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CHAPTER 14- OCCUPATIONAL HEALTH AND SAFETY CHAPTER 13 – EMPLOYEE BENEFITS AND SERVICES CHAPTER 12- MONEY AND MOTIVATION CHAPTER 11- STRATEGIC PAY PLANS The 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. - total rewards encompasses everything that employees value in employment relationship - changes with society/ economies and developing business environment; evolving from a largely industrialized base to become far more virtual in last several decades - total rewards considers individual reward components as part of integrated whole to determine best mix of rewards inline with business strategy that also provide employee value - originally three broad categories ; compensation, benefits and work experience - now ‘work experience’ category can be split into three parts – work/life programs, performance, and recognition, and development and career opportunities ; resulting in five categories The Five Components of Total Rewards 1. Compensation. – includes direct financial payments in form of wages, salaries, incentives, commissions and bonuses. 2. benefits. – includes direct payments in form of financial benefits, ex. Employer- paid insurance and vacations and employee services 3. work/life programs. – relates to programs that help employees do their jobs effectively. Ex. Flexible scheduling, telecommuting, childcare and so on. 4. performance and recognition.- includes pay-for – performance and recognition programs. 5. development and career opportunities.- focuses on planning for advancement and/ or change in responsibilities to best suit individual skills, talents, and desires. Impact of Rewards - purpose of rewards to; attract, retain, and motivate/engage employees - ‘engagement’ refers to positive emotional connection to employer and clear understanding of strategic significance of the job - 2007-2008 study shows competitive base pay was number one factor in attracting employees to organization - having good career opportunities was most important factor in retaining employees Basic considerations in determining pay rates - 4 basic considerations that influence formulation of any pay plan; legal requirements, union issues, compensation policy, and equity
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legal considerations - 14 jurisdictions have laws regulating compensation - laws constantly changing, require continual monitoring to ensure compliance - employment/ labor standards acts ( Canada labor code); set minimum standards
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