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Chapter 11

ADM 2337 - Chapter 11.docx

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University of Ottawa

ADM 2337Chapter 11March 13 2012The Strategic Importance of Total RewardsTotal rewards an integrated package of all rewards monetary and nonmonetary extrinsic and intrinsic gained by employees arising from their employmentoThe total rewards approach basically looks at each individual reward component and integrates them all to find the best MIX of rewardsoThe company has to make sure that the rewards are aligned with the business strategy but still provide employee valueAlignment is a word we use to determine to what extent the rewards our company offers support the outcomes that we need to see to meet strategic objectives We can create employee value by offering rewards that are meaningful and important to the employees so they the rewards influence the employees in a positive way The Five Components of Total Rewards1Compensation Compensation includes things like our direct financial payments of rewards like wages salaries incentives commissions and bonuses 2Benefits include the indirect payments our company makes like when we pay for insurance vacations and other employee services 3Worklife programs This category is more focused on offering rewards to our employees that help them do their jobs effectively like flexible scheduling Jtelecommuting and childcare It aims to improve the worklife balance4Performance and recognition This category includes pay for performance and recognition programs This involves us paying people based on how well they work5Development and career opportunities This category is mostly focused on rewarding employees by helping them prepare for advancementpromotion by offering things like professional development programs coaching opportunities succession planning and even apprenticeships Impact of RewardsThe reason our company offers rewards is so that we can attract retain and motivateengage employeesWe want our employees to be engaged in the companyoWhat we mean by engagement is that we want our employees to have a positive emotional connection to our company and a clear understanding of how important their job is this can severely impact how efficiently an employee worksoCompetitive base pay if the number one way to attract an employee having good career opportunities is the best way to retain and having senior management interested in employee well being is the top factor in influencing employee engagement Basic Consideration in Determining Pay RatesLegal Considerations in CompensationoEmploymentLabour Standards Acts Canada Labour CodeEmploymentlabor laws set minimum standards regarding pay including minimum wage maximum hours of work overtime pay paid vacation paid statutory holidays termination pay record keeping of pay information and moreExecutive administrative and professional employees are generally exceptions from the overtime pay requirements
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