ADMS 2600 Chapter Notes -Market Basket, Equal Pay For Equal Work, Scatter Plot

• School: York University
• Department: Administrative Studies
• Course: ADMS 2600
• Professor: Monica Belcourt

Document Summary

: work paid according to # of units produced: pay: is a statement of an employee"s worth by an employer, higher salaries attract better employees, but some employers take a trade-off (ex: Mcdonalds has high recruitment costs because of high turnover but savings in labour and training: goals of compensation, motivate employees, retain employees. Employee services: strategic compensation planning, links the compensation of employees to the mission, objectives, philosophies, and culture of the organization. Serves to mesh the monetary payments made to employees with specific functions of the hr programing establishing a pay-for- performance standard. Seeks to motivate employees: alignment between business strategy and compensation objectives. Change in business strategy requires change in compensation strategy: compensation consultants need to consider the following questions: How does this compensation practice benefit the organization? . Does the benefit offset the administrative cost? : pay-for-performance standard compensation options like merit-based pay, bonuses, etc.