MANA 443 Lecture 1: Chapter 1

• School: Concordia University
• Department: Management
• Course: MANA 443
• Professor: Adeline Saillard

Document Summary

Compensation: compensation refers to all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship. Financial returns: your pay check, your pension, your financial bonus and incentives. Benefits: health insurance, dental insurance, onsite daycare, onsite cafeteria. The figure shows different returns employees can receive from work. In general, there are two types of returns employees can receive from work. Total compensation is more physical and transactional including cash compensation and different types of benefits. On the other hand, relational returns are more psychological, non-financial rewards. Base wage/salary: cash compensation the employer need to pay their employees for the work performed; government usually have regulation on base wage. Merit increase is a reward of your past work behavior (because of your past performance, increase your base wage from 10/hour to 15/hour). Cost of living has nothing to do with your performance (e. g. , living in new york).