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GPHR 2019 > Comp And Benefits > Flashcards

Comp And Benefits Flashcards

1
Q

What does FLSA cover

A 
Minimum wage
Overtime
Child Labour
Exempt status
Record keeping
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2
Q

Who is an exempt person

A 
Professional - College degree
Executives 
Supervisor 
Managers/Administrators - customers/money
Outside sales
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3
Q

If you make under $23,000 are you exempt

Or non exempt

A

Non exempt

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4
Q

EPA

A

Equal pay act

Equal pay for equal work regardless of sex

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5
Q

COBRA

A

Consolidated Omnibus Budget Reconciliation Act

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6
Q

FMLA

A

Family medical leave act

Up to 12 weeks unpaid time off for birth of a child, adoption, or sick family member.

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7
Q

HIPAA

A

Health insurance affordability and portability act

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8
Q

What is the overtime threshold in the EU

A

48

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9
Q

What is the working time directive

A

*

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10
Q

How many days a year are workers in China allowed to visit a spouse living elsewhere?

A

30 for spouse

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11
Q

How many days a year are workers in China allowed to visit parents living elsewhere?

A

20 days

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12
Q

What is the going rate?

A

The approach linking the expat comp to local market.

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13
Q

Types of global Comp

A

Fixed term
Short term
Local market rate
Host based

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14
Q

What is the balance sheet approach

A

Make the employees purchasing power the same in home as host

Most widely used
Equalizes the cost
In UK it’s called the build up system

Most widely used approach

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15
Q

Modified balance sheet approach examples

A

Examples

Mixed comp approach
Better of home or host

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16
Q

Localization approach to comp

A

Comp designed for ppl who are going to live in the country for a long time

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17
Q

What is COLA

A

Cost of living allowance

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18
Q

Hardship premium

A

Additional funds because of where you are living. Country could be very underdeveloped and you will be expected to live in unfavorable conditions.

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19
Q

Foreign service premium

A

Money people receive while they are out on assignment.

Most common allowance.

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20
Q

Tax equalization

A

Protects expats form higher tax bc of a foreign assignment.

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21
Q

As hockey approach

A

*

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22
Q

Laissez faire

A

Hands off approach - company does not help.

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23
Q

Tax protection

A

We run a hypothetical tax calculation for both the home and host countries.

Employer pays the additional tax deductions.

The employee could potentially lower their taxes in that country and could benefit from it that much more.

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24
Q

Double tax treaties

A

Expat taxes at reduced rate or exempt form income taxes on certain items.

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25
Q

Totalization agreement

A

Eliminates double taxation for social security benefits.

Allows workers to qualify for benefits based
In combined covered from multiple countries.

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26
Q

Split payroll

A

Stabilizes people’s pay. Some money in local pay and some in host pay.

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27
Q

Performance driven Management incentives

A

Incentive pay at risk Based on overall success Of the organization

Usually large portion of total compensation

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28
Q

Long term mgmt incentive

A

Deferred comp

Rolling incentive plans

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29
Q

Examples of perquisites

A 
Non cash compensation 
 - Country club, first class travel, company cars.
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30
Q

Golden parachute

A

Protection if they lose their job

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31
Q

Silver parachute

A

Mid level mgmt

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32
Q

Golden handcuffs

A

Incentives to get ppl to stay and if they leave they need to return it.

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33
Q

Incentive stock option plan

A

Employees opp to purchase shares of company stock.

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34
Q

Employee stock purchase plan ESP

A

Shares purchased at a discount. No income tax on grant only when you sell.

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35
Q

What is the strike price

A

*

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36
Q

Phantom stock

A

Stocks instead of cash bonus

  • predetermined date for cash out
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37
Q

Stock appreciation rights

SAR

A

right to monetary equiv. Or actual shares

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38
Q

ESOP

A

Employee stock ownership plan

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39
Q

What is ESOP

A

Gives employees shares of stock in the company.

Designed to increase employees effort, commitment, and loyalty.

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40
Q

US gov mandated benefits:

A 
Workers comp
Social security 
Unemployment insurance 
FMLA
COBRA
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41
Q

Canada mandated benefits

A

Health insurance
Unemployment insurance
Retirement

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42
Q

China benefits

A

Unemployment

Home leave

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43
Q

UK benefits

A

Family leave
Pension
HI

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44
Q

India benefits

A

Paid holidays
Illness leave
Pension
Workers comp

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45
Q

Defined benefits pension plan

A

Promise of retirement
Benefit determines by formula
Monthly income for life

46
Q

Defined contribution pension plan

A

Account in employees name

Balance determines by fund performance

47
Q

Profit sharing

A

Discretionary employer contribution based on profits

48
Q

Money purchase plans

A

*

49
Q

401K

A

*

50
Q

FLSA

A

Fair Labour standard act

Has nothing to do with vacation, sick or pay that was go I worked day.

51
Q

To qualify for FMLA how many hours and length of service do you have to have.

A

12 months + 1250

Hours

52
Q

Explain the FMLA benefits

A

*

53
Q

NDAA

A

National defense authorization act

54
Q

Explain the NDAA

A

*

55
Q

Caregiver leave

A

*

26 weeks of unpaid leave

56
Q

Active Duty Leave

A

*

57
Q

Name strategic objectives for a global comp. plan

A

Consistency with strategy
Retain emps
Cost effective and easy to administer

58
Q

Expats objectives for their compensation

A

Lessen the financial concern
Personal needs met
Career advancement

59
Q

Can you pay people under the age of 21 is less then minimum wage in the UK?

