ADMS 2600 Chapter Notes -Canada Labour Code, Adobe Freehand, Scatter Plot

• School: York University
• Department: Administrative Studies
• Course: ADMS 2600
• Professor: Paul Fairlie

Document Summary

Compensation is a major method that organizations use to attract and retain those staff needed to help them meet their organizational objectives. At the same time, compensation is a major expense for companies so they are always looking for ways to manage the compensation dollar without affecting organizational outcomes. This lesson will introduce you to compensation and how it is managed in companies. Strategic compensation planning in the organization links employee motivation and concerns for compensation, to the objectives and goals of the organization. Through strategic compensation planning, the organization seeks to attract and maintain quality employees consistent with maximizing its compensation budget. The purpose of compensation is ensure that employees feel rewarded so that they will perform effectively and help the organization meet its overall objectives. Therefore, an organization has to be familiar with what it is that employees feel is valuable and be prepared to meet their needs sufficiently.