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Study Notes: Chapter 11.docx

3 Pages

Human Resources
Course Code
MHR 523
Pat Sniderman

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Chapter Eleven Strategic Pay Plans MHR Notes Total rewardsan integrated package of all rewards monetary and nonmonetary gained by employees arising from their employmentThe five components of total rewards are 1 Compensationdirect financial payments in the form of wages salaries incentives bonuses etc 2 Benefitsindirect payments in the form of financial benefits like vacations and employer paid insurance 3 Worklife programsprograms that help employees do their job effectively 4 Performance and recognitionincludes payforperformance and recognition programs 5 Development and career opportunitiesfocuses on planning and the advancement andor change in responsibilities to best suit individual skills talents and desires The purpose of rewards is to attract retain and motivateengage employees Engagement refers to the positive emotional connection to the employers and a clear understanding of the strategic significance of the job which results in discretionary effort on the part of the employeeThere are four basic considerations in determining pay rates 1 Legal Considerations in Compensationincludes EmploymentLabour Standards Acts Pay Equity Acts Human Rights Acts CanadaQuebec Pension Plan Workers Compensation Laws Emplo
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