ADMS 2600 note on COMPENSATION.doc

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York University
Administrative Studies
ADMS 2600
Monica Belcourt

3 MAIN goals of Compensation: Attract, Retain, Motivate. - Attract: higher salaries, more attractive, more qualified employees. - Retain: well-paid employees tend to stay even tasks are relatively difficult. I.e. students working part time jobs. The longer you’ve stayed it’s usually more difficult because of salary progression… in effect, they’re more likely to stay with the company. - Motivate: incentive systems motivate employees. Salary equities, for example. Best way is Incentive Compensation. Impacts of compensation on HRM functions: - Recruitment: pay level affecting the number of applicants. - Selection: selection standards. - Training and development: pay motivates employees. - Compensation management: bases employee’s rate of pay. - Labor relations: high pay discourages unionization, which is a good thing. Compensation Plans: - Focus employees on clients, customers, etc. creating competitive advantage. - Having well-motivated and well-paid people working in the organization. - Reinforcing organization values and cultures. Compensation is to link employees with the
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