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chapter 6

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Department
Commerce
Course
COMMERCE 4BE3
Professor
Ying Hong
Semester
Winter

Description
Chapter 6 Formulating the RewardCompensation Strategy reward strategy the pan for the mix of rewards that the org intends to provide to its memberscompensation strategy one part of the reward strategyconsists of 2 main aspects the mix of base pay performance payindirect pay to be usedthe total amount or level of comp to be provided to employees the How and how muchConstraints on Compensation Strategy 1 Legislated Constraints the federal govt is empowered to pass labor legislation covering all federal employeesworkers in a number of specified industries transportation communications defense Federal labor laws covers 10 of privatesector employees all others are under provincialterritorial legislationFour main types of legislation affect comp systems 1 Employment Standards Actdefines min standards for wages hours of work vacation stat holiday termination benefits 2 Human Rights Actprohibit employment discrimination based on factors such as gender race or age 3 Trade Union legislationaffects comp in unionized firms by requiring that all compensation arrangements b approved by the union 4 Tax legilationhave a major influence on the type of comp offered Employment standards legislation stipulates the min stnds for payother conditions of employment by which every employer must abide paid off time max hours of work before OT min wageHuman rights legislation prohibits discrimination in hiring or employment on the bases of race ethnic origin religion gender marital status or age Malefemale employees must receive equal pay for work of equal value Trade Union legislation defines the rights of parties involved in a coll barg relationship A unionized firm that wants to change its comp system must first convince the union to accept these changesTax legislation encourages certain pay approaches discourages others Played a significant role in the movement away from direct pay fully taxedtoward indirect payLabor Market Constraintsconstraints on comp strategy flowing from the relative levels of demandsupply for particular occupational groups labor markets are segmented by occupational typegeographical area supplydemand in these areas may be high or low creating a unique situation for employers o tight high demand low supplydifficult to attract qualified employees wout raising comp levels
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