Compensation & Benefits

Question 1

What type of benefit structure do we give to an organization that creates emphasis on teamwork?

Answer 1

We give similar benefits across all levels and standard pay increase annually

Question 2

What type of benefit structure do we give to an organization that creates emphasis individual performance?

Answer 2

Give bonuses for reaching individuals goals

Question 3

What should be factors to be considered when deciding benefits?

Answer 3

1. age
2. skills
3. experience
4. Industry standards

Question 3

Why should we have clear guidelines about how we compensate
1. different levels of education
2. experience
3. special skills set
4. productivity?

Answer 3

in case two people have the same job but make different amounts of money, we have to justify why one makes more than the other

Question 4

What are the four types of base pay

Answer 4

1. Base Pay
2. Flat rate pay
3. Performance based pay
4. Productivity based pay

Question 4

What is base pay?

Answer 4

1. Hourly Wage
2. Monthly salary (hours worked does not matter)

Question 5

What is flat rate pay?

Answer 5

Everyone in the same position gets paid the same regardless of seniority or performance

Question 6

What is performance based pay

Answer 6

employees performances dictates the amount of raise and the timing of the raise

Question 7

What is productivity based pay

Answer 7

Employees gets paid based on each item produced

Question 8

What are the cons of performance based pay?

Answer 8

Got to be sure you can connect performance to pay in case an employee argues they worked better

Question 9

What are the pros of productivity based pay

Answer 9

good for employees that must produce together pieces

Question 10

Can you do a mixture of these pays?

Answer 10

yes you can e.g. base pay + performance based pay

Question 11

Who should u contact if you are unsure about pay?

Answer 11

a payroll specialist