HRM303 Chapter Notes - Chapter 6: Specific Performance, Contingent Work, Tax Deduction

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Document Summary

Constraints on compensation strategy: there are four kind of constraints of compensation, legislated constraints, labour market constraints, product/service market constraints, financial constraints. It also covers about 10 percent of private sector employees. Trade union legislation: a unionized firm that wants to change its compensation system must first convince the union to accept these changes. Tax legislation: changing a worker"s status from employee to independent contractor can have significant income tax benefits for workers, an employee can apply very few tax deductions against income, an independent contractor enjoys many more possible deductions. Formulating the compensation strategy: the compensation strategy formulation process, define the required behavior, define the role of compensation, determine the compensation mix, determine the compensation level, evaluate the proposed strategy. Define the required behavior: organizations need three main types of behavior, membership behavior, task behavior, citizenship behavior. It allows employees to master new jobs and work activities.

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