Employee Compensation

Paper Summary:

This paper explains that employee compensation is not only a basic requirement of a business but also a powerful motivational tool. The paper describes the way that remuneration activities are supervised and regulated by the Association of Workers' Compensation Boards of Canada. The paper then relates and evaluates three available compensation systems from which the owner of The Fit Shop must choose. These systems are a basic pre-established payment per hour with no additional payments or remunerations, a basic pre-established payment per hour with a supplementary performances reward, or an incentive scheme similar to the basic rate schemes but with an incentive to stimulate performance.

From the Paper:

"The Fit Stop is a new store that will open and activate in the sporting industry selling fitness equipment to a wide variety of customers. The store will also offer complementary services, most often materialized in specialized assistance with the purchase of the most suitable equipments that fit the unique needs of all customers, such as certain neck or back pains. The specialized consultancy will come from a physiotherapist and a bachelor in kinesiology and the idea came to founder Susan Superfit while she herself was suffering from pains related to sporting activities and when she would have needed such assistance."

Sample of Sources Used:

• Wyatt, W., Compensation Trends in Canada, Watson Wyatt Data Services Canada, http://watsonwyatt.com/ last accessed on April 19, 2008
• Compensation: Outline and Definitions, HR Guide to the Internet, 1998, 1999, 2000, last accessed on April 19, 2008
• Pay Systems, ACAS, Retrieved from www.acas.org.uk/media/pdf/p/0/B02_1.pdf on April 19, 2008
• The Fit Stop, Strategic Compensation in Canada, Case for Analysis
• 2008 Industry Assessment Rates, Workplace Health, Safety and Compensation Commission, 2008, Retrieved from http://www.whscc.nb.ca/index_e.asp on April 19, 2008

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