ADM 2337 Chapter Notes - Chapter 9: Manulife, Nordstrom, Total Rewards
2 Jun 2020
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Chapter 9: managing compensation (total rewards part 1) Do you have to pay them tips: good if you"re a small firm and want to know about comp. Extra commission?: everyone needs to know what their pay is related to or else they won"t feel a sense of motivation at all. Importance of matching the strategy to the pay mix: need to make sure you"re positioned properly visavis les autres firmes, ex. Stage 1: job evaluation: the systematic process of finding relative worth of jobs, ensures internal equity, 1) job ranking, jobs are ranked on the basis of their relative worth, eg. Restaurant cashier/server, cook, manager what will you pay the manager vs the cashier? Hay profile 3 factors: knowledge, mental activity, Stage 2: conduct a wage/salary survey: a survey aimed at determining prevailing wage rates for comparable jobs, you want to conduct this externally, ex.
