HRM200 Chapter Notes - Chapter 11: Job Evaluation, Equal Pay For Equal Work, Unemployment Benefits
11 Jul 2018
School
Department
Course
Professor
Document Summary
Hrm 200 chapter 11: strategic pay plans: explain the strategic importance of total rewards. A total rewards approach includes both compensation and other non-monetary rewards. A total rewards approach recognizes how the business environment has changed (e. g. more virtual, knowledge-based, and service-based). Employers must consider individual reward components as part of the whole to determine the best mix of rewards that are aligned with business strategy and provide employee value, all within the cost constraints for the organization. The purpose of rewards is to attract, retain, motivate, and engage employees. The five components of total rewards are: compensation, benefits, work-life programs, performance and recognition, development and career opportunities, explain in detail each of the three stages in establishing/determining pay rates. Organizations must abide by the legal standards outlined in provincial and federal laws such as the. Other legislation that must be taken into consideration includes.
