Class Notes (837,548)
Canada (510,312)
Business (3,287)
BU121 (464)
Laura Allan (258)
Lecture

BU121 Week 11 Lecture 1.docx

4 Pages
100 Views
Unlock Document

Department
Business
Course
BU121
Professor
Laura Allan
Semester
Winter

Description
BU121 Week 11 Lecture 1 Determining Compensation  Objectives o Attract, retain, and motivate  Attract people: have to be sure compensation package is competitive  Retain people: don’t lose them because they are unhappy with their pay  Motivate people: work harder to get more pay o External and internal equity, and incentives  External equity = attracting (look at competition, what other firms pay)  Internal equity = retaining employees – look at what other people within the company are being paid, internal equity is harder to achieve  Internal equity - Job Evaluation o Develop rating system  has to be applied to the jobs o Use job analysis to rate jobs  looking at job specifications/descriptions  Performance evaluation: evaluation in a person o Assign pay based on relative value - “Price the Pay Structure”  similar value rate  “Point Method” o universal factors  Skill, Effort, Responsibility, Job Conditions  want them to perceive equity, to make sure pay is fair  What aspects of skill are important to your company and pay different according to different levels o Sub-factors – Degrees – Point values – Pay grades  Sub factors: how much of that applies? - have a degree measurement of each and assign a point value Pricing the Pay Structure  More job points = more money  Trend line helps see how things are moving, and helps compare for external equity  Range provides flexibility  As other jobs pay increases, trend line increases Pay Equity Legislation  NOT “Equal Pay for Equal Work”  Prohibits paying different wages to employees who work for the same firm in jobs that are different but of comparable worth to company o Inside the company, paying different for different jobs o Jobs of equal value paid the same regardless of gender  Female dominated job should be same as male dominated if similar value/work o Attempts to end “systemic wage discrimination” o and eliminate portion of wage gap that can’t be explained by differences in education, labour market experience, or seniority  Federal Government, Ontario & Quebec – both public and private sector o required to develop and implement plans BUT complaint based system  All HR stuff complaint driven o in federal law for over 30 years (’77) but wage gap still exists Labour Relations in Ontario  Structure of labour movement
More Less

Related notes for BU121

Log In


OR

Join OneClass

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

Sign up

Join to view


OR

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.


Submit