BU354 Lecture Notes - Lecture 11: Customer Service, The Employer, Gender Pay Gap
Document Summary
Chapter 11: strategic pay plans: strategic importance of total rewards. The (cid:272)o(cid:373)pe(cid:374)satio(cid:374) pla(cid:374) should first ad(cid:448)a(cid:374)(cid:272)e the fir(cid:373)"s strategi(cid:272) ai(cid:373)s management should produce an aligned reward strategy. This means creating a compensation package (including wages, incentives, and benefits) that produces the employee behaviours the firm needs to achieve its competitive strategy. Total rewards: encompass the traditional pay, incentives, and benefits, but also things such as more challenging jobs, career development, and recognition programs. 5 components: compensation, benefits, work-life programs, performance & recognition, development and career opportunities. Internal factors influencing compensation: ability to pay, business strategy, job evaluation and performance appraisal, employee. Individual factors influencing compensation: employee engagement such as e(cid:373)otio(cid:374)al (cid:272)o(cid:374)(cid:374)e(cid:272)tio(cid:374), (cid:272)lear u(cid:374)dersta(cid:374)di(cid:374)g of jo(cid:271)"s strategic importance. Equity theory of motivation: postulates that people are motivated to maintain a balance b/w what they perceive as their contributions and their rewards.
