 & 10 on Pay for Performance best exemplify the confluence of research relevance and tactical usefulness.
It is absolutely a must read for anyone who is a student of organizations or who attempts to manage one (not just compensation managers).
2 of 2 people found the following review helpful.
"Compensation" provides a good framework
By Lynne
"Compensation" provides clear direction in understanding management and implementation of compensation strategies for Human Resources. It provides a good overview intoducing the reader to terminology and frameworks that assist in designing a plan, compliance with laws and regulations and integrating your plan with the business's goals. It was very helpful in providing a framework to write my papers and complete my MBA.
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