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pHCLE 202311 > 4. Total Rewards > Flashcards

4. Total Rewards Flashcards

1
Q

____________ should include the qualifications that are required to complete the job.

They should not focus on the qualifications of incumbents currently in the role, qualifications that are nice to have but not necessary, or job tasks that are not performed regularly.

A

Job Evaluation

  • Standard: Total Rewards - Compensation and Benefits standard #2
  • Location: Course - Total Rewards, Lesson - Ensuring Job Equity
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2
Q

Ranking, rating, and point factoring are three approaches to ______ _________

A

Job evaluation

  • Standard: Total Rewards - Compensation and Benefits standard #2
  • Location: Course - Total Rewards, Lesson - Ensuring Job Equity
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3
Q

____________ concern people’s beliefs about whether intelligence/abilities are fixed or maileable.

Believing they are maileable is correlated with growth and improvement in people’s performance.

A

Dweck’s Theories of Intelligence

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4
Q

________________ is an easy method of job evaluation to implement and inexpensive. It is an option that is often best suited to small organizations.

A

Ranking

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5
Q

Compensation Study Steps

A

A compensation study first requires updated job descriptions.
Job evaluation is conducted using those job descriptions, followed by market analysis, and finally, making any necessary changes to pay policies or structures.

  • Standard: Total Rewards - Compensation and Benefits standard #2
  • Location: Course - Total Rewards, Lesson - Ensuring Job Equity
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6
Q

Hygiene Factors

A

According to Hezberg’s two-factor model (also known as Motivation-Hygiene Theory), hygiene factors include things like:

Job security
Working conditions
Interpersonal Relations

Hygiene factors don’t lead directly to job satisfaction, but the absence of these factors leads to job dissatisfaction.

  • Standard: Total Rewards - Work-Life Integration standard #1
  • Location: Course - Total Rewards, Lessons - Employee Motivation and Engagement
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7
Q

Secondary Interventions

A

Interventions that focus on changing the effects of stressors proactively.

They include muscle relaxation techniues, mediation, and other strategies that put the onus on the employee.

  • Standard: Toward Rewards - Work-Life Integration standard #1
  • Location: Course - Total Rewards, Lesson - Employee Motivation and Engagement
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8
Q

all the financial & experiential incentives, rewards, & benefits provided to employees as part of their employment journey.

(ie: Bonus/Life Insurance/ Health Insurance/Wellness Program/Work-life Integration/ Employee Assistance Program/ Professional Development/ PTO/ Career Opportunities/ Base Salary/ Non-cash Reward/ Compensation/Recognition/ Benefits)

A

Total Rewards

Course: Total Rewards
Lesson: Communicating Total Rewards
2 What are Total Rewards?

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9
Q

refers to all offerings in your compensation can be broken down into two major categories: compensation & benefits.

A

Total Compensation

Course: Total Rewards
Lesson: Communicating Total Rewards
2.1 Types of Compensation

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10
Q

Total compensation can be broken down into two major categories:

A

1) Compensation
2) Benefits

Course: Total Rewards
Lesson: Communicating Total Rewards
2.1 Types of Compensation

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11
Q

Compensation comprises of:

A

Base Pay
Variable Pay

Course: Total Rewards
Lesson: Communicating Total Rewards
2.1 Types of Compensation

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12
Q

fixed amount of cash compensation an employee received in exchange for work performed.

It tends to reflect the value of hte work rather than individual contributions.

It is guaranteed.

A

Base Pay
(fixed pay)

Course: Total Rewards
Lesson: Communicating Total Rewards
2 What are Total Rewards?

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13
Q

varies based on quality of performance or quantity of contributions.

Not guaranteed

Payment is typically tied to the level of performance or results.

A

Variable Pay

Course: Total Rewards
Lesson: Communicating Total Rewards
2.1 Types of Compensation

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14
Q

A salary differential would be considered what type of compensation?

A. Base Pay
B. Variable Pay
C. Discretionary Benefit
D. Legally Required Benefit

A

A. Base Pay

A differential would be considered base pay because it reflects the value of the work rather than the quality of performance or quantity of contributions.

