ADMS 2600 Study Guide - Final Guide: Performance Appraisal, Piece Work

• School: York University
• Department: Administrative Studies
• Course: ADMS 2600
• Professor: Wai Ming Ho

Document Summary

Strategic compensation it is compensation of employees in ways that enhance motivation and growth while at the same time aligning their efforts with the objectives, philosophies, and culture of the organization. Common goals of a strategic compensation policy include: To remain competitive in the labour market. To mesh employees future performance with organizational goals. To reduce unnecessary turnover compensations program objectives. Hourly work, piecework, salaried work, overtime pay. Written compensation philosophy: alignment between business strategy and pay can have a positive impact on organizational effectiveness. Which components of the compensation package (benefits, base, pay, incentives etc) separately. Motivation employees through compensation: theoretical explanations and in combination, create value for the organization and its employees. Pay represents a reward receive in exchange for an employees contributions, status and recognition received on and off the job and standard of living. Essential that pay reflect an employees contribution to the organization and is equitable in terms of what other employees are receiving.