BU354 Chapter : Ch10 - Strategic Pay Plans
Document Summary
Total rewards is an integrated package of all rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment; aligned with business strategy. Are to attract, retain, and motivate/engage employees. Engagement a positive emotional connection to the employer and a clear understanding of the strategic significance of the job, which results in discretionary effort from the employee. Legal considerations in compensation vary from jurisdiction to jurisdiction: employment/labour standards act (canada labour code, pay equity acts, human rights acts, canada/quebec pension plan, workers" compensation laws, employment insurance act. Union influences on compensation decisions wage rates are central to collective bargaining. Compensation policies includes the basis for salary increases, promotion and demotion policies, overtime pay policy, and policies regarding probationary pay and leaves. Equity and its impact on pay rates both internal and external. Job evaluation is a systematic comparison to determine relative worth of jobs within a firm.
