CRM 200 Lecture Notes - Lecture 1: Job Security, Jury Duty
3 May 2018
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Lecture 1: CHAPTER 1: Compensation Management
Compensation
• all forms of
o financial returns and
o tangible services and
o benefits employees
receive as part of an employment relationship
• Why should we care about compensation?
o Compensation influences the way employees behave.
o The link between behaviour and organizational effectiveness is important to
consider.
o
If employees also perceive compensation is not fair, then there is great potential for
changes in their behaviour to
undermine organizational performance.
o
Compensation is a significant component of operating expenses and therefore must be
controlled and monitored to ensure
organizational viability.
▪ Compensation is 40-50%(?) of the copay’s yearly operating budget
Total rewards
Top Attraction Drivers
• Base pay / salary
• Job security
• Career advancement opportunities
• Challenging work
• Opportunities to learn new skills
• Reputation of the organization as a great place to work
• Healthcare and wellness benefits
What do Young Adults Want?
• Interesting work
• Good benefits
• Job security
• Chance for promotion
find more resources at oneclass.com
find more resources at oneclass.com
• Opportunity to learn new skills
• Geographical location
• Annual vacation
• High income
• Flexibility in work hours
• Able to work independently
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Top attraction drivers: base pay / salary, career advancement opportunities, challenging work, opportunities to learn new skills, reputation of the organization as a great place to work, healthcare and wellness benefits. Job security: chance for promotion, opportunity to learn new skills, geographical location, annual vacation, high income, flexibility in work hours, able to work independently. Jury duty: no pay attending courthouse in response to summons. Jury duty: day 1 to 10 no pay, day 11 to 49 / day, day 50 to end of trial / day, will receive a travel allowance. If residing more than 40 kms from the court house, and who live outside the city limits. Incentives are a one-time payment which differs from merit adjustments. Incentives may be long-term (stock ownership, or stock options) or short-term. Income protection: medical insurance, retirement programs, life insurance, and savings plans are common, work/life balance.
