MHR 523 Chapter Notes - Chapter 11: Twill, Registered Retirement Savings Plan, Business Link

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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. Alignment is the extent to which rewards support outcomes that are important to achieving the organization"s strategic objectives. Engagement - refers to a positive emotional connection to the employer and a clear understanding of the strategic significance of the job which results in discretionary effort on the part of the employee. Four basic considerations include legal requirements, union issues, compensation policy and equity. Other legislation affecting compensation - workers compensation laws and employment. Tend to believe that no one can judge the relative value of jobs better than the workers themselves. Compensations policies provide important guidelines regarding the wages and benefits that it pays. Important policies include the basis for salary increases, promotion and demotion policies, overtime pay policy, holidays, probationary pay and leaves for military duty, jury duty etc.

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