A

Yes

60
Q

Does FLSA extend outside of the US?

A

NO

61
Q

Are flexible working hours for families mandated in the UK?

A

Yes

62
Q

What is pure localization compensation strategy?

A

No benefits of being an international assignee. You are now being paid as if you were a local.

63
Q

Higher of host or home

A

Choice of being paid like a local national or the same as home country.

64
Q

Is taking IA’s good for your career?

A

It is not always good for your career. Some work is but not always. People who have roots tend to move up and be promoted in the time others are on assignment.

65
Q

What is purchasing power parody?

A

Being able to have the same purchasing power in your host country as your home.

66
Q

Exchange rate differential

A

Big Mac Index - price of a big mac in the assignment countries compared to the price of the BM in the home country.

67
Q

Bonafide resident test

A

Checking to see if the employee is considered a resident in another country during the year. Ex - Kanchan

68
Q

Physical presence test

A

How many days you spent in the US - more than 35 days. If you are there more than 35 days then you have to pay income tax.

69
Q

What phase is the best to send IA’s out on assignment?

A

Maturity because they have the most money.

70
Q

If assignees are leaving in the beginning of assignments and the end what is most likely the reason for this?

A

Poorly designed compensation packages.

71
Q

What department is responsible for hardship allowances in the US?

A

USDOS

72
Q

Wage price spriral

A

Cause-and-effect relationship between rising wages and rising prices, or inflation.

73
Q

Name 4 motivation theories

A

Maslows
Herzberg’s
Vroom’s expectancy theory
Adam’s equity theory

74
Q

**Herzberg’s theory of motivation

A

Pay and benefits don’t have a long term effect but bad pay and benefits can have a serious effect on demotivating people.

75
Q

Vroom’s theory of expectancy

A

The better I do the better I should be treated. The worse I do the more I expect to be disciplined, etc.

76
Q

Adam’s equity theory

A

Compares themselves to their coworkers pay and workload.

77
Q

Job Design

A

**

78
Q

Job description

A

Summary of the highlights of the job analysis.

79
Q

Job Analysis

A

Activities and responsibilities
Relationships with other jobs
Required personal Qualifications
Working conditions

80
Q

What comes first job analysis or job description?

A

Job Analysis is always first.

81
Q

Point factor approach

A

Points of education
Points for years of experience
Errors in the position
Challenging

82
Q

Slotting

A

Very subjective

Slot people into where they think they should be.

83
Q

Direct pay

A

Money that is going into a persons pocket

84
Q

Indirect pay

A

benefits

85
Q

Flat rate pay

A

Everyone gets the same amount of money.

86
Q

Time based systems

A

The longer you work there, the more you make.

87
Q

Automatic step rate system

A

You get raises based on seniority.

88
Q

Performance based pay/merit pay

A

The better you do, the better I will pay you.

89
Q

Productivity based pay

A

Similar to performance but it’s based on numbers, piece rate pay system.

90
Q

Knowledge system

A

The more you know the more you will make

91
Q

Broadbanding

A

Grouping similar positions together and doubling the pay range where the max is usually 200%.

92
Q

Contracts are rare in the US except for…

A

Executives

93
Q

Employee Provident Plan (India)

A

Largest fund in the world of retirement money in India in the employees name. This is mandatory.

94
Q

State pension act (UK)

A

Contribution based - employee and the company pay towards the pension which is given to the government when they retire

95
Q

Social Security Act (US)

A

Same as UK.

Money comes from the employee and from the company and it’s invested for the employee for when they retire.

An American worker anywhere in the world needs to have SS taken off and the employer is required to match it.

96
Q

Canada pension plan

A

100% country sponsored pension plan. Based on ages and number of years of work but you will still get money even if you never worked.

97
Q

EU benefits

A 
Compulsory bonuses - 13th month
Vacation leave
Holidays
Acquired rights
Severance pay
98
Q

Ranking

A

most common job evaluation technique.

99
Q

Factor comparison

A

Most complex method of job evaluation and the most difficult to implement.

100
Q

Red circle rates

A

when workers pay exceed the maximum of the pay grade.

101
Q

Forms the basis for the balance sheet approach

A

Nominal home salary

102
Q

Disturbance allowance is also known as…

A

Relocation allowance

103
Q

Mobility premium/Foreign Service Premium or Expat premium

A

Incentive money given to an expat to begin and complete an assignment.

104
Q

Expat allowances

A

Additional funds that we give to assignees.

Are all premiums:

Hardship
Mobility
Moving

Trends right now are cost control. First thing to cut back is allowances in cost cutting measures.

105
Q

Mobility premiums

A

Money that is given for the initial move and so you can move quickly.

106
Q

Spousal support

A

Employees spouse has to put career on hold, it’s important to always involve the spouse because they can make or break the assignment.

Language training
Servant
Driver
Allowing the spouse to have membership to clubs
Give the spouse funds to offset the reduction of income

107
Q

Danger pay

A

Terrorism, kidnapping, robbery, muggings, some high crime countries people would be given danger pay to incentivize them to take the assignment.

108
Q

How much does assignees cost while on assignment?

A

200-300% more

109
Q

Net to net approach

A

Take net amount of taxes in home and the net taxes in the host country and compare the disposable income for home and host.

Ensure that the employee has equal PPP after taxes for both home and host.

110
Q

FUTA and SUTA

A

*

GPHR 2019 (19 decks)

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