Chapter 11 - Strategic Pay Plans

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3 Jun 2011
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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
organizations 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 workers
compensation laws
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