Chapter 11 Flashcards
What is imporatant to every employee?
Compensation and rewards!! WHO DOESN’T WANT DAT CHEDDER ;D
Total employment rewards can be defined as…
An integrated package of all rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment
What are the five components to total rewards?
- Compensation
- Benefits
- Work- Life Programs
- Performance and Recognition
- Development and Career Opportunities
What are the purpose of rewards?
To attract, retain, motivate and engage employees
Engagement refers to…
a positive emotional connection to the employer and a clear understanding of the strategic significance of the job
What are the three stages both externally and internally of etablishing pay rates?
- Determine the worth of jobs within the organization through job evaluation
- Conduct a wage/salary survey of what other employers are paying for comparable jobs
- Combine the job evaluation (internal) and salary survey (external) to determine pay rates for the jobs in the organzation
What is job evaluation?
A systematic comparison to determine the relative worth of jobs within a firm.
What is a benchmark job?
A job that is critical to the firm’s operations or that is commonly found in other organizations
What is a compensable factor?
A fundamental, comprensable elemnt of a job such as skill, effort, responsibility and working conditions.
What are the four compensable factors that most of the pay equity acts in Canada focus on?
Skill, effort, responsibility and working condidtions
What is the classification/grading method?
Involves categorizing jobs into groups, the groups are called classes if they contain similar jobs or grades
What is the point method?
A job evaluation method in which a number of compensable factors are identified, the degree to which each of these factors is present in the job is determined and an overall point value is calculated
Examples like we have done in class, also contributes to equal pay for equal work
What is a wage/salary survey?
A survey aimed at determining prevailing wage rates. A good salary survey provides specific wage rates for comparable jobs
Pay Equity is…
Providing equal pay for equal work - gender equility
