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HRM 2600 (78)
Chapter 9

Chapter 9

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Human Resources Management
HRM 2600
Shelley Millman

Page1Chapter 9 Managing Compensation Strategic Compensation PlanningLinking Compensation to Organization Objectivesvalueadded compensation evaluating the individual components of the compensation program to see whether they advance the needs of employees and the goals of the organizationformalized compensation goals serve as guidelines for managers to ensure that wage and benefit policies achieve their intended purposeto achieve these goals policies must be established to guide management in making decisions The PayforPerformance Standardpayforperformance standard standard by which managers tie compensation to employee effort and performanceraise productivity and lower labour costsmeritbased bonuses salary commissions jobpay banding teamgroup incentives gainsharing programsnot easy to design Motivating Employees
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