IRE367H1 Lecture Notes - Lecture 11: Job Evaluation, Management System, Personal Information Protection And Electronic Documents Act
21 Dec 2020
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Ire367 lecture 11: activating and maintaining an effective compensation system. A method for controlling compensation costs: through requiring departments to seek authorization if they plan to exceed their budgeted allocation for compensation. A benchmarking device: providing a standard against which actual compensation costs can be compared later. Budget limit for year set by upper management (using prior year as a guide) Funds divided among departments, who divide it among their employees. Rates applied to employees: factoring in raises and turnover. Total $ amount derives from adding these figures up from each department. May have better results but also issues of mismanagement and abuse/exploitation of use. Need to keep employees and managers informed of any changes in compensation that affect them; informed of needed information. Keeping employees informed about changes in their pay is very important because employees are usually suspicious of new pay systems. Compensation surveys & data collection for ja.
