Class Notes (810,498)
Canada (494,139)
HRM 200 (155)

Chapter 11 - Strategic Pay Plans.docx

4 Pages
Unlock Document

University of Waterloo
Human Resources Management
HRM 200
Katrina Di Gravio

Chapter 11: Strategic Pay Plans Strategic Importance of Total Rewards  Integrated package of ALL rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment - benefits  aligned with business strategy Five components of Total Rewards  compensation  benefits  work-life programs  performance and recognition  development and career opportunities  better retention if you give employees a good reward model Basic Considerations in Determining Pay Rates  Legal Considerations in Compensation o Employment/Labour Standards Act (Canada Labour Code)  Minimum wage: $10.25  Below 18 years: $9.  Serving liquor: $8.90 o Pay Equity Acts o Human Rights Acts o Canada/Quebec Pension Plan o Workers’ Compensation Laws o Employment Insurance Act  Union Influences on Compensation Decisions  Compensation Policies  Equity and Its Impact on Pay Rates Establishing Pay Rates  Stage 1: Job Evaluation  Stage 2: Conduct a Wage/Salary Survey  Stage 3: Combine Job Evaluation and Salary Survey Information to Determine Pay for Jobs Stage 1: Job Evaluation  Job Evaluation o systematic comparison to determine relative worth of jobs within a firm  Benchmark Job o job that is critical to the firm’s operations or commonly found in other organizations o ex: people who are custodians/janitors, inventory control/production, non-manufacturing jobs o Have to look at job analysis or job description – not only based on title  Compensable Factor o fundamental, compensable element of a job, such as skill, effort, responsibility, and working conditions Job Evaluation Methods  Classification/grading method  Point Method Classification/Grading Method  classification/grading method categorizes jobs into groups (classes or grades)  classes contain similar jobs o compare your jobs to similar jobs using NOC codes  grades contain dissimilar jobs of equal difficulty  grade/group description is a written description of the level of compensable factors required by jobs in each grade Point Method Overview  identify compensable factors o Hay evaluation system measures KSAs o What knowledge is needed to do the job, what degree, interpersonal skills?,  determine the degree to which each factor is present in each job  Steps o preliminary steps o determine factor weights and degrees  what level of skills are needed o assign points for each degree of each sub-factor o evaluate the jobs  Subfactor o What is included and what is not  Point evaluation o Sub-factors of skill o Points to each factor RECAP  What is total rewards? o Everything that comes together to reward the employee that is monetary and non-monetary  Steps to establish pay rates? o Job Evalua
More Less

Related notes for HRM 200

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.