RSM100Y1 Chapter 9: Chapter 9 notes (book+lecture)
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.
