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Chapter 11-12

MHR 523 Chapter 11-12: MHR523 Lecture 7 - Danielle Lamb

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Ryerson University
Human Resources
MHR 523
Danielle Lamb

MHR523 Lecture 7 Chapter 11 12: Establishing Strategic Pay Plans; Pay for Performance and Financial Incentives Sample Exam Question Briefly describe at least 3 different common problems with orientation programs. Be sure to specify whyhow each statement is a problem. Information overload or too little information difficult for employees to retain information Boring employees not paying attention and will not be able to retain information HR information is often too broad and job information is too specific another example of information overload No orientation employees are left hanging and are missing information that will help them with lessening frustration and confusion Total Rewards Total employment rewards: an integrated package of all rewards (monetary and nonmonetary, extrinsic and intrinsic) gained by employees arising from their employment. Strategic importance of total rewards o Attract, retain, and motivate employees o Align employees behaviour with the strategic goals of the firm Intrinsic vs. Extrinsic Rewards Extrinsic: tangible rewards that is outside of the person o Ex. compensation and benefits, a bonus or a raise or trophy Intrinsic: nonmonetary rewards that are within the person, nothing tangible but coming from within o Ex. feelings of accomplishment or satisfaction 5 Components of Total Rewards 1. Compensation o Includes direct financial payments in the form of wages, salaries, incentives, commissions, and bonuses 2. Benefits o Includes indirect payments in the form of financial benefits like employerpaid insurance and vacations 3. Worklife programs o Relates to programs that help employees do their jobs effectively, such as flexible scheduling, telecommuting, childcare, etc. 4. Performance and recognition o Include payforperformance and recognition programs 5. Development and career opportunities o Focuses on planning for the advancement or change in responsibilities to best suit individual skills, talents, and desires o E.g. tuition assistance, professional development, sabbaticals, coaching and mentoring opportunities, succession planning, and apprenticeships
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