Chapter 9 notes (book+lecture)

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3 Jan 2011
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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: benefits/services received in exchange for work
Legal Requirements:
-Human Rights Legislation :
ocannot base prohibited pay based on prohibited grounds of discrimination
odifferences in pay may only be tied to business related considerations
Job descriptions/structures and pay structures can help orgs
demonstrate they are upholding these laws
-Employment/ Labour Standards Act
oMinimum requirements for wages, #hours, overtime, vacas, etc (Canada
labour code)
Some may be exempt (executives)
-Pay equity act
oJobs 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 don’t need to cover for one and other often
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Document Summary

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: benefits/services received in exchange for work. Human rights legislation : cannot base prohibited pay based on prohibited grounds of discrimination, differences in pay may only be tied to business related considerations. Job descriptions/structures and pay structures can help orgs demonstrate they are upholding these laws. Employment/ labour standards act: minimum requirements for wages, #hours, overtime, vacas, etc (canada labour code) Pay equity act: jobs of equal value receive equal pay.

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