MHR 523 Chapter Notes - Chapter 11: Total Rewards, Hay Group, Pension

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Published on 20 Jun 2011
School
Ryerson University
Department
Human Resources
Course
MHR 523
Professor
Chapter 11 – Strategic Pay Plans
Total rewardsintegrated package of all rewards: monetary, non-monetary, extrinsic, and intrinsic
Alignmentextent to which rewards support outcomes that are important to the organizations
strategic objective
The five components of Total Rewards
Compensation – includes direct financial payments
Benefitsincludes indirect payments; example: employer paid vacations
Work/Life programsflexible scheduling, child care etc.
Performance and recognition – pay for performance
Development and career opportunitiesplanning for advancement or change in responsibilities
Purpose of Total Rewards
Attract, retain, and motivate/engage employees
Engagementpositive 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 Actsset 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.Othereach province/territory/federal govt. has its own workers 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 jobs relative worth
Focuses on benchmark jobs (ones that are critical to the firms operations, or commonly found in
other organizations)
Compensable factors:
oMost of the pay equity acts in Canada focus on:
Skill
Effort
Responsibility
Working conditions
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Document Summary

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.  benefits includes indirect payments; example: employer paid vacations.  work/life programs flexible scheduling, child care etc.  development and career opportunities planning for advancement or change in responsibilities. Engagement positive emotional connection to employer and a clear understanding of strategic significance of the job.  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: most of the pay equity acts in canada focus on:  working conditions www. notesolution. com: hay group consulting firm focuses on:  wage/salary survey: aimed at determining prevailing wage rates. Stage three: combine the job evaluation and salary survey info to determine pay for jobs.

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