HRM200 Lecture Notes - Lecture 11: Total Rewards, Job Evaluation, Personal Development

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM200
• Professor: Katrina Di Gravio

Document Summary

Strategic importance of total rewards: monetary (extrinsic, compensation: cash payments and benefits, non-monetary (intrinsic, personal growth and interpersonal rewards, total awards approach, rewards are part of integrated whole, aligns rewards with business strategies. Five components of total rewards: compensation, benefits, work-life programs, performance and recognition, development and career opportunities. Basic considerations in determining pay rates: legal considerations in compensation, employment/labour standards act, pay equity act, human rights act, canada/quebec pension plan, other legislation (worker"s compensation, ei, union influences, compensation policies, equity and its impact on pay rates. Establishing pay rates: job evaluation, conduct wage/salary survey, combine job evaluation and salary survey to determine pay. Stage 1: job evaluation: a systemic comparison to determine relative worth of a job within a firm, benchmark job, critical to operation or commonly found in other organizations, compensable factors, fundamental, compensable elements of a job.