HR_Chapter 11.doc

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Human Resources Management
HRM 200
Katrina Di Gravio

Chapter 11 Strategic Pay PlansStrategic Importance of Total RewardsTotal Rewardsoan integrated package of all rewards monetary and nonmonetary extrinsic and intrinsic gained by employees arising from their employmentoaligned with business strategyoprovide employee value within cost constraints oemployees are increasingly regarded as drivers of productivity ooriginally total rewards were conceptualized as having three broad categories benefits compensation and work experience Five Components of Total Rewards1 CompensationoDirect financial payments in the form of wages salaries incentives commissions and bonuses 2 Benefits oIndirect payments in the form of financial benefits vacations pensions and insurance3 Worklife programs support for child care and everything in acknowledging that people have a life outside of the businessoPrograms that help employees do their jobs effectively such as flexible scheduling 4 Performance and recognition 80 of people leave a company because of the lack of recognitionoPay for performance and recognition programs5 Development and career opportunities personal developmenttuition assistance and personal exposure to new ideas and thingsoAdvancement and change in responsibilities to best suit individual skills talents and desires
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