ADM 2337 Chapter Notes - Chapter 9: Watson Wyatt Worldwide, Prevailing Wage, Job Evaluation
4 Apr 2017
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An integrated package of all rewards - mix (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 (chapter 5,7) Legal requirements for compensation: rights legislation, pay equity, employment/labour standards. Remember ob: what did equity theory tell us: your inputs/your outcomes = others inputs/others outcomes, equity: seems fair, inequity: seems unfair, may start to look for new job, slack off. Labour market conditions: supply and demand for labour within an area, other forces to consider (eg. collective agreement; government regulation) Area wage rates: wage structure needs to be in line with local wages. Collective bargaining: unions bargain collectively to achieve increases in real wages. Government of alberta, manitoba: factors could be: skills, experience, effort, responsibility, job conditions, Contains a description of the compensable factors and the degrees to which these factors may exists within the jobs.
