MHR 749 Chapter Notes - Chapter 1-2: Jury Duty, Medtronic, Cash Cash

• School: Ryerson University
• Department: Human Resources
• Course: MHR 749
• Professor: Margaret Yap

Document Summary

Compensaion refers to all forms of inancial returns and tangible services and beneits employees receive as part of an employment relaionship. Relaional returns: psychological returns people believe they receive in the workplace. Total compensaion: more transacional and include pay that you receive directly as cash. Cash compensaion: base pay- also referred to as wage or salary. It is the cash compensaion the employee receives for their work. It tends to relect the value of the work or skill rather than diferences atributable to individual employees. For example: base wage for machine operators is /hour. However, some may get paid more due to their experience and performance. Cash compensaion: merit increases (past) and cost of living adjustments (flat)- merit increases are increases in pay usually based on your past performance. Cola is when your salary increases as the inlaion rate increases (to catch up on cost of living).