Chapter 8: Rewarding and Recognizing Employees Flashcards
1
Q
What are the BENEFITS REQUIRED BY LAW (MANDATORY)
A
- CPP/QPP
- Employment insurance (EI)
- Workers’ compensation insurance
- Provincial hospital and medical services • Leaves without pay
2
Q
What is Competency-based pay?
A
Pay based on how many capabilities employees have or how many jobs they can perform
3
Q
What are the JOB EVALUATION SYSTEMS
A
- Job ranking systems
- Job classification system
- Point system
- Factor comparison system
4
Q
What are the COMPENSATION STRUCTURE
A
- Wage and salary surveys
- Wage curve
- Pay grades
- Rate ranges
5
Q
What are the COMMON ORGANIZATIONAL REWARD GOALS
A
- Reward for past performance
- Remain competitive in the labour market
- Maintain salary equity among employees
- Control compensation budget
- Attract, motivate, and retain key employees
6
Q
What are the internal factors determine wages?
A
- Employer’s compensation strategy • Perceived worth of a job
- Employee’s relative worth
- Employer’s ability to pay
7
Q
What are the external factors determine wages?
A
- General economy
- Labour market conditions
- Area wage rates
- Cost of living
- Collective bargaining
- Legal requirements
