HRM 2600 Lecture Notes - Lecture 9: Job Evaluation, Expectancy Theory, Equal Pay For Equal Work

• School: York University
• Department: Human Resources Management
• Course: HRM 2600
• Professor: Michael Mc Garry

Document Summary

Strategic compensation: links to the compensation of employees to the mission, objectives, philosophies, and culture of the organization. Pay equity: an e(cid:373)ployee"s perception that compensation received is equal to the value of the work performed. Expectancy theory: a theory of motivation that holds that employees should exert greater work effort if they have reason to expect that it will result in a reward that they value. Internal factors: e(cid:373)ployer"s (cid:272)o(cid:373)pe(cid:374)satio(cid:374) strategy: sets orga(cid:374)izatio(cid:374) (cid:272)o(cid:373)pe(cid:374)satio(cid:374) poli(cid:272)y to lead, lag, or match (cid:272)o(cid:373)petitor"s pay, worth of a job, e(cid:373)ployee"s relati(cid:448)e (cid:449)orth, employer"s a(cid:271)ility to pay. External factors: labour market conditions, cost of living, collective bargaining, consumer price index (cpi): a measure of average change in prices over time in a fixed. Market (cid:271)asket" of goods a(cid:374)d ser(cid:448)i(cid:272)es: escalator clauses: clauses in collective agreements that provide for the quarterly cost of living adjustments in wages, basing the adjustments on changes in the consumer price index.