Compensation
is based upon the strategic choices in managing compensation – pay matters! The Great Recession (late 2000 and early 2010s) had huge ramifications for pay. There were many lessons learned about cutting hours and pay, versus layoffs, or how/why employees are compensated. Pay matters globally as well. strives to cull beliefs from facts, wishful thinking from demonstrable results, and opinions from research. Managing compensation is an art and Milkovich is based on strategic choices in managing compensation. These choices, which confront managers, are introduced in the total compensation model in Chapter 1. The model serves as an integrating framework throughout the text. Major compensation issues are covered in the context of current theory, research, and practices. Canadian laws, facts, policies and procedures, and examples are well incorporated throughout.
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