CH 8 Flashcards
1
Q
Why linking rewards to organizational goals?
A
- improve employee focus on goals
- improve employee’s skills
- focus on customer’s needs
- create competitive advantage in workforce
- reinforce corporate value
2
Q
name the goals of rewards
A
- rewards past performance
- competitive in labour market
- salary equity to maintain
- link performance to organizational goals
- compensation budget
- attract, retain and motivate staff
- influence behaviour and attitude
3
Q
What is equitable compensation?
A
compensation equal to the value of the work performed
4
Q
What are the different pay-for-performance systems?
A
- merit-based pay
- bonuses
- salary commission
- team incentive programs
5
Q
name the internal factors when determining compensation
A
- compensation strategy
- ability and willingness to pay
- worth of job
- relative worth of employee
6
Q
name the external factors wen determining compensation
A
- economy
- labour market conditions
- area wage rate
- cost of living
- collective agreements
- legal requirements
7
Q
Name the bases for compensation
A
- hourly work
- piecework
8
Q
name the compensation structures
A
- wage and salary surveys
- wage curve
- pay grades
- rate rages
9
Q
name and explain the job evaluation systems
A
- ranking system (based on relative worth)
- classification system (based on duties and responsibilitie)
- point system (evaluated quantitatively)
- factor comparison (comparing quantitative info)
10
Q
name the different incentive plans
A
- individual bonuses
- team-based incentives
- merit raises
- profit sharing
- employee stock ownership programs
11
Q
what are the objective of benefit programs?
A
- employee satisfaction
- meet employee’s concerns and requirements
- attract and motivate employees
- favorable competitive position
12
Q
name some of the voluntary benefits
A
- health and welfare
- retirement and pension plans
- paid vacation
- wellness programs
- employee assistance programs
- educational assistance
- childcare and eldercare
13
Q
name the benefits required by law
A
- CPP/QPP
- employment insurance
- hospital and medical services
- leaves without pay
