HRM 2600 Lecture Notes - W. M. Keck Observatory, Visible Minority, Absenteeism
18 Oct 2012
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Document Summary
Pay is a statement of an employee"s worth by an employer. Pay is a perception of worth by an employee. Time not worked vacations, breaks, holidays (statutory holiday) maximum is 30 days off. Insurance plans medical, dental, life (average age of ontario employee 48/49) Gaols of compensation: to motivate employees (make sure employees are satisfied, to retain employees (keeping employees based on pay, to attract employees (landing on positions instead of seeking work) Compensation management and other hrm functions: recruitment. Supply of applicants affects wage rates: selection. Selection standards affect level of pay required: training and development. Increased knowledge leads to higher pay: compensation management. Training and development may lead to higher pay. A basis for determining employee"s rate of pay: labour relations. Links the compensation of employees to the mission, objectives, philosophies, and culture of the organization. Serves to mesh the monetary payments made to employees with specific functions of the hr program in establishing a pay-for-performance standard.
