employee rewards

Question 1

elements of a compensation system

Answer 1

base compensation(salary)
benefits(health insurance,vacation)
pay incentives(extra)

Question 2

impact of a pay check

Answer 2

purchasing power-economically
indicator of power and prestige-sociologically
feeling of self worth-psychologically

Question 3

types of benefits

Answer 3

legally required benefits
retirement
payed time off
employee services(travel cost,daycare)

Question 4

payment systems (9)

Answer 4

internal vs external equity
fixed vs variable
performance vs membership
job(job effective) vs individual knowledge)
elitism vs egalitarism
below market vs above market
open vs secret
centralized vs decentralized

Question 5

designing a compensation system

Answer 5

1,internal equity
2,external equity
3,individual equity