ADMS 2600 Chapter Notes - Chapter 9: Scatter Plot, Canada Labour Code, Absenteeism

• School: York University
• Department: Administrative Studies
• Course: ADMS 2600
• Professor: Sung Kwon

Document Summary

Direct compensation: employee wages and salaries, incentives, bonuses, and commissions. Indirect compensation: many benefits supplied by employers. Nonfinancial compensation: employee recognition programs, rewarding jobs, organizational support, work environment, and flexible work hours to accommodate personal needs. Three important aspects of strategic compensation planning: linking compensation to organizational objectives. Linking compensation to organizational objectives pressure on both private- and public-sector organizations to make their pay systems more performance based compensation revolutionized by heightened domestic competition, globalization, increased employee skill requirements, and new technology. Work paid on an hourly basis far more prevalent than piecework as a basis for compensating employees hourly employees or wage earners normally paid only for the time they work piecework. Must also take into account indirect wages paid in the form of benefits. Cost of living need to periodically adjust compensation rates upward to help employees maintain their purchasing power. Monitor changes in consumer price index (cpi) as a basis for compensation decisions.