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Business 310

Business 310. Road Map Fall 2012. Bus 310 First Night. Introductions Course Overview Course Format Expectations Marking Reading and question for next class. First Night Handouts. In-class quizz Course Outline Alignment with CHRP requirements Sign-up sheet . First Night - Our Roadmap.

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Business 310

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  1. Business 310 Road Map Fall 2012 Business 310

  2. Bus 310 First Night • Introductions • Course Overview • Course Format • Expectations • Marking • Reading and question for next class Business 310

  3. First Night Handouts • In-class quizz • Course Outline • Alignment with CHRP requirements • Sign-up sheet Business 310

  4. First Night - Our Roadmap • Introduction and Overview • Ch 1 • Understand your organization and people • Ch 2 and Ch 3 • Formulate your reward and compensation strategy • Ch 4, Ch 5 and Ch 12 • Determine your compensation values • Evaluating Jobs Ch 7, and Ch 8, • Evaluating your market • Ch 9 • Constraints and Legal Frameworks • Ch 6 Business 310

  5. Sept 12 • In-class quiz • Reward Model • Goals of a Compensation System • Case Analysis Business 310

  6. Sept 12-The Business Case • Defining the symptoms • Defining the business issue • Defining the behaviours we want to change • Describing the perfect world • Defining three options • Considering the pros and cons • Recommending action Business 310

  7. Sept 12 Framework • Hand-in (Domain Task Environment) • Exam date :___________ • Domain Task Environment • Management Strategies • Framework Part 1 (Structural) • Sept 28 Using the organization you have chosen for your first assignment, describe the control systems in place Business 310

  8. Sept 19-Framework Contextual Variables Structural Variables Managerial Strategy Domain / Task Business 310

  9. Sept 19 Environment Stable – industry and products are predictable e.g . Grocery , Retail Dynamic – change creates uncertainty – new products, competitors and rapidly evolving technology e.g. Financial investment , Mobile phones Simple - single product line or related products or technologies e.g. Dial- a- Geek Kelly Services, Schools Complex – many different and unrelated products or technologies e.g. Hospital, Provincial Government AND Business 310

  10. Sept 19 Corporate Strategy Miles and Snow Defender –dominating a narrow product or service e.g. Sears, Camosun, Prospector – identifying and exploiting new opportunities e.g. Google, Apple Analyzer – maintain a base of products or services and exploit new opportunities e.g. Telus, Shaw Michael Porter Low-cost – common product promoted on price e.g. Walmart, Tim Hortons Differentiator – unique product or service e.g. Starbucks, OR Business 310

  11. Sep 19 Contextual Variables Corporate Strategy Organization Size Domain Task Technology Work Force Business 310

  12. Sept 19 Technology Perrow Routine Craft Engineering Non-routine Thompson Long –linked Mediating Intensive Woodward Small batch Large batch Process OR OR Business 310

  13. Sept 26 -Structural Variables Job Design Coordination and Departmentation Decision Making and Leadership ENVIRONMENT Communication And Information Control Systems Reward Systems Business 310

  14. Oct 3- Maslow’s Hierarchy Survival Safety /Security Social Self Esteem Self-Actualization Business 310

  15. Oct 3 Attitude and Behaviour Business 310

  16. Oct 3 - Behaviour • Undesirable Consequences • Reward Dissatisfaction • Relative Deprivation • Organizational Justice • Distributive Justice • Procedural Justice Business 310

  17. Oct 3- Behaviour • Organizational Justice • Consistent • Free of Bias • Flexible • Accurate • Ethical • Representative Business 310

  18. Oct 5- Behaviour • Relative Deprivation • Discrepancy between outcome wanted and outcome received • Others receive more than they do • Past experience suggests they should receive more • Future expectations for receiving more are low • Believe they entitled to more • Absolve themselves of personal responsibility Business 310

  19. Oct 5 Reward Dissatisfaction Business 310

  20. Oct 3- Behaviour • Reward Dissatisfaction • Increase Rewards • Demand higher pay • Find another job • Increase effort • Acquire illicit rewards • Demand improved job duties • Decrease Contribution • Reduce job duties • Reduce performance • Increase absenteeism • Find less demanding job Business 310

  21. Oct 3- Behaviour • Membership Behaviour • Affective commitment (good) • Continuance commitment (not so good) • Job security (Maslow) • Salience • The amount of need deprivation • The importance of the need Business 310

  22. Oct 5- Behaviour • Task Behaviour • Expectancy Theory • Reinforcement Theory • Citizenship Behaviour • Organizational Identification • Integration of goals and values • Belongingness • Trust (e.g. procedural justice) Business 310

  23. Oct 5- Behaviour • Membership • Salience • Need (Maslow) Business 310

  24. OCT 10 Rewards EXTRINSIC INTRINSIC • BASE • Wage • Salary • Minimum • Market • Pay for Knowledge PERFORMANCE INDIRECT Business 310

  25. Oct 10 Base Pay MINIMUM WAGE as of Oct 1, 2012 Ontario $10.25 Quebec $9.50 New Brunswick $9.00 Nova Scotia $9.65 Newfoundland $10.00 PEI $9.00 Washington State $US 8.55 • Alberta $8.80 • BC $10.25 • Saskatchewan $9.25 • Manitoba $9.50 • NWT $9.00 • Nunavut $10.00 • Yukon $8.93 Business 310

