HRM200 Lecture Notes - Lecture 8: Prevailing Wage, Unemployment Benefits, Personal Development
22 Jul 2016
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Hrm 200: chapter 11 strategic pay plans. Strategic importance of total rewards: total employment rewards: integrated package of all rewards gained by employees arising from their employment, monetary (extrinsic) Compensation: cash payments and benefits: non-monetary (intrinsic) Personal growth and interpersonal rewards: total awards approach. Five components of total rewards: compensation: direct financial payments in the form of wages, salaries, incentives, commissions and bonuses, benefits: indirect financial benefits employer-paid insurance and vacations, work experience (split into three parts) Work-life programs: programs that help employees do their job effectively flexible scheduling, telecommuting, child care. Performance and recognition: pay-for-performance and recognition programs. Development and career opportunities: planning for the advancement or change in responsibilities to suit skills, talents and desires tuition assistance, professional development, sabbaticals, coaching and mentoring, succession planning and apprenticeships. Basic considerations in determining pay rates: legal considerations in compensation: Employment/labour standards act: minimum standards regarding pay (minimum wage, maximum hours of work, overtime pay, paid vacation, paid statutory holidays)
