Textbook Notes (369,074)
Canada (162,369)
BUS 381 (65)
Chapter 11

Chapter 11: Rewards

9 Pages

Business Administration
Course Code
BUS 381
Rick Iverson

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Chapter 11 The Strategic Importance of Total RewardsTotal rewardsintegrated package of all rewards monetarynonmonetary extrinsicintrinsic gained by employees through employment It encompasses everything that employees value in the employment relationshipStrategy is to attract motivate and retain employees for business performanceresultsDetermine the best mix of rewards that are aligned with business strategy and provide employee value all within the cost constraints of the organizationThe Five Components of Total Rewards1Compensationdirect financial payments wages salaries incentives commissions bonuses2Benefitsindirect payments eg insurance vacations services etc3Worklife programsprograms that help employees do their jobs effectively eg flexible scheduling telecommuting childcare4Performance and recognitionpayforperformance and recognition programs5Development and career opportunitiesadvancement development sabbaticals coachingmentoring succession planning apprenticeshipImpact of RewardsPurpose attract retain and motivateengage employeesEngagementpositive emotional connection to employer and understanding of strategic significance of job resulting in discretionary effortBasic Considerations in Determining Pay RatesLegal Considerations in CompensationEmploymentLabour Standards Acts Canada Labour Codeminimum wage max hours of work overtime pay paid vacationholidays termination pay etcPay Equity Actsjob evaluation and pay must be genderneutralHuman Rights Actsprohibit discriminationCanadaQuebec Pension PlanOther Legislationworkers compensation EIUnion Influences on Compensation Decisions Collective BargainingImportant to involve union members in evaluating the worth of jobs and in assigning fair payCompensation PoliciesDoes the company want to be a leader or follower regarding payBasis for salary increases promotiondemotion overtime pay probationary pay etcEquity and its Impact on Pay Rates
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