BU354 Lecture Notes - Prevailing Wage, Defined Benefit Pension Plan, Unemployment Benefits
Document Summary
Total rewards an integrated package of all rewards (monetary and nonmonetary, extrinsic and intrinsic) gained by employees arising from their employment. Includes direct financial payments (wages, salaries, incentives etc. ) Includes indirect payments in form of financial benefits (insurance/vacation) Basic considerations in determining pay rates: legal requirements. Sets minimum standards regarding pay, including minimum wage, max hours of work, overtime. Equal pay for work of equal value performed by men and women. Protects canadians from discrimination on a number of grounds. Canada/quebec pension plan: union issues, compensation policy, equity. Job evaluation a systematic comparison to determine the relative worth of jobs within a firm. Job evaluation usually focuses on benchmark jobs that are critical to the firm"s operations. Benchmark job a job that is critical to the firm"s operations or commonly found in other organizations. Compensable factors a fundamental, compensable element of a job, such as skill, effort, responsibility, and working conditions.
