ADMS 2600 Study Guide - Job Satisfaction

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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. 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. Recruitment: pay level affecting the number of applicants. Compensation management: bases employee"s rate of pay. Labor relations: high pay discourages unionization, which is a good thing. Focus employees on clients, customers, etc. creating competitive advantage. Having well-motivated and well-paid people working in the organization. Compensation is to link employees with the organization culture and values. There are 7 goals of compensation, mention 5 of them. To mesh employee"s future performance with organization goals. To remain competitive in the labor market. Pay-per-performance standard : compensation based on effort and performance. It"s to motivate employees to work harder and smarter. Pay equity; equal pay for work of equal value.

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