Compensation / Total Rewards Flashcards
needs for survival and security, social needs and recognition
extrinsic rewards
higher level needs for self-esteem, achivement, growht and development
intrinsic rewards
3 components of pay
base pay, performance pay, indirect pay
steps of effective compensation
understand org and people, formulate reward and compensation strat, determine comp values, design performance pay and indirect pay plans, implement manage evaluate and adapte compensation system
structural variables
job design, coordination and departmentation, decision making and leadership, communication and information, control system, reward system/compensation system
contextual variables
org’s environment, business strat, technology, size, workforce
three types of managerial strategies
classical, hr managerial, high-involvement
three e’e behaviours that are desired reward outcomes
membership behaviour, task behaviour, organizational citizenship
three e’e attitudes that are desired reward outcomes
job satisfaction, work motivation, organizational identification
Job enrichment is caused by
job satisfaction, task significance, skill variety, job autonomy, job feedback
three methods for determining base pay
market pricing, job evaluation, pay for knowledge
three compensation levels
lagging, leading, matching
how to determine which compensation level is most efficient for the org?
utility analysis
5 major methods of JE
ranking, paired comparison, classification/grading, factor comparison, point
when to update job evaluation
job changes significantly, signs je doesn’t work, labor market changes, legislation changes
