ADMS 2600 Lecture Notes - Escalator, Market Basket, Real Wages

• School: York University
• Department: Administrative Studies
• Course: ADMS 2600
• Professor: Indira Somwaru

Document Summary

Compensation-statement of ee"s worth by an er & perception of worth by an ee. Compensation management & other hrm functions: direct: wage/salary, bonus, commission, gainshare, indirect: benefits; insurance plans, time not worked, security, ee services. Explain er concerns in developing a strategic compensation program: linking compensation to organizational objectives. Value-added compensation: evaluating individual components of compensation program to see if they advance the needs of ee & goals of organization. How does the compensation practice benefit the org? . Compensation of ee to enhance motivation and growth while aligning efforts with objectives, culture of organization plus specific function of the hr program in establishing a pay-for-performance standard. Common strategic compensation goals: reward ee"s past performance, remain competitive in the labour market, maintain salary equity among ee, mesh ee"s future performance with org goals, control compensation budget, attract new ees, reduce unnecessary turnover.