Management and Organizational Studies 4485F/G Study Guide - Product Market, Labour Candidates And Parties In Canada, Labor Rights
19 Mar 2014
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Document Summary
Pay has a significant impact on employee attitudes and behaviours. Employee compensation is typically a significant organizational cost and thus requires close scrutiny. Pay can be broken down into two areas: pay structure and individual pay. Pay structure: the relative pay of different jobs (job structure) that how much they are paid (pay level) Job structure: the relative pay of jobs within an organization. Pay level: the average pay, including wages, salaries, and bonuses, of jobs in an organization. Standardizing the treatment of similar employees can help ease compensation administration. Policies attached to particular jobs rather than individual employees. People evaluate fairness of their situation by comparing them to those of other people. External equity pay comparisons what employees in other organizations are paid. Internal equity pay comparisons what employees within the organization are paid in different jobs. Internal employee movement, cooperating among employees, employee attitudes. Two challenges: product market competition and labour market competition.
