ADM 2337 Chapter Notes - Chapter 9: Total Rewards, Equity Theory, Collective Bargaining
2 Jun 2020
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Total rewards: an integrated package of all rewards (money, non-monetary, extrinsic and intrinsic, to attract, retain, and engage employees, aligned to company"s strategy; provide value direct: wages and salaries, incentives, (9) bonuses, commissions (10) indirect: employee benefits(chap11) Legal requirements employee recognition work-life balance program (4) career development opportunities (5,7: human rights legislation, employment labour standards, pay equity. Pay fairness compare inputs/outcomes with a comparable other"s inputs/outcomes (equity theory) Employees should exert greater work effort if they have reason to expect that is will result in a reward (outcome) that they value. Legal requirements labour market conditions: supply and demand labour within an area, other forces to consider (e. g. collective agreement; government regulations) Area wage rates: wage structures need to be in line with local wages. Quarterly cost-of-living adjustments in wages, basing adjustments on changes in the consumer price index. Collective bargaining: unions bargain collectively to achieve increases in real wages.
