MHR 523 Chapter 11: Human Resources Management Chapter 11

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Total rewards: an integrated package of all rewards (monetary and nonmonetary, extrinsic and intrinsic) gained by employees arising from their employment. The five components of total rewards: compensation e. g. wages, salaries, incentives, commissions, bonuses, benefits e. g. insurance, vacations, work/life programs e. g. childcare, performance and recognitione. g. pay-for-performance, development and career opportunities e. g. tuition assistance. Salary increases, promotion/demotion policies, over-time, probationary pay, jury duty, holidays. Job evaluation: a systematic comparison to determine the relative worth of jobs within a firm. Compensable factor: a fundamental, compensable element of a job, such as skill, effort, responsibility, and working conditions. Job evaluation committee established to ensure the representation of the points of view of various people who are familiar with the jobs in question, each of whom may have a different perspective regarding the nature of the jobs. Classification method: a method for categorizing jobs into groups.

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