In this case, the value of the work is determined based on additonal competencies needed to perform the work, additional duties added to the work, or some other change in circumstances or working conditions.

Course: Total Rewards
Lesson: Communicating Total Rewards
2.2 Quiz: Types of Compensation

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15
Q

What is an example of discretionary benefits? (Select all that apply)
A. Workers’ compensation
B. Paid time off
C. Performance Incentive
D. Life Insurance

A

B. Paid time off
D. Life Insurance

Benefits like paid time off & life insurance are generally provided at hte discretion of the employer.

Discretionary benefits are an area where human capital leaders can get creative. Certain unique perks are potentially low cost but may be just as meaningful to employees as cash rewards, if not more so.

Worker’s compensation (A) is a legally required benefit & performance incentive (C) are a type of variable pay.

Course: Total Rewards
Lesson: Communicating Total Rewards
2.2 Quiz: Types of Compensation

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16
Q

an area where human capital leaders can be creative & strategic.

A

Discretionary Benefits

Course: Total Rewards
Lesson: Communicating Total Rewards
3 Creative Benefits

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17
Q

Discretionary Benefit Examples

A
  • Health & Wellness
  • Paid Time Off
  • Financial Assistance
  • Family Support
  • Learning & Professional Development
  • Workplace Amenities
  • Insurance & Protections
  • Flexibility
  • Discounts & Reimbursements
  • Assistance with Chores
  • Giving & Service

Course: Total Rewards
Lesson: Communicating Total Rewards
3 Creative Benefits

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18
Q

which of your current benefits do employees currently use?

A

Current Utilization Rates

Course: Total Rewards
Lesson: Communicating Total Rewards
4 Assessing Employees’ Needs and Prefernces

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19
Q

are employees aware of all the benefits & perks they receive?

A

Employee Awareness

Course: Total Rewards
Lesson: Communicating Total Rewards
4 Assessing Employees’ Needs and Prefernces

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20
Q

how satisfied are employees with the benefits they receive?

A

Employee satisfaction

Course: Total Rewards
Lesson: Communicating Total Rewards
4 Assessing Employees’ Needs and Prefernces

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21
Q

what do your utilization, awareness, and/or satisfaction results look like when they’re disaggregted by employee groups such as: age group / gender / department/team building / parental status

A

Employee Characteristics

Course: Total Rewards
Lesson: Communicating Total Rewards
4 Assessing Employees’ Needs and Prefernces

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22
Q

Communicating your employer brand should address the following:

A
  • Goals - How can your communication support your goals?
  • Key Messages - What you say & how you say it matters. What are your key messages for each audience?
  • Target Audiences - Who are your target audiences for communciations & engagement? this can be internal & external stakeholders.
  • Tactics - What tactics will you use for communications & engagement? How & when will you execute them?
  • Channels - What communication channels are available to you? Which channels are best to reach your target audience?

Course: Total Rewards
Lesson: Communicating Total Rewards
5 Communicating Total Rewards

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23
Q

The legal environment is shaped by the following:

A
  • Federal, state, & local legislation
  • Executive orders
  • Developing interpretations as established through case law

Course: Total Rewards
Lesson: The Legal Side of Compensation
2 Legal & Regulatory Issues in Compensation

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24
Q

4 Areas of the law that impact compensaton systems

A

1) Protections against discrimination - Laws governed by Equal Employment Opportunity Commission (EEOC)
2) Wages - Fair Labor Standards Act
3) Collective Bargaining - National Labor Relations Act (NLRA)
4) Compensation Benchmarking - Sherman Anti-trust Act of 1890

Course: Total Rewards
Lesson: The Legal Side of Compensation
2 Legal & Regulatory Issues in Compensation

