MHR 749 Final: Chapter 8.docx

• School: Ryerson University
• Department: Human Resources
• Course: MHR 749
• Professor: Margaret Yap

Document Summary

Specify pay policy line define relevant market design and conduct survey draw policy lines merge internal and external pressures competitive pay levels, mix, and structures. Relevant labour market includes employers who compete in one or more of the following areas: the same occupation or skills required, qualified individuals in the same geographic area, the same products and services. Compensation manager and maybe a third party depending on expenses: how many employers should be included? organizations; smaller firms would include smaller competitors; statistics canada also provides extensive information on pay for various jobs/industries. Information about: the nature of the organization, the total compensation system, specific pay data on each incumbent in the jobs under study. Tells how competitors are valuing the work in similar jobs. Fails to include performance incentive; will not give true picture. Tells how competitors value work; tells the cash pay for performance opportunity. Total compensation (base + bonus + stock options + benefits)