HRM 3490 Lecture Notes - Lecture 4: Nepotism, Fixed Cost, Job Evaluation

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Any firm must choose which of the three fundamental components to include in its compensation mix, and how much of total compensation of each of these components will account for. Compensation mix base pay, performance pay, and indirect pay. Organizations assign a weight to each criteria, determining its importance: base pay > job evaluation, market pricing, and pay for knowledge. Defined as: the portion of an individual"s compensation that is based on a unit of time worked. Based not on the output produced, or results achieved. Canada, base pay serves as the largest component of their compensation package. Accounts for 70-80% of the comp for typical employee. Proportions of these vary enormously across firms and also across occupational groups. Base pay is guaranteed by the employer: if a person works for a certain amount of time, he or she is paid a pre-specified amount of money. In some cases, this amount is calculated on an hourly basis ex.

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