AgendaAnnouncements

1
Agenda/Announcements

• Experiential Exercise 4 next class come to
  class ready to work!
• Todays class
• Revisit Martin-Straight Compressors
• Finish Compensation
• Benefits and Services
• Salary Negotiation

2
Planning a Compensation Program

• Reward Strategy plan for
• Mix of rewards, both extrinsic and intrinsic
• How they will be provided
• In order to elicit behaviors necessary for
  organizational success
• Compensation Strategy part of Reward Strategy
• Mix of base pay, performance pay,and indirect pay
• Compensation constraints - e.g., legal, labour
  market, financial
• Total amount of compensation how much?

3
Benefits and Services
4
Underlying Beliefs that Motivate Corporate
Programs

• Attraction of good employees
• Increase employee morale
• Reduce turnover
• Increase job satisfaction
• Motivate employees
• Enhance organizational image

5
Legally Required Benefits
Employment Insurance (EI) 55 of average
earnings during last 20 weeks
Canada/Quebec Pension Plan (C/QPP) Retirement
Pension Disability Benefits Survivor Benefits
Workers Compensation No fault insurance plan
Provincial Health Care Plans No direct fee to
patients
Pay For Time Not Worked Holidays Vacations Sick
Pay
6
Voluntary Benefits
Severance Pay
Additional PaidTime Off
Supplementary Health Insurance
Parental Benefits
Life Insurance
Pension Plans
Long-TermDisability
Leaves of Absence
Short-term Disability/ Sick Leave
Vacations Holidays
7
Life Cycle Benefits

• Child Care - somewhat controversial because only
  helps employees with kids
• Elder Care - Aging society has increased demand
  for this
• Spousal Equivalents - extending benefits to
  same-sex or unmarried opposite sex partners
• Educational Allowances - Encourage self-directed
  learning/training
• COLAs - If you move employees - either paying for
  move or adjusting salary to accommodate lifestyle
  in different location

8
Next Class

• Experiential Exercise 4 no prep just come
  to class!