HRM200 Chapter Notes - Chapter 11: Prevailing Wage, Problem Solving, Total Rewards
30 Jun 2016
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Document Summary
Total employment rewards: refers to an integrated package of all rewards (monetary and non monetary, extrinsic and intrinsic) gained by employees arising from their employment. Monetary (extrinsic: compensation: cash payments and benefits. Non-monetary (intrinsic: personal growth and interpersonal rewards. Total awards approach: rewards are part of integrated whole, aligns rewards with business strategies. Compensation: includes: direct financial payments in the form of wages, salaries, incentives, commissions, and bonuses. Benefits: includes: indirect payments in the form of financial benefits, like employer paid insurance and vacations, employee services. Work-life programs: relates to programs that help employees do their jobs effectively, such as flexible scheduling, telecommuting, childcare, etc. Performance and recognition: includes pay for performance and recognition programs. Development and career opportunities: focuses on planning for the advancement or change in responsibilities to best suit individual skills, talent, and desires, examples of career enhancing programs, Tuition assistance, professional development, sabbaticals, coaching and mentoring opportunities, succession planning, and apprenticeships.
