HLTH 1310 Lecture Notes - Lecture 1: Total Rewards, Expectancy Theory, Collective Bargaining
Document Summary
What is compensation: direct compensation encompasses employee wages and salaries, incentive bonuses, and commission. Links the compensation of employees to the mission, objectives, philosophies, and culture of the organization. To maintain salary equity among employees keeps process defendable, fair & honest. To mesh employees" future performance with organizational goals. Equity an employee"s perception that compensation received is equal to the value of the work performed; Expectancy theory a theory of motivation that holds that employees should exert greater work effort if they have reason to expect that it will result in a reward that they value. Hourly work work paid on an hourly basis; Piecework work paid according to the number of units produced; Collective bargaining: real wages wage increases larger than rises in the cpi, that is, the real earning power of wages. Chapter 10 pay for performance: incentive rewards.
