MHR 523 Lecture Notes - Lecture 7: Total Rewards, Unemployment Benefits, Job Security
9 Mar 2018
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Chapter 11 & 12 establishing strategic pay plans, pay for performance and financial. Intrinsic vs. extrinsic rewards: extrinsic: tangible rewards (e. g. bonus pay) Intrinsic: intangible rewards coming from within the person; satisfaction (e. g. self-satisfaction from doing the job well) 5 components of total rewards: compensation (bonus, benefits (dental insurance, extended health care, etc. , work-life programs, performance and recognition (employee of the month, development and career opportunities (promotion) No, also look for: friendly environment, meaningful work, making connections with co-workers. Steps in establishing pay rates: job evaluation, conduct a wage/salary survey, combine job evaluation and salary survey to determine pay. Stage 2: conduct a wage/salary survey: aimed at determining prevailing wage rates, determine rates for benchmark jobs, determine market rates for jobs, collect data on benefits, recognition programs, etc, avoid upward bias, formal surveys are most comprehensive. Determine the market wage: numerous websites offer salary comparisons for various types of jobs, e. g.