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25
a group of federal laws that protect employees & job applicants against discrimination in employment decisions including compensation.
Equal Employment Opportunity (EEO) Laws ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 3 Protections Against Discrimination: EEO Laws
26
Includes all payments made to, or on the behalf of, an employee as remuneration for employment.
Compensation ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 3 Protections Against Discrimination: EEO Laws
27
these make it illegal to limit the employment opportunities of a protected class.
EEO Laws ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 3 Protections Against Discrimination: EEO Laws
28
determines whether jobs are substantially equal
Job Content ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 3 Protections Against Discrimination: EEO Laws
29
Factors examined to determine whether jobs are substantially equal (Job Evaluation)
* Skill * Effort * Responsibility * Working Conditions ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 3 Protections Against Discrimination: EEO Laws
30
* Seniority * Performane Quality * Differences in quality or quantity of production * Other factors (shift differentials, education, training, ability, revenue production, market factors)
Affirmative Defenses (Differences in pay are permissible when based on affirmative defenses) ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 3 Protections Against Discrimination: EEO Laws
31
Characteristics of a bona fide system:
* Was not adopted with discrininatory intent * Is based on predetermined criteria * Has been communicated to employees * Has been applied consistently & even-handedly applied ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 3 Protections Against Discrimination: EEO Laws
32
This act impacts the timeline for filing a complaint for discriminatroy compensation under Title VII of the Civil Rights Act, ADEA, and ADA.
Lilly Ledbetter Fair Pay Act ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 3 Protections Against Discrimination: EEO Laws
33
enforced by the Wage & Hour Divsion of the US Department of Labor, estabilishes standards related to: * Minimum Wage * Overtime Pay * Recordkeeping requirements * Youth employement
Fair Labor Standards Act (FLSA) ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 4 Laws Governing Wages: FLSA
34
Employees who are not subject to the FLSA provisions for minimum wage & overtime These employees generally must: * Meet certain tests regarding their job duties. * Be paid at least $684/week on a slary basis.
Expempt Employee ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 4 Laws Governing Wages: FLSA
35
Employees who are entitled to overtime pay and must be paid at least the federal minimum wage. This includes most employees who do not have administrative or decision-making responsibilities (such as school secretaries, bus drivers, cafeteria workers, & maintenance personnel)
Nonexempt Employee ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 4 Laws Governing Wages: FLSA
36
DOL Exemptions
* Exectutive Exemption * Administrative Exemption * Professional Exemption * Computer Professionals ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 4 Laws Governing Wages: FLSA
37
The lowest hourly wage that a covered nonexempt employee may be paid for all hours worked as mandated by federal or state law.
Minimum Wage ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 4 Laws Governing Wages: FLSA
38
Common Mistakes Related to FLSA
* Misclassifying employees * Overlooking or encouraging off the clock work * Inaccurate record keeping * Improperly deducting tie for breaks * Confusion over state vs. federal regulations ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 4.3 FLSA: Common Mistakes and Summary
39
this guarantees the rights of most private sector employees to: * organize * join unions * collectively bargain * refarin from any of these activities
National Labor Relations Act (NLRA) ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 5 Collective Bargaining: NLRA
40
Area of law tht impacts compensation in the area of: Protections against discrimination * protected classes * disparate treatment * disparate/adverse impact * four-fiths rule
Laws governed by Equal Employment Opportunity Commission (EEOC) ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 8 Summary and Next Steps
41
Area of law tht impacts compensation in the area of: Wages * exempt & nonexempt classifications * minimum wage * overtime * compensable time * notification * record keeping * youth employment
Fair Labor Standards Act ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 8 Summary and Next Steps
42
Area of law tht impacts compensation in the area of: Collective Bargaining * National Labor Relations Board * Applictaions for public & private schools
National Labor Relations Act ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 8 Summary and Next Steps
43
Area of law tht impacts compensation in the area of: Compensation Benchmarking * implcations for sharing data or making significant business decisions
Sherman Anti-trust Act of 1890 ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 8 Summary and Next Steps
44
requires that men & women in the same workplace be givein equal pay for equal work All forms of pay are covered by this law: * Salary * Overtime Pay * Bonuses * Life Insurance * Vacation & Holiday Pay * Benefits
Equal Pay Act ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 2 Foundations of Pay Equity
45
parity in compensation among similarly situated employees, after accounting for legitamate factors influencing pay decison.
Pay Equity ## Footnote Course: Total Rewards Lesson: The Legal Side of Compensation 8 Summary and Next Steps
46
