[MHR 505] - Final Exam Guide - Comprehensive Notes for the exam (23 pages long!)

• School: Ryerson University
• Department: Human Resources
• Course: MHR 505
• Professor: Frank Miller

Document Summary

Lesson 1: discuss the meaning of money and identify several individual, team, and organizational-level performance-based rewards. Money (and other financial rewards) is a fundamental part of the employment relationship, but it also relates to our needs, our emotions, and our self-concept. It is viewed as a symbol of status and prestige, as a source of security, as a source of evil, or as a source of anxiety or feelings of inadequacy. Organizations reward employees for their membership and seniority, job status, competencies, and performance. Membership-based rewards may attract job applicants and seniority-based rewards reduce turnover, but these reward objectives tend to discourage turnover among those with the lowest performance. Rewards based on job status try to maintain internal equity and motivate employees to compete for promotions. However, they tend to encourage a bureaucratic hierarchy, support status differences, and motivate employees to compete and hoard resources. Competency-based rewards are becoming increasingly popular because they encourage employees to develop their skills.