ADM 3337 Chapter Notes - Chapter 1: Telecommuting, Life Insurance, Total Rewards

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Ho(cid:449) people are paid affe(cid:272)ts their (cid:271)eha(cid:448)iour at (cid:449)ork, (cid:449)hi(cid:272)h affe(cid:272)ts a(cid:374) orga(cid:374)izatio(cid:374)"s (cid:272)ha(cid:374)(cid:272)es of su(cid:272)(cid:272)ess. Compensation is a major part of total cost of running a business, and often is the single largest part of operating costs. A well-designed compensation system can help an organization achieve and sustain competitive advantage. A poorly-designed compensation system can play a major role in undermining organizational success. Nearly one in three women work in sales and service occupations, whereas men are likely to work in construction trades, transport, and equipment operation. Economists have identified a number of contributing factors to wage determination: Demographic characteristics marital status, having children living at home. Job characteristics industry, size of establishment, type of work. Differences in compensation between countries are listed as a cause of loss of canadian jobs to mexico, china, and u. s. Consumers see compensation as the cause of price increases, or lobby to insist on higher wages.

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