MHR 523 Lecture Notes - Lecture 7: Specific Performance, Distributive Justice, Organizational Culture
Document Summary
Total employment rewards: an integrated package of all rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment. Extrinsic (compensation): something that is tangible, and outcome that you receive from a performance (study hard for an exam, extrinsic award is a good grade) Intrinsic (benefits)- intangible rewards, learn new skill and feel sense of accomplish. 5 components of total rewards: compensation, benefits (indirect financial benefits, work-life programs (child care, performance and recognition, development and career opportunities (ability to progress in organization) Basic considerations in determining pay rates legal considerations in compensation. Pay equity act (pay of equal value) Other legislations (worker"s comp. , ei) union influences (goal is to get higher wages) compensation policies (how salaries are determined) equity and its impact on pay rates (belief that your treated fairly) Job evaluation (evaluate what the job is worth, improve internal equity) A systematic comparison to determine relative worth of jobs within a firm.