Consistency of pay for employees working similar jobs. Employees' perception that pay is fair is a top driver of employee engagement.
Internal Equity ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 3 Internal Equity & External Competitiveness
47
Pay that is comparable to other employers in the market. Several factors including the labor supply, cost of living, & competition for talentimpact hte external market.
External Competitiveness ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 3 Internal Equity & External Competitiveness
48
involves comparing your organization's compensation levels to those of other organizations that you compete with for talent.
Market Study ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 3 Internal Equity & External Competitiveness
49
Designing for equity involves the alignment of:
* Compensation philosophy * Compensation strategy * Pay structure creation & implementation ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 4 Designing for Equity
50
acts as the foundation of your compensation system. It helps describe your organinzation's approach to alignment, internal equity, & external competitiveness. It also provides guidance to compensation professionals during the initial setup & ongoing maintenance of their compensation structures.
Compensation Philosophy ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 4.1 Compensation Philosophy
51
describes how they plan to determine pay & benefits for employees It should complement the company's mission, vision, & culture, & be aligned to overall business objectives
Compensation Strategy ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 4.3 Compensation Strategy
52
the process of analyzing a position to determine its worth in comparison to other positions in the organization based on defined factors
Job Evaluation ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 5 What is Job Evaluation
53
establish a relative order to jobs
Qualitative Job Evaluation Method ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 5 What is Job Evaluation
54
establish how much more one job is worth compared with another job using a scaling system
Quantitative Methods ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 5 What is Job Evaluation
55
3 Common Methods Internal Job Evaluation
1) Ranking 2) Classification 3) Point Factor ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 5.1 Job Evaluation Methods
56
Comparing jobs to each other to create a hierarchy of jobs
Ranking ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 5.1 Job Evaluation Methods
57
Sorting jobs into distinct classes based on pre-determined standards
Classification ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 5.1 Job Evaluation Methods
58
Grading jobs using a defined set of factors to assign points Most complex & time consuming Easy to maintain Most legally defensible
Point Factor ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 5.1 Job Evaluation Methods
59
the criteria used to evaluate jobs & determine salaries for those jobs
Compensable Factors ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 5.5 Compensable Factors
60
determines whether jobs are substantially equal
Job Content ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 5.5 Compensable Factors
61
Actions to determine external value
1) Capture External Market Data 2) Conduct a Market Analysis 3) Set New Pay Structure ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 6 Market Analysis
62
benchmarking of jobs in labor markets that are relative to the organization.
Market Analysis ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 6 Market Analysis
63
A systematic study of an organization's pay practices to uncover outliers & potential disparities in compensation for members of a proteted class.
Pay Equity Analysis ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 8 Conduct a Pay Equity Analysis
64
Pay Equity Analysis Steps
1) Select positons 2) Determine which jobs are of equal value 3) Examine current pay practices & policies 4) Compile relevant data 5) Analyze base pay ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 8 Conduct a Pay Equity Analysis
65
4 Analysis Methods to look for pay inequities
1) Outliers Analysis 2) Median Analysis 3) Mean Analysis 4) Multiple Regression Analysis ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 8 Conduct a Pay Equity Analysis
66
Identifies any individuals whose base pay is not within their current pay grade.
Outliers Analysis ## Footnote Course: Total Rewards Lesson: Ensuring Job Equity 8 Conduct a Pay Equity Analysis
67
Theories of Motivation
* Maslow's Hierarchy of Needs * Herzberg's Two Factor Model (Motivation-Hygiene Theory) * Expectany (VIE) Theory * Job Characteristics Theory * Goal-setting Theory * Equity Theory ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
68
Theory that stipulates that employees are motivated bya drive to satisfy needs, beginning with the most basic human needs & advancing up the hierarchy to satisfy higher-order needs.
Maslow's Hierarchy of Needs ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
69
Theory that is known for differentiating hygiene factors from motivator factors.
Herzberg's Two-Factor Model (Motivation-Hygiene Theory) ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
70
These factors are necessary for job satisfaction * Meaningful & challenging work * Recognition * Feeling of achievement * Opportunities for growth & advancement
Motivator factors ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
71
These factor's dont lead to job satisfaction, but the absence of them leads to job dissatisfaction. * Good pay * Job security * Good working conditions * Policies & administrative practices * Positive interpersonal relations
Hygiene Factor ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
