COMMERCE 2BC3 Lecture Notes - Lecture 26: Motivation
19 Oct 2020
School
Department
Course
Professor
Document Summary
Labour relations: not covering global hr, assignment is due november 30! Goals of compensation: attract, retain and motivate employees, often accounts for 50%-80% of organization costs, so when there needs to be cuts in the budget a lot of the time the first cuts are in the compensation. Employees tend to think more about the direct compensations but there are a lot of indirect compensations that are highly beneficial to them, and come at a high cost to the employer. Indirect compensation can account for up to 50% of pay costs. There will not be as much coverage on employee benefits, relative to other subjects. Considerations with compensations and rewards: what mix of total compensation should be used, fixed vs variable (ie. commission, base, benefits, pay-for-performance, skill based pay, what criteria should determine pay, performance, job based, economic conditions, skills.
