BU354 Chapter Notes - Chapter 11: Job Evaluation, Canada Labour Code, Total Rewards
Document Summary
Total employment rewards: an integrate package of all rewards (monetary and non monetary, extrinsic and intrinsic) gained by employees arising from their employment. Models that attempt to define the elements of total employee rewards: Monetary (extrinsic) compensation: cash payments base pay, merit plans, incentive plans, benefits (cash expenses to companies) vacations, insurance, pensions. Non-monetary (intrinsic) personal growth rewards, interpersonal rewards. Worldatwork conceptualized total rewards model within 3 broad categories: compensation (extrinsic), benefits (extrinsic), and non-monetary rewards (intrinsic) Total rewards approach: considers individual reward components as part of an integrate whole to determine the best mix of rewards that are aligned with business strategy an that provide employee value, all within cost constraints of organization. Alignment: extent to which rewards support outcomes that are important to achieving the organization"s strategic objectives. Compensation: direct financial payments (wages, salaries, incentives, commissions, and bonuses) Benefits: indirect payments in form of financial benefits (insurance, vacations, employee services)
