Management and Organizational Studies 3342A/B Study Guide - Midterm Guide: Reward System, Cost Leadership, Differentiator

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3342A/B
• Professor: Jody Merritt

Document Summary

Chapter 1 a road map to effective compensation: purpose of compensation system: to help create a willingness among qualified persons to join the organization and to perform the tasks the organization needs, goal of compensation system: Satisfaction (security well-being: company strategy: affordability. Bonus 4: possibility: for tangible and intangible separately, extrinsic vs intrinsic rewards: two kind of individual needs (mix) Extrinsic reward factors that satisfy basic human needs. Survival, security, social needs, needs for recognition. Intrinsic reward factor that satisfy higher-order human needs. Reward vs. incentive: reward positive consequences of performing behaviors desired by the organization, and employees normally receive: Subsequent to performing the behavior (extrinsic rewards) During performance of the behavior (intrinsic rewards) Incentive promise that a specific reward will be provided with if *includes work/life balance: compensation system: a unit of time. Base pay: foundation pay component for most employees, based on. Performance pay: monetary rewards to some measure of performance.