ch11 - 71-243: Human Resource Management Ch 11:...

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71-243: Human Resource Management Ch 11: Establishing Strategic Pay Plans 1
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71-243: Human Resource Management Strategic Importance of Total Rewards Total Rewards An integrated package of all rewards (monetary and non- monetary, extrinsic and intrinsic) gained by employees arising from their employment Five components of total rewards as defined by WorldatWork compensation benefits work-life programs performance and recognition development and career opportunities 2
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71-243: Human Resource Management 3 How Do You Define Compensation Compensation refers to all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship 1 . 1 Milkovich & Newman
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71-243: Human Resource Management 4 Types of Compensation Direct compensation Indirect compensation Benefits (mandatory & non mandatory)
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71-243: Human Resource Management Developing A Pay System Step 1.
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ch11 - 71-243: Human Resource Management Ch 11:...

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