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Summary DBO319 unit 4: chapter 11
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BDO 319:Chapter 11
THE FOUNDATION & CHALLENGES OF HUMAN RESOURCE MANAGEMENT
, 1. Explain what a strategy is
2. Recall the concept of a sustainable competitive advantage
3. Discuss the five basic strategic approaches adopted by company for winning a sustainable
competitive advantages
4. Recognize the factors responsible for evolution of a company's strategy
5. Explain the role of proactive initiatives and reactive adjustments in the evolution of a
company's strategy.
11-1 An outline of a “total compensation / reward system”
HUMAN RESOURCE MANAGEMENT is used to describe both the people who work for a
company or organization and the department responsible for managing all matters
related to employees, who collectively represent one of the most valuable resources
in any businesses or organization.
COMPENSATION are extrinsic rewards such as salary and benefits, as well as intrinsic
rewards such as achieving personal goals, autonomy and more challenging
opportunities.
COMPENSATION OF EMPLOYEES
Extrinsic rewards (financial) Intrinsic rewards (non-financial)
monetary rewards/ direct payments: - alternative working environment
- hourly wages - recognition variety
- equitable salary - flexible schedules
- bonuses - working conditions
- commission - training and development
opportunities
- competency-based pay
- promotion opportunities
benefits/ indirect payments:
- personal growth
- insurance
- interesting and challenging work
- paid leave
- autonomy
- retirement
- conducive work environment
- food services
- work-life balance
- paid public holidays
- health and well-being
- medical aid
- recreation facility
, Compensation/total rewards refers not only to extrinsic rewards such as salary and
benefits, but also to intrinsic rewards such as achieving personal goals, autonomy and
more challenging job opportunities.
Wage and salary administration usually refers strictly to the monetary rewards given
to employees.
11-2 Understand and reflect on the objectives of a compensation system, including impact of
Covid-19.
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