BUS 381 Lecture Notes - Lecture 8: Prevailing Wage, Total Rewards

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 381
• Professor: Rick Iverson

Document Summary

For mother work at home to take care of their children. Pay equity acts: use the gender-neutral job evaluaion system to determine that men and women should pay the same rate. External (labor market model) comparison on your job and other similar job outside. Job evaluaion (internal: conduct wage/salary survey (internal) Collect data on beneits, recogniion programs, etc: combine job evaluaion and salary survey to determine pay. A graphic descripion of the relaionship between the value of the job and the average wage paid for the job. A series of steps or levels within a pay grade, usually based on years of service and merit. Compare job descripions and ranks form most to least valuable. The highest value job will get paid the most. Classes of jobs or job families are created. Grade/group descripion: outlines level of compensable factors required by each job. Determine the degree to which each factor is present in each job.