HRMT 326 Lecture Notes - Lecture 1: Reward System, Toyota Electronic Modulated Suspension, Pension

• School: Athabasca University
• Department: Human Resource Management
• Course: HRMT 326
• Professor: Dr .G

Document Summary

Base pay job evaluation, market pricing, pay for knowledge. Performance pay individual performance, group performance, organization performance. Indirect pay mandatory benefits, pension plan, health and life insurance, pay for time not worked, employee services, other benefits. Pay-for-performance plans can be classified into three main categories, depending on whether the performance relates to the individual employee, the group or work team, or the entire organization. Individual performance pay plans include piece rates, commissions, merit pay, and targeted incentives. Group performance pay plans include productivity gain-sharing plans, goal- sharing plans, and other types of team-based pay. Organizational performance pay plans include employee profit-sharing plans, employee stock plans, and other organizational pay plans. Different types of performance pay can be used to support specific managerial strategies. For example, individual performance pay can support a classical managerial strategy. Group-based performance pay can support a high-involvement managerial strategy.