HROB 3010 Chapter Notes - Chapter 1: Total Rewards, Disability Insurance, Advantageous

• School: University of Guelph
• Department: Human Resources and Organizational Behaviour
• Course: HROB 3010
• Professor: Rhonda Gordon

Document Summary

People"s view of compensation affects their behavior at work (doesn"t mean same thing to everyone) In english, compensation means to offset, counterbalance, and to make up for but in different languages it combines entitlement, return, and reward. Compensation- refers to all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship. Total rewards- all rewards received by employees (cash compensation, benefits and relational returns) Relational returns- psychological returns employees believe they receive in the workplace (development opportunities, status, opportunity to belong, and challenging work) Include psychological aspects of work (recognition, status, challenging work, learning opportunities) Total compensation- more transactional and includes pay received directly as cash (base, merit increases, incentives, cost-of-living adjustments) and indirectly as benefits (pensions, medical insurance, programs to help balance work and life demands) Wage- pay calculated at an hourly rate (tends to reflect value of work or skills; usually ignores differences attributable to individual employees)