MHR 505 Lecture 3: MHR 505 Lecture 3 Notes
6 Feb 2019
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Five components of total rewards: compensation, benefits, work-life programs, performance and recognition, development and career opportunities (training) Membership/seniority based rewards: fixed wages, seniority-based rewards, advantages may attract job applicants, less financial insecurity, less turnover with seniority, disadvantages no performance motivation, discourages poor performers from leaving, may act as golden handcuffs. Includes job evaluation and status perks: more pay fairness, less pay discrimination, motivates competition for promotions, encourages bureaucratic hierarchy, reinforces status vs. egalitarian culture, employees exaggerate duties, hoard resources. Improving reward effectiveness and emerging trends: link rewards to performance, ensure rewards are relevant and valued, create team rewards for interdependent jobs, beware of unintended consequences. Implement incentives and innovative programs for adopting a healthier lifestyle. Increase the use of unusual financial rewards: create different approaches to compensation, design benefits plans for multiple generations. Jobs designed according to this approach can result in higher efficiency and productivity: based on taylor"s theory of scientific management efficiency, efficiency, efficiency, treat people as machines.
