MHR 523 Lecture Notes - Lecture 7: Precautionary Statement, Interactional Justice, Distributive Justice
8 Oct 2018
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Establishing strategic pay plans pay for performance and financial. Total rewards: total employment rewards: an integrated package of all rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment. 5 components of total rewards: compensation, benefits, work-life programs, performance and recognition, development and career opportunities. Basic considerations in determining pay rate: legal considerations in compensation, employment/labour standard act, pay equity acts, human rights act, canada/quebec pension plan, other legislation (worker"s comp, ei, union influences, compensation policies, equity and its impact on pay rates. Steps in establishing pay rates: job evaluation, conduct a wage/salary survey, combine job evaluation and salary survey to determine pay. Jobs are then allocated points based on these compensable factors. Determine the market wage: numerous websites offer salary comparisons for various types of jobs, e. g. Step 3: combine job evaluation and salary survey information.