  26. Oct 10- Base Pay • Wage • pay for time provided • Usually quoted on hourly basis • Usually refers to included (unionized) workers • Salary • Pay for services provided or outcomes • Usually quoted on annual basis • Usually refers to excluded management workers Business 310

  27. Oct 10 Pros / Cons of Base Pay • Pros • Simple • Predictable • Attributable • Controllable • Preferred by many potential EE’s • Cons • Fixed cost • Not a motivator • Does not contribute to citizenship behaviour • Not self correcting Business 310

  28. Oct 10 Step Progression JOB RATE Business 310

  29. Oct 10 - Salary Range Business 310

  30. Oct 12 - Pay for KnowledgeExample for Court Services Example Business 310

  31. Oct 12 - Courts Example • ASSISTANT – have already been introduced to government standards of office administration, ministry structure, financial processes and records management • CLERK – demonstrates a basic knowledge (LEVEL B) of all components of the court registry; informs clients of appropriate forms, court contacts and procedural steps; ADMINISTRATOR – demonstrates knowledge (Level C) of two components of the court registry, responds to exceptions and client queries for a minimum of three years, leads administrative projects improving services and systems of the court • LEAD ADMINISTRATOR – demonstrates seasoned knowledge (Level D) of two or more components exceptions and precedents acquired over five years; advises, directs and develops Clerks and Assistants. • SENIOR ADMINISTRATOR – demonstrates seasoned knowledge of three or more components, exceptions, and precedents acquired over seven years; recruits, develops and assigns work to Court Staff • Each level of knowledge is complemented by formal training in leadership skills and knowledge and supported by sufficient time in position to demonstrate competency. Business 310

  32. Pay Ranges Business 310

  33. Oct 10 - Sample Exam Question • Managers within large companies usually have little control over extrinsic rewards. What are intrinsic rewards and give two examples of what managers can do to enhance intrinsic rewards for their employees? (3 marks) Business 310

  34. Oct 17- Rewards EXTRINSIC INTRINSIC • Performance • Commission • Piece Rate • Bonus • Gain sharing • Profit sharing Base INDIRECT Business 310

  35. Oct 17 - Attitude and Behaviour Business 310

  36. Oct 17 Variable Compensation: • Stock Bonus • Stock Purchase • Stock Option • Long Term Incentives • Non-Monetary • Piece Rates • Commission • Merit Raise • Merit Bonus • Profit Sharing • Gain Sharing • Goal Sharing Business 310

  37. Oct 17 - Incentives • Individual • Low interdependence • Results attributable to one • Output focused (Results oriented) • Builds personal ownership • Group • High interdependence • Results attributable to more than one • Build collective ownership Business 310

  38. Oct 17 – Piece Rate • Workers control their own production • Interdependence between workers is low • Each unit of production can easily be measured and priced • Tasks do not change frequently • Increased productivity will not cause lay-offs • Monitoring quality is easy Business 310

  39. Oct 17 Designing Performance Pay • Underlying concepts • Reward the behaviour and it shall be repeated (reinforcement) • share the projected wealth (Expectancy should translate into reality ) • Bonus must be predictable • Windfalls are not part of the game Business 310

  40. Oct 17 - Incentive Categories • Increased Sales • Increased Productivity • Reduced Costs • Reduced Absenteeism • Suggestions leading to Improvement • Increased Operating Profit • Increased Net Profit Business 310

  41. Oct 17 - Targeted Incentives • Attendance • Attribution theory eliminating the intrinsic reward with a less salient financial reward • Resolving attendance through dealing with the root problem • Suggestion Programs • Token or Commission? • Individual or Group? Business 310

  42. Oct 17 Piece Rate • Minimum wage is $8.00 • Target average wage is $12.50/hour and eight hour day • Tight piece rate to cut and sew a finished tie is 48 minutes • What is my piece rate incentive? • What is minimum rate of productivity acceptable from an employee? Business 310

  43. Oct 17 - Linking Pay to Performance Does individual performance vary? Can individual control it? Can performance be measured? Will pay be linked to performance? Is this the only way? Are there risks to be managed? Does it fit our management strategy? Business 310

  44. Risk of Bonus Payout Employee Risk Employer Risk Employee risk of not earning a bonus increases as they lose control of the results and more and more people are involved in the outcome Employer risk of paying a bonus not resulting in bottom line profits decreases the closer the bonus is tied to that bottom line result Business 310

  45. Oct 17- Designing a Reward System • Define the behaviour • Determine employee attributes and qualifications • Identify the salient needs • Develop rewards • Ensure a positive valence • Link rewards to behaviour • Confirm employee perception of fairness • Provide the right conditions • DWYSYWGTD Business 310

  46. Oct 31- INDIRECT REWARDS EXTRINSIC INTRINSIC • INDIRECT • Mandatory • Retirement • Health • Time not Worked • Employee Services • Miscellaneous BASE PERFORMANCE Business 310

  47. Oct 31 Non-Monetary Rewards • Social reinforcers • Merchandise Awards • Travel Awards • Symbolic Awards • Time Business 310

  48. Oct 31 Why Offer Benefits? • Cost Assurance • Income Protection • Competitive Demand Business 310

  49. Oct 31 MANDATORY BENEFITS • Canada Pension Plan • Employment Insurance • Workers Compensation • Severance (in BC) Business 310

  50. Oct 31 - Canada Pension Plan • Canada Pension Plan • 4.95% / 4.95% • $46,500 maximum income • Age 60 or 65 • Pension, Survivor Benefit, Disability Benefit Business 310

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