HRM200 Lecture Notes - Gender Pay Gap, Total Rewards, Unemployment Benefits
22 Apr 2013
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An integrated package of all rewards (monetary and non- monetary, extrinsic and intrinsic) gained by employees arising from their employment. Five components of total rewards: compensation i. e. wages, bonuses, benefits i. e. insurance, vacations, work-life programs i. e. childcare, performance and recognition i. e. pay-for-performance, development and career opportunities i. e. tuition assistance. Legal-employment/labour standards: pay equity, human rights, canada/quebec pension plan, workers" compensation, employment insurance. Compensation policies - leader or follower in pay. Step 1. conduct job evaluation for internal equity. Step 2. group similar jobs into pay grades. Step 3. conduct salary survey for external equity. Step 4. price each pay grade using wage curves. Systematic comparison of jobs to determine their relative worth. Ranking method: obtain job information, group jobs to be rated, select compensable factors, rank jobs, combine ratings. Categorize jobs into groups (classes or grades) Grades contain dissimilar jobs of equal difficulty. Determine the degree to which each factor is present in each job.