72
The theory that proposes that valence, instrumentality, & expectancy influence employees' motivation.
Expectancy (VIE) Theory ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
73
Anticipated satisfaction
Valence ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
74
Belief that efforts will rewarded
Instrumentality ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
75
Belief that efforts will make a difference
Expectancy ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
76
This theory centers on 5 core job dimensiotns, which thorugh experienced meaningfulness, felt responsibility, & knowledge of results lead to motivation.
Job Characteristics Theory ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
77
5 Core Job Dimensions Job Characteristics Theory
1) Skill Variety - extent to which the job requires a number of different skills 2) Task Identity - extent to which finishing all the job tasks results in a complete & identifiable whole product 3) Task Significance - how much impact the job has on others in the organization or on teh organization itself 4) Autonomy - how much freedom, independence, control, & discretion the employee has 5) Feedback - the amount of informationt he employee gets from the job ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
78
Goals are most effective when they are: * specific * challenging * accepted
Goal Setting Theory ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
79
This theory suggests that employees compare themselves to others, particularly in terms of input/outcome ratios.
Equity Theory ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
80
a comparison between an employees' perceived contributions to what they receive from their contributions.
Input/Outcome Ratio ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 2 Theories of Motivation
81
* Emotional exhaustion - emotionally drained by contact with others * Despersonalization - detached response towards work and/or others * Lack of personal accomplishment- declined feelings of competence & achivement
Burnout ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 3 Burnout vs Engagement
82
* Vigor - high levels of energy while working; resilience through challenges * Dedication - strong involvement in work; sense of significance * Absorption - engrossed in work; time passes quickly
Engagement ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 3 Burnout vs Engagement
83
aspects of the job that require sustained physical, emotional, or cognitive effort
Job Demands ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 3 Burnout vs Engagement
84
phyiscal, psychological, social, or organizational aspects of the job that help to either achieve work goals, reduce job demands & the assocaited physiological & psychological costs, or stimulate personal growth, learning, & development.
Job Resources ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 3 Burnout vs Engagement
85
a framework that can help understand the relationship between job demands & job resources with burnout & engagement.
Job Demands Resources Model ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 3 Burnout vs Engagement
86
1) Changing job demands & resources 2) Redefining the job to incorporate employee strengths, motives, & passions
Job Crafting ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 4 Interventions
87
Focus on reductions (or prevent) sources of stress.
Primary Interventions ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 4 Interventions
88
Focus on changing the effect of stressors proactively. Cheapest & most commone but put the onus on the employee.
Secondary Intervention ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 4 Interventions
89
Focus on how to deal with strain. Most costly
Tertiary Intervention ## Footnote Course: Total Rewards Lesson: Employee Motivation & Engagement 4 Interventions
90
defined as the measurement of the number of employees who leave an organization during a specific period (typically one year). Includes those who exit the company voluntarily, as well as those who exit involuntarily.
Employee Turnover (Employee Turnover Rate) ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 2 Defining Turnover & Attrition
91
Employee Turnover Categories
1) Voluntary 2) Involuntary 3) Reductions in Force ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 2 Defining Turnover & Attrition
92
Determining Employee Turnover Rate
Employees who left / Average number of employees x 100 ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 2 Defining Turnover & Attrition
93
* Measures movement * Includes new hires * Can be broken down to calculate voluntary & involunatary turnover. Overall turnover includes both. * Generally calculated monthly
Turnover Rate ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 2 Defining Turnover & Attrition
94
* Measures workforce stability * Does not include new hires * May exclude involuntary turnover (termination, layoffs) * Generally calulated annually
Retention Rate ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 2 Defining Turnover & Attrition
95
the process by which employees leave the workforce & are not immediately replaced typcially amicable
Employee Attrition ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 2 Defining Turnover & Attrition
96
is defined as the number of employees who leave an organizaiton during a specified period. A. Employee Attrition B. Employee Turnover C. Employee Experience D. Employee Retention
B. Employee Turnover Employee turnover identifies the rate at which employees leave an organization within a specified time period (usually one year). ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 2.1 Quiz
97
Which type of exit is the most dysfunctional for organizations? A. Voluntary B. Involuntary C. Regrettable D. Non-regrettable
