BU354 Lecture Notes - Lecture 11: Job Evaluation, Equal Pay For Equal Work, Equity Theory
Document Summary
Employee compensation all forms of pay or rewards going to employees and arising from their employment: direct financial payments wages, salaries, incentives, commissions, bonuses. Employment/labour standards act set minimum standards regarding pay, wage, maximum hours of work, overtime pay, paid vacation, paid statutory holidays, termination pay, and more. Pay equity act providing equal pay to male dominated job classes and female dominated job classes of equal value to the employer. Workers compensation laws provides reasonable income to victims of work related accidents and illnesses. Human rights act age, sec, color, race. Equity theory people are motivated to maintain a balance between what they perceive as their contributions and their rewards. External equity ho(cid:449) a jo(cid:271)"s pay rate i(cid:374) o(cid:374)e (cid:272)o(cid:373)pa(cid:374)y (cid:272)o(cid:373)pares to the jo(cid:271)"s pay rate i(cid:374) other companies. Internal equity ho(cid:449) fair the jo(cid:271)"s pay rate is (cid:449)he(cid:374) (cid:272)o(cid:373)pared to other jobs within the same company.
