MOS HR Part 3 Textbook Notes

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Western University
Management and Organizational Studies
Management and Organizational Studies 1021A/B
James O' Brien

MOS Chapter 3 NotesDirect compensation employee wages incentives bonuses commissionsIndirect compensations benefits supplied by employers and nonfinancial compensation rewarding jobs flexible hoursDirect and indirect compensation are called total compensation or total rewards approachManufacturing firmscompensation is as low as 20 of operating costs where in service enterprises it often exceeds 80Compensation is structured in ways that enhance employee motivation and growthEmployees will find ways of rewarding themselves taking a sick day longer breaks if they feel their efforts are not being acknowledgedCompensation goals pg 72Pay for performance standard standard by which managers tie compensation to employee effort and performanceEquity theory is a motivation theory that explains how employees respond to situations in which they feel they have received less or more than they deserve o Individuals form a ratio of their inputs in a situation to their outcomes in that situation and then compare the value of that ratio with the value of the inputoutput values for other individualsEquitable pay compensation received is perceived to be equal to the value of the work performedPiecework work paid according to the number of units producedSalaried
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