ADM 2337 Study Guide - Canada Labour Code, Total Rewards, Equity Theory
11 Mar 2014
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Direct compensation: financial rewards (base pay, incentive plans, stock. Indirect compensation: benefits and services (time off, health benefits, wellness initiatives, employee assistance plan, employee discounts, pension plans) Other legislation: employment equity and pay equity on the final. Internal equity is the perceived fairness of the pay structure within a firm. Job-based compensation plans: the process of evaluating the relative value of different jobs to an organization, using compensable factors which are the work-related criteria that an organization considers most important, such as skill, effort, responsibility, and working conditions. Performance measures should be linked to organization"s goals. Employees should believe they can meet performance standards. Organization must give employees resources needed to meet new goals. Plan should take into account that employees may ignore gals that are not rewarded. Do only what you get paid for syndrome. The executive pay package: base salary, short-term incentives or bonuses, long-term incentives or stock plans, benefits, perquisites (perks, ex.