C. Regrettable Regrettable exits are case in which high-performing employees have left the organization. These types of exits can be especially damaging for organizations. ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 2.1 Quiz
98
a trend in employees voluntarily leaving their jobs in droves in response to the COVID 19 pandemic.
The Great Resignation ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 2.3 The Great Resignation
99
Two of the biggest direct costs of turnover:
1) Financial Outlay 2) The staff time required to recruit & retrain new candidate for a given role ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 3 Analyzing Turnover Data
100
Any activities related to: * Recruitment & Hiring * New Employee Onboarding * Position-specfici Training
Direct Costs ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 3 Analyzing Turnover Data
101
May include: * Reductions in morale for those employees who remain * Customer attrition & damage to the overall organizational brand. * Reduced productivity, especially during the training & recruitment of a replacement
Indirect Costs ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 3 Analyzing Turnover Data
102
Time-Bound Turnover Rate Best for identifying patterns in the turnover cycle.
Number of employee exits in a defined time period / Average number of employees total for the organization during the same time x 100 ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 3 Analyzing Turnover Data
103
Voluntary Turnover Rate Best for identifying patterns in the number & types of employees who are choosing to exit the organization
Number of voluntary employee exits in a defined time period / Average number of employees total for the organization during that same time x 100 ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 3 Analyzing Turnover Data
104
Involuntary Turnover Rate Best for understanding the instances for those employees who are released from a company, & whether there is an inordinate amount of these turnovers during the time period being analyzed
Number of involuntary employee exits in a defined time period / Average number of employees total for the organization during that same time x 100 ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 3 Analyzing Turnover Data
105
Regrettable (Unwanted/Dysfunctional) Turnover Rate Best for understanding the instances of top talent leaving roles within an organization & identifying any patters that may play a role in this activity.
Number of high-performing employees exiting an organizaiton / Average number of employees total for the organization during that same time x 100 ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 3 Analyzing Turnover Data
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During recent performance evaluation activities within an organization, an HR people-leaded noted that several new hires recrutied by a specfic talent sourcing officer in the last 6 months have not worked out. The manager is unsure of the causes for this & would like to have a clearer picture of the data before approaching the recruiter with concerns. A. Time-bound turnover rate B. Voluntary turnover rate C. Involuntary turnover rate D. Regrettable turnover rate
A. Time-bound turnover rate Because this is an issue that has gained prevalence over a specific period of time, it would be most helpful to use time-bound turnover rates to analyze the recruiter's hiring activity during that time and try to identify any patterns that exist. It would also be helpful to look a the same information over a longer period of time to see whether this is a new occurrence over the last few months or an ongoing issue that needs to be addressed with this recruiter. ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 3.1 Quiz
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A manager has recently approached human resources with a concern that several of their top-performaing staff members have put in their notice. He fears that this may be a reflection of a broader issue within the organization. A. Time-bound turnover rate B. Voluntary turnover rate C. Involuntary turnover rate D. Regrettable turnover rate
D. Regrettable Turnover Rate Remember that regrettable (also known as unwanted or dysfuctional) turnover rate helps employers gauge how many of their high-performing staff members have chosen to leave the organizaiton. Although this calculation does not help retain employees who have already left the company, it can provide guidance on how to retain remaining high-performers when combined with a holistic analysis of turnover factors. ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 3.1 Quiz
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conversations that senior leaders or human resources professionals have with employees who are departing a role.
Exit Interviews ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 4 Exit Interviews
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Exit Interview Goals
* Receive honest feedback about work experience * Understand their reason for leaving * Provide an opportunity to discuss ideas they may have for improvement ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 4 Exit Interviews
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Components of an Exit Interview Policy
* should be voluntary * should be conducted according to a standard format, & include standard questions reflective of the employees' seniority, role, & length of service * information discussed should be kept confidential, except in few, specfici cases * requests should originate from HR & should be delivered to an employee in writing ## Footnote Course: Total Rewards Lesson: Managing Employee Exits 4 Exit Interviews

pHCLE 202311 (11 decks)

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