BUSI 4320 Lecture Notes - Lecture 19: Job Evaluation, Job Analysis, Equal Pay For Equal Work
3 Aug 2018
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Cash and non-cash rewards employee receive in exchange for their work. Effective compensation management: employees more likely to be satisfied, motivated, and contribute to objectives. Compensation perceived inappropriate: performance, motivation, and satisfaction may decline dramatically, turnover may occur, dissatisfaction with absolute or relative pay. Compensation management: identify and study jobs (phase i) Identify and study jobs: position descriptions, job descriptions, job standards. Determine relative worth or value of jobs. Job evaluation methods: job ranking, job grading, point systems, compensable factors. Discover what other employers are paying for specific key jobs. Sources of data: esdc, private consultants, employer associations, professional associations. Compensation management: matching internal and external worth (phase iv) Establishing the pay level for each job: combines job evaluation rankings, survey wage rates, and other considerations e. g. o(cid:396)ganization"s pay poli(cid:272)y, wage-trend line developed. Creating compensation structure: job classes and rate ranges. Canadian human rights act: prohibits discrimination because of sex.
