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HRM > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

What is the name of the chapter?

A

Rewarding and recognizing employees

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2
Q

What is a direct compensation?

A

Wages, salaries, incentives, bonuses and commission

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3
Q

What is indirect compensation?

A

All other types of rewards such as extended health and dental plans and other similar programs and plan

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4
Q

What is total reward?

A

Everything that the employee feels is of values in the employment relationship

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5
Q

What are the five component of a total reward program?

A

Compensation, benefits, work-life balance, recognition of performance and learning and development and opportunities

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6
Q

What are goals driving pay and reward changes?

A

Improve employee’s focus on achieving business goals
Improve employees competencies
Focus on employee on customer needs
Create competitive advantage through our workforce
Reinforce corporate values

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7
Q

What are the common goals of rewards programs? (7)

A
  1. Rewarding employees for past performance
  2. Remain competitive in the labour market
  3. Maintain salary equity among employees
  4. Mesh employees’ performance with organizational goals
  5. Control the compensation budget
  6. Attract, motivate, maintain staff
  7. Influence employee work behavior and job attitude
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8
Q

What is a pay?

A

The measure of an employees’ relative worth

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9
Q

How does equity can be defined?

A

Anything of value earned through the investment of something of value

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10
Q

What is a pay for performance standard?

A

Standard by which , managers tie direct compensation to employee or organizational effort and performance

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11
Q

What are the types of pay-for-performance system?

A

Individual, tea, and organization

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12
Q

What is piecework?

A

work paid according to the number of units produced

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13
Q

What are the internal factor influencing the wage mix?

A

Compensation strategy
Worth of the job= evaluated with job evaluation systems
Employee relative worth
Employer’s ability to pay

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14
Q

What are external factors influencing wage mix?

A 
General economy
Conditions of the labour market
Area wages rate
cost of living
Collective bargaining
Legal requirements
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15
Q

What is CPI?

A

Consumer price index

Measure of average change in consumer prices over time in fixed market basket of goods and services

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16
Q

What is job ranking system?

A

It arrays job on the basis of their relative worth. Does not provide a very refined measure of each job’s worth. Not often used

17
Q

What is job classification system?

A

classify job by duties and responsibilities

The ones alike gain the same advantages

18
Q

What is point system?

A

a quantitative job evaluation procedure that determines a job’s relative value by assigning points on various factors

19
Q

What is factor comparison system?

A

Like point system but factor by factor basis

20
Q

What are wage and salary survey?

A

It is a survey of the wages paid by employers in an organization to employees relevantly to job market

21
Q

What are pay grades?

A

Group of jobs within a particular class that are paid the same rate or rate range

22
Q

What is competency based pay?

A

Pay based on how many capabilities employees have or how many jobs they can perform

23
Q

What are benefits of competency based pay?

A

Link competencies to business objectives
identify which job or type or work could benefit
Identify competencies that demonstrably affect performance
Devise method to measure achievement of each competency
Determine appropriate amount of pay for acquired skills
Provide mechanisms to review overall effectiveness

24
Q

What are the types of incentives? (5)

A 
Individual bonuses
Team or group based incentives
Merit raise
Profit-sharing
Employee stock ownership plan
25
Q

What are the benefit required by law?

A 
CPP
EI
Provincial hospital and medical services
Leaves without pay
Other required benefits
26
Q

Name voluntary benefits

A 
Dental coverage
Life insurance
Extended health coverage
Retirement pension plan
Pay for time not worked
Vacation pay
Sick leave
Paid holidays
Wellness program 
Employee assistance programs 
educational assistance plans
Childcare and eldercare
27
Q

What will we do next?

A

Chapter 9

28
Q

Why will we do that?

A

Because we want top grades in this class

HRM (2 decks)

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