ADM 2337 Chapter Notes - Chapter 8: Collective Bargaining, Expectancy Theory, Equal Pay For Equal Work
6 Oct 2017
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Managing compensation: legal requirements: legal requirements for compensation, pay equity, human rights legislation, employment/labour standards. Your outcomes/inputs: this needs to be level and not tipping to one side or the other. Determining compensation the wage mix: employee"s relative worth, employer"s ability to pay, external factors, compensation strategy of organization, worth of job, conditions of the labour market, area wage rates, cost of living, collective bargaining, legal requirements. External factors: labour market conditions, supply and demand for labour within an area, other forces to consider (ex. Colas: unions bargain collectively to achieve increases in real wages (above, collective bargaining: inflation). Job evaluation: the systematic process of determining the relative worth of jobs in order to establish which jobs should be paid more than others within an organization, ensures internal equity. Jobs are ranking on the basis of their relative worth: ex.
