MGHB12H3 Chapter Notes - Chapter 9-11: Canada Labour Code, Equal Pay For Equal Work, Collective Bargaining
Document Summary
Compensation systems: attract and retain top talent, motivate employees, ig(cid:374)als o(cid:396)g"s (cid:448)alues. Compensation 3 components: direct compensation employee wages and salaries, incentives, bonuses, and commissions, non-financial compensation employee recognition programs rewarding jobs, org support, work. Indirect compensation benefits supplied by employers environment, flexible work hours. Strategic compensation compensation of employees in ways that enhance motivation and growth while aligning their efforts with the objectives, philosophies, and culture of the org. Strategic compensation planning purposefully link (cid:272)o(cid:373)pe(cid:374)satio(cid:374) to o(cid:396)g"s (cid:373)issio(cid:374) a(cid:374)d ge(cid:374)e(cid:396)al (cid:271)usi(cid:374)ess objectives: mesh $ payments made to employees with specific functions of the hr program. 3 parts of strategic compensation planning: linking compensation to organizational objectives, pay-for-performance standard, motivating employees through compensation. Pressure for private & public sector orgs to make their pay systems more performance based. Change from paying for a specific position/job title to also rewarding employees. Individual competencies: work contributions to org success. Must have high valence must be valued by employees.
