BU354 Lecture Notes - Lecture 6: Prevailing Wage, Mechanical Engineering, Eval
Document Summary
Total employment rewards: integrated package of all rewards gained by employees arising from. Chapter 11 strategic pay plans their employment everything that employees value in the employment relationship. There are a variety of models to define the elements of total employee rewards. *total rewards model = 3 categories: compensation (extrinsic) monetary, benefits (extrinsic, non-monetary rewards(intrinsic) Employee value: rewards are meaningful to employees and influence their affiliation with org. The purposes of rewards are to attract, retain, motivate, and engage employees. Canada/quebec pension plan: all employees & employers contribute to this throughout e(cid:373)plo(cid:455)ee"s working life. Pension benefits (cid:271)ased o(cid:374) the e(cid:373)plo(cid:455)ee"s a(cid:448)erage ear(cid:374)i(cid:374)gs are paid during retirement. Other legislation affecting compensation: every jurisdiction has its o(cid:449)(cid:374) (cid:449)orkers" (cid:272)o(cid:373)pe(cid:374)satio(cid:374) laws to provide prompt, sure, and reasonable income to victims of work-related accidents and illnesses. The employment insurance act protects canadian workers from total economic destitution in termination beyond control. Employers and employees both contribute to the benefits.
