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Chapter 11

Chapter 11 - Strategic Pay Plans


Department
Human Resources
Course Code
MHR 523
Professor
Margaret Yap
Chapter
11

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Chapter 11 โ€“ Strategic Pay Plans
๎€Total rewards โ€“ integrated package of all rewards: monetary, non-monetary,
extrinsic, and intrinsic
๎€Alignment โ€“ extent to which rewards support outcomes that are important to the
organizationโ€™s strategic objective
The five components of Total Rewards
๎€Compensation โ€“ includes direct financial payments
๎€Benefits โ€“ includes indirect payments; example: employer paid vacations
๎€Work/Life programs โ€“ flexible scheduling, child care etc.
๎€Performance and recognition โ€“ pay for performance
๎€Development and career opportunities โ€“ planning for advancement or change in
responsibilities
Purpose of Total Rewards
๎€Attract, retain, and motivate/engage employees
๎€Engagement โ€“ 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 โ€“ set minimum standards regarding pay
b.Pay Equity Acts โ€“ 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 โ€“ each province/territory/federal govt. has its own workerโ€™s
compensation laws
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