MHR 523 Chapter Notes - Chapter 11: Canada Labour Code, Executive Compensation, Ob River

• School: Ryerson University
• Department: Human Resources
• Course: MHR 523
• Professor: Micheline Laforme

Document Summary

Lecture 7 chapter 11: strategic pay plans. Compensation and rewards management is extremely important to every employee. Total employment rewards refer to an integrated package of all rewards gained. Models can show the difference between the monetary (extrinsic) and non-monetary (intrinsic) rewards [employment rewards approach] or define compensation (extrinsic), benefits (extrinsic), and non-monetary (intrinsic) rewards into broad groups [total rewards approach]. Impact of rewards: the purposes of rewards is to attract, retain, motivate, and engage positive emotional connection to the employer and clear understanding of the job employees. Four basic considerations influence the formulation of any pay plan: legal considerations in compensation: Legislations such as the canada labour code, pay equity acts, human rights. Acts, and the canada/quebec pension plan, affect the process of developing compensation since they all have certain guidelines. Union influences on compensation decisions: many union leaders fear that any system used to evaluate the worth of a job can become a tool for management malpractice.