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BU121 Week 11 Lecture 1.docx

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Laura Allan

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
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