HRM200 Lecture Notes - Lecture 9: Job Security, Prevailing Wage, Total Rewards
8 Apr 2016
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Document Summary
Hrm 200 chapter 11 (strategic pay plans) Monetary (extrinsic: compensaion: cash payments and beneits. Non-monetary (intrinsic: personal growth and interpersonal rewards. Total rewards approach: rewards are part of integrated whole, aligns rewards with business strategies. Five components of total rewards: compensaion, beneits, work-life programs, performance and recogniion, development and career opportuniies. Basic consideraions in determining pay rates: legal consideraions in compensaion. Minimum wage found on employment/labour standards act. Equal pay for equal work (for men and women) Other legislaion (worker"s compensaion, ei, family leaves, etc. : union inluences, compensaion policies, equity and its impact on pay rates. Establishing pay rates: stage 1: job evaluaion, stage 2: conduct wage/salary survey, stage 3: combine job evaluaion and salary survey to determine pay. Stage 1: job evaluaion: a systemic comparison to determine relaive worth of jobs within a irm e. g. worth of one job against another, benchmark job criical to operaions or commonly found in other organizaions, compensable factors.
