Textbook Notes (362,990)
Canada (158,131)
RSM100Y1 (431)
Yu Wang (8)
Chapter 9

Chapter 9 notes (book+lecture)

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University of Toronto St. George
Rotman Commerce
Yu Wang

CHAPTER 9: REWARDS Total Rewards: comprehensive approach to compensating and rewarding employees creates a Value proposition (considers total value received for contributing time and energy to the company) - align rewards with business strategy - focus employees on business goals - enforce consistent pay strategies - optimize how reward dollars are used - control costs Total compensation : all types of financial rewards and tangible benefits services that employees receive as part of their employment - base compensation - pay incentives - indirect compensation benefits Direct compensation: financial reward received in exchange for work Indirect compensation: benefitsservices received in exchange for work Legal Requirements: - Human Rights Legislation : o cannot base prohibited pay based on prohibited grounds of discrimination o differences in pay may only be tied to business related considerations Job descriptionsstructures and pay structures can help orgs demonstrate they are upholding these laws - Employment Labour Standards Act o Minimum requirements for wages, #hours, overtime, vacas, etc (Canada labour code) Some may be exempt (executives) - Pay equity act o Jobs of equal value receive equal pay Internal equity perceived fairness of pay structure within a firm External equity perceived farness of pay compared to what other employees are paying for the same type of labour Job Based pay best when: - Technology is stable - Jobs do not change often - Employees dont need to cover for one and other often www.notesolution.com
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