MHR 523 Final: Chapter 11.docx

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Total rewards an integrated package of all rewards (monetary and nonmonetary) gained by employees arising from their employment. The purpose of rewards is to attract, retain and motivate/engage employees. Engagement refers to the positive emotional connection to the employers and a clear understanding of the strategic significance of the job which results in discretionary effort on the part of the employee. There are four basic considerations in determining pay rates: legal considerations in compensation (includes employment/labour standards acts, pay equity acts, human rights acts, canada/quebec. Pension plan, workers" compensation laws, employment insurance act: union influences on compensation decisions, compensation policies, equity and its impact on pay rates. Job evaluation a systematic comparison to determine the relative worth of jobs within a firm. Benchmark job a job that is critical to the firm"s operations or commonly found in other organizations. Compensable factor a fundamental, compensable element of a job, such as skill, effort, responsibility and working conditions.

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