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Compensation & Benefits > Lesson 2 > Flashcards

Lesson 2 Flashcards

1
Q

Examples of Employee Benefits

A
  • Leave Benefits
  • Government Mandated Benefits
  • Life Insurance
  • Health and Dental Coverage
  • Christmas Bonus
  • Allowances
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2
Q

Government Mandated Benefits (There are 4)

A
  • Social Security Contributions
  • PAG-IBIG Loans and Contributions
  • PhilHealth Coverage
  • 13th Month Pay
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3
Q

How can you best define the salaries and hourly rates in your company?

A
  1. Define Employee Salary
  2. Define Employee Hourly Wages
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4
Q

You’ll need to scrutinize the market before defining your compensation offers.

A

Compensation Benchmarking

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5
Q

What to consider in Compensation Benchmarking (There are 5)

A
  • Industries
  • Location
  • Employee Size
  • Revenue Size
  • Job Summaries
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6
Q

What are the things you need to consider in Compensation Salary?

A
  • What type of direct compensation will you offer?
  • What benefits will you offer?
  • Are you r employees full-time or part-time employees?
  • Will all employees be on the same compensation plan?
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7
Q

How to design a Compensation Plan?

A
  • Define the company’s compensation philosophy
  • Research and analyze the job market
  • Decide whether you want to implement salaries or hourly wages
  • Select the benefits you’ll offer
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8
Q

Types of Pay Grade Structures

A

Vertical Pay Grade and Horizontal Pay Grade

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9
Q

A structure in which salary and step increases relate to a person’s job title, years of experience and responsibilities.

A

Vertical Pay Grade

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10
Q

A distinguishing feature is the potential for pay increases relating to the quality of someone’s work

A

Horizontal Pay Grade

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11
Q

It is the idea that all employees are provided with fair and equal opportunities based on their individual needs.

A

Equity

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12
Q

Two types of Equity

A

Internal Equity and External Equity

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13
Q

This refers to the pay levels of an organization’s employees in comparison to those of its competitors in the same industry or market

A

External Equity

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14
Q

It is based on job descriptions, job analysis and job evaluation. It provides both internal and external equity.

A

Fair Compensation Plan

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15
Q

Clearly define what is expected of an employee in a specific role, which helps in recruiting, training, performance evaluation, and job design.

A

Job Description

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16
Q

A brief overview of the role, including its purpose and scope within the organization.

A

Job Summary

17
Q

The official title of the position

A

Job Title

18
Q

It typically involves gathering data through methods like observations, interviews, and questionnaires to create a comprehensive understanding of the job and its requirements.

A

Job Analysis

19
Q

Provides benchmark for evaluating employee performance

A

Performance Appraisal

Compensation & Benefits (2 decks)

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