ADM 2337 Lecture Notes - Lecture 5: Prevailing Wage, Equal Pay For Equal Work, Expectancy Theory
13 May 2017
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An intergrated package of all rewards- mix( monetary, non monetary; extrinsic and intrinsic) Aligned to company"s strategy ; provide value. Direct: wages and salaries (chapter 9) incentives, bonuses, commissions (chapter 10) Non nancial: employee recognition, work life balance, career development programs. Employees should exert greater work effort if they have reason to expect that it will result in a reward (outcome) that they value. Determining compensation - the wage mix figure 9. 2. Supply and demand for labour within an area. Other forces to consider (e. g, collective agreement; gov"t reg) area wage rates. Wage structure needs to be in line with local wages cost of living. Cola determining the worth of jobs (stage 1) The systematic process of determining the relative worth of jobs in order to establish which jobs should be paid more than other within an organization. Jobs are ranked on the basis of their relative worth. E. g, restaurant - cashier/ server, cook manager.
