Textbook Notes (368,356)
Canada (161,820)
MHR 523 (321)
Chapter 11

chapter 11 pay plans.docx

3 Pages
Unlock Document

Human Resources
MHR 523
Margaret Yap

Total rewards and pay for performance What are total rewards? Job evaluation methods- compensation factors, wage curve bands and ranges What is p4p? why p4p?- saves money for employer, employee gets recognized Long term/ short term, group/ individual- long term more than 1 year, Types of incentives and incentive plans Total Rewards  an integrated package of all rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment  aligned with business strategy Stage 1: Job Evaluation Job Evaluation  systematic comparison to determine relative worth of jobs within a firm Benchmark Job  job that is critical to the firm’s operations or commonly found in other organizations Compensable Factor  fundamental, compensable element of a job, such as skill, effort, responsibility, and working conditions 2 Job evaluation methods: Classification/Grading Method & Point Method  classification/grading method categorizes jobs into groups (classes or grades)  classes contain similar jobs  grades contain dissimilar jobs of equal difficulty  grade/group description is a written description of the level of compensable factors required by jobs in each grade Point Method Overview  identify compensable factors  determine the degree to which each factor is present in each job Stage 2: Conduct a Wage/Salary Survey  a survey aimed at determining prevailing wage rates Stage 3: Combine the Job Evaluation and Salary Survey Information to Determine Pay for Jobs Wage Curve  a graphic description of the relatiopnship between the value of the job and the average wage paid for this job Pay Ranges  a series of steps or levels within a pay grade, usually based on years of service Broadbanding  reducing the number of salary grades and ranges into just a few wide levels or “bands”, each of which then contains a relatively wide range of jobs and salary levels Red Circle Pay Rate  a rate of pay that is above the pay range maximum Pay for knowledge program should include:  competencies and skills -
More Less

Related notes for MHR 523

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.