HRM 3490 Chapter Notes - Chapter 1: Operating Expense, Distributive Justice, Occupational Safety And Health

• School: York University
• Department: Human Resources Management
• Course: HRM 3490
• Professor: Parbudyal Singh

Document Summary

Module 1 a road map to effective compensation. Employees receive as part of the employment relationship. Total compensation refers to all aspects of compensation: base pay, pay-for- performance/incentives, and benefits. The alignment of an organization"s compensation systems with its strategic direction (vision, mission, goals, values) The organization is part of the wider environment; it influences and is influenced by it. Environmental forces include legal, regulatory, taxation and the community. 40 -70% of operating budgets on compensation. It is the single largest operating expenditure for many firms. Canada employers spend nearly one trillion dollars on wages and salaries. To help create a willingness among qualified persons to join the organization and to perform the tasks needed by the organization. Compensation is one of the most powerful tools in the hands of management in encouraging desirable behaviours. It is not the only tool; you are in bigger trouble than you think if you adopt a compensation-only approach to management.