Textbook Notes (363,019)
Canada (158,147)
MHR 523 (319)
Chapter 11

Chapter 11 - Strategic Pay Plans

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Ryerson University
Human Resources
MHR 523
Margaret Yap

Chapter 11 – Strategic Pay Plans Total rewards – integrated package of all rewards: monetary, non-monetary, extrinsic, and intrinsic Alignment – extent to which rewards support outcomes that are important to the organization’s strategic objective The five components of Total Rewards Compensation – includes direct financial payments Benefits – includes indirect payments; example: employer paid vacations Work/Life programs – flexible scheduling, child care etc. Performance and recognition – pay for performance Development and career opportunities – planning for advancement or change in responsibilities Purpose of Total Rewards Attract, retain, and motivate/engage employees Engagement – positive emotional connection to employer and a clear understanding of strategic significance of the job Basic considerations in determining pay rates 1. Legal considerations in compensation a. Employment/Labour Standards Acts – set minimum standards regarding pay b. Pay Equity Acts – pay for female-dominated jobs that are equivalent to male-dominate jobs must be increased to the pay level of the comparable male-dominated jobs c. Human rights acts d. Canada/Quebec pension plan e. Other – each province/territory/federal govt. has its own worker’s compensation laws 2. Union influences in compensation decisions 3. Compensation policies: usually written by the HR or compensation manager in conjuction with senior management 4. Equity and its impact on pay rates: internal and external equity is crucial ESTABLISHING PAY RATES Stage one: Job evaluation Aimed at determining a job’s relative worth Focuses on benchmark jobs (ones that are critical to the firm’s operations, or commonly found in other organizations) Compensable factors: o Most of the pay equity acts in Canada focus on: Skill Effort Responsibility Working conditions www.notesolution.com o Hay Group consulting firm focuses on: Know how Problem solving Accountability Working conditions To actually evaluate a job, the committee turns to 2 methods: o Classification m
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