MGMT 2430 Study Guide - Final Guide: Pension, Equal Pay For Equal Work, Job Performance
30 Apr 2018
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Chapter 11: Strategic Pay Plan
Questions:
1. What is compensation? Rewards? Total rewards?
• Compensation – all forms of pay going to employees and arising from
their employment
• Total rewards
o Compensation
o Benefits
o Work-life programs
o Performance and recognition
o Development and career opportunities
• Rewards – attract, retain, motivate, and engage employees
2. What role do rewards play in strategy?
• What are our strategic aims?
• What employee behaviors and skills do we need to achieve them?
• What compensation policies and practices will help produce the
employee behaviors we need?
3. Describe to impact of rewards.
• Rewards – attract, retain, motivate, and engage employees
4. Describe the legal considerations in compensation.
• Employment/labor standards act
• Pay equity acts
• Human rights act
• Canada/Quebec pension plan
• Other legislatio orker’s opesatio, EI
5. How do unions influence compensation decisions?
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