ADM 2337 Lecture Notes - Lecture 9: Expectancy Theory, Total Rewards, Collective Bargaining
2 Dec 2016
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Document Summary
An integrated package of all rewards (monetary, non-monetary; extrinsic and intrinsic) Direct: wages and salaries (chap 9) incentives, bonuses, commissions (chap 10) Employees should exert greater work effort if they have reason to expect that it will result in a reward (outcome) that they value. Supply and demand for labour within an area. Other forces to consider (ex: collective agreement, government regulation) Wage structures needs to be in line with local wages. Unions bargain collectively to achieve increase in real wages. The systematic process of determining the relative worth of jobs in order to establish which jobs should be paid more than others within an organization. Ensures internal equity: job ranking system. Jobs are ranked on the basis of their relative work. Ex: restaurant - cashier/server, cook, manager: job classification system. Jobs are classified and grouped according to a series of predetermined wage grades. Wage grades have increasing amounts of skill, knowledge, ability, or other factors.
