ADM 2337 Lecture Notes - Lecture 9: Job Evaluation, Equal Pay For Equal Work, Total Rewards
4 Apr 2016
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Document Summary
Chapter 9: managing compensation (only up to page 341 for midterm) An integrated package of all rewards (monetary, non-monetary, extrinsic, and intrinsic) Financial: direct: wages and salaries (chapter 9) incentives, bonuses, commissions (chapter 10, indirect: employee benefits (chapter 11) Nonfinancial: employee recognition, work-life balance programs (chapter 4, career development opportunities (chapters 5,7) Pay equity: equity stress, equity, over-paid, expectancy theory. Employees should exert greater work effort if they have reason to expect that it will result in a reward (outcome) that they value (e p o) Internal factors: compensation strategy of organization, worth of job, employee"s relative worth, employer"s ability to pay. External factors: conditions of the labour market. Supply and demand for labour within an area. Other forces to consider (e. g. , collective agreement; government regulation: area wage rates. Wage structure needs to be in link with local wages: cost of living. Unions bargain collectively to achieve increases in real.
