chapter 8 - Chapter 8 The five components of total rewards...

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Chapter 8 The five components of total rewards 1. Compensation: direct financial payments 2. Benefits: indirect payments in the form of financial benefits 3. Work-life programs: programs that help employees do their jobs effectively 4. Performance and recognition: pay-for-performance and recognition programs 5. Development and career opportunities: planning for the advancement or change in responsibilities to best suit individual skills, talents, and desires Basic considerations in determining pay rates 1. Union influences on compensation decisions 2. Compensation policies 3. Perceptions of equity internally and externally 4. Legal considerations in compensation Pay equity : providing equal pay to male-dominated job classes and female-dominated job classes of equal value to the employer Establishing pay rates 1. Job evaluation : a systematic comparison to determine the relative worth of jobs within a firm Compensable factors : a fundamental, compensable element of a job, such as
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