BU354 Chapter Notes - Chapter 11: Prevailing Wage
Document Summary
Total employment rewards: an integrated package of all rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment. Using this approach, rather than determining compensation in isolation, has risen from the changing business environment of the last several decades. 3 broad categories: compensation, benefits, and non-monetary rewards (intrinsic) 5 components of total rewards: compensation, benefits, work-life programs (flexible scheduling, childcare, etc), performance and recognition, development and career opportunities. Basic considerations in determining pay rates: legal considerations in compensation. All 14 jurisdictions have laws regulating compensation. Employment/labour standards act (minimum wage, max hours worked) Pay equity acts, human rights acts, canada/quebec pension plans: union influences on compensation decisions. Unions believe that no one can judge the relative fair value of work except employers: compensation policies. Important policies include the basis for salary increases, promotion policies, overtime pay policies, etc: equity & its impact on pay rates.
