MANA 362 Lecture Notes - Lecture 7: Employee Stock Ownership Plan, Total Rewards, Piece Work
25 Jan 2017
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Direct (hourly wage, salary, piecework rate, incentives, bonuses); compensation. Indirect (benefits, dental plans, life insurances, supplied by employers). Any other program that provides value to the employee in exchange for their efforts. Structure of rewards framework can motivate employees and align with business objectives. Companies that align rewards structure can have higher performance. Alignment of individual (and team) goals with organizational goals. Identification of training and development needs. (cid:498)total rewards(cid:499) is a broader concept than just tangible rewards of pay and benefits. (cid:498)total rewards(cid:499) includes career development and work climate/culture. Relates to perceived employee contribution to organizational success. Effort to raise productivity and lower labour costs; Creating action plans to improve performance (if necessary). Job ranking systems. (arrays jobs on the basis of their relative worth) Point system. (cid:523)determines a job"s relative value by calculating total points assigned to it(cid:524) Factor comparison system. (skill, mental and physical effort, responsibility, etc)
