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ADM2337 (65)

Pay Compensation

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Joanne Leck

Chapters 9, 10, 11 Total Rewards in Exchange for Work Total Rewards: -Total Compensation -Direct Compensation: financial rewards (base pay, incentive plans, stock ownership plans) -Indirect Compensation: benefits and services (time off, health benefits, wellness initiatives, employee assistance plan, employee discounts, pension plans) -Relational Components -Learning and development -Positive work environment -Recognition Government Regulation of Compensation Canada Labour Code: Federal jurisdictions Employment Standards Act: Provincial and territorial jurisdictions Other Legislation: Employment equity and pay equity  ON THE FINAL Common Strategic Compensation Goals 1. To reward employees’ past performance (selling) 2. To remain competitive in the labour market (R&D firm) 3. To maintain salary equity among employees 4. To mesh employees’ future performance with organizational goals (company relies on innovation) 5. To control the compensation budget 6. To attract new employees 7. To reduce unnecessary turnover See figure 9.1 – equity theory Equity Theory 1. Establishing Internal Equity • 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. Done in two different ways, dollar amount or a point system. • Equal pay for work of equal value • Pay gap: Sexism 2. Establishing External Equity • External equity is the perceived fairness in pay relative to what other employers are paying for the same type of labour. • If you must raise the salary for a current job that is not being fulfilled, internal equity diminishes 3. Establishing Individual Equity • The perceived fairness of the pay structu
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