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Pension and Benefits > Module 1: General Overview & Fundamentals of Compensation > Flashcards

Module 1: General Overview & Fundamentals of Compensation Flashcards

1
Q

the heart of the employer-employee relationship

A

Compensation programs

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2
Q

to be successful in globally competitive markets, private sector organizations require the development of ____

A

Competitive advantage

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3
Q

aimed at beating competitors in the market place and should be derived and anchored to the organization’s mission and vision

A

Business strategy

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4
Q

These are articulated in statements that reveal the nature, goals and values of the organization

A

Mission and Vision

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5
Q

_____ and _____ must be strategic in attracting, retaining and motivating employees

A

Human Resource and compensation policies

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6
Q

Compensation strategy should :

A
  1. support the mission
  2. Alignment to business objectives
  3. Drive engagement and performance
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7
Q

2 approaches in developing a total rewards strategy

A
  1. industry best practice
  2. company best fit
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8
Q

Less costly than customized plan as there is a less time spent in the up-front analysis, design, planning and implementation

A

Industry best practice

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9
Q

Required to conduct a detailed need analysis of internal and external environment

A

Company best fit

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10
Q

Customized solutions aligned to culture and corporate strategy

A

Company best fit

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11
Q

Turn- key solution that allows for quick implementation

A

Industry best practice

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12
Q

most costly are there is substantial investment in the up-front planning and time of internal and external resources

A

Company best fit

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13
Q

Off-the-shelf

A

Industry best practice

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14
Q

Everything that compromises the total work experience

A

Total Rewards

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15
Q

Bespoke

A

Company best fit

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16
Q

Benchmark against external data to ensure compensation levels and benefits match key competitors

A

Industry best practice

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17
Q

the broadest term that is used to describe what
an employer is willing to offer individuals in exchange for their continued
employment.

A

Total Rewards Package

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18
Q

rewards that are derived from the working environment such as opportunity for quality of work life, job satisfaction, job challenge, personal and professional development opportunities, sense of belonging, freedom to act, visionary leadership

A

Intrinsic rewards

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19
Q

rewards that people traditionally think of as compensation because they confer a reward that is financially measurable

A

Extrinsic rewards

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20
Q

Cash compensation

A

direct rewards

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21
Q

employee benefits and services that protect an employee’s income or contribute to enhance an employee’s standard of living

A

indirect rewards

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22
Q

refers to everything the comprises the total work experience with a particular employee

A

Total Rewards Package

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23
Q

Direct Rewards or Indirect Rewards: Pay for time worked & Performance Compensation

A

Direct Rewards

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24
Q

Direct Rewards or Indirect Rewards: Deferred cash value

A

Indirect Rewards

25
Q

Direct Rewards or Indirect Rewards: immediate cash value

A

Direct Rewards

26
Q

Least easily valued or costed; differing employee needs

A

Indirect Rewards

27
Q

Not linked to performance

A

Indirect Rewards

28
Q

Easily valued & measured; easier to ensure equity

A

Direct Rewards

29
Q

Direct Rewards or Indirect Rewards: Cash compensation that creates an employee’s income and standard of living

A

Direct Rewards

30
Q

Benefits & services that protect or enhance employee income

A

Indirect Rewards

31
Q

Refers to the value of a job for pay rate rankings based on various degrees of: Skills, effort, responsibility and working conditions

A

Internatl equity

32
Q

Decisions need to be made after reviewing compensation levels paid in other companies.

A

External equity

33
Q

The sum of all the direct and indirect compensation elements, however mixed and balanced, used by a company to compensate its employees

A

Total Compensation

34
Q

term that is frequently used to describe this process of comparing one organization’s policies and practices to another

A

Benchmarking

35
Q

emphasize base pay and health care benefits with little of the total compensation package allocated to shares, options and bonuses.

A

Security-driven pay mix

36
Q

aims at encouraging employees to pursue team and personal performance improvements by putting more of their compensation “at risk”

A

Performance-driven pay mix

37
Q

attractive to professional and managerial employees who believe more in the “work-to-live” philosophy as opposed to those who focus their lives around a “live-to-work” routine

A

Work-life balance pay mix

38
Q

elements of an employer’s compensation package that are designed to protect, replace, supplement and enhance earnings component of employment remuneration by addressing employee concerns and worries about certain future events of contingencies

A

Employee benefits

39
Q

Benefit programs perform this function by:

A
  1. Protecting the standard of living of employees and their dependents against loss of earnings, or savings, as the result of medical or financial expenditures.
  2. Replacing employment income (sickness and disability benefits)
  3. Supplementing employee earnings (profit sharing or capital accumulation options)
  4. Improving employee status (enhanced work environment, special services and preferential tax treatment)
40
Q

the special feature which distinguishes what we commonly refer to as employee benefit plans from “paid time off” items in the compensation package

A

Preferential tax treatment

41
Q

the purpose of this plan is to protect employees’ income and alleviate concern over the loss of savings required to pay for large financial liabilities

A

income protection plans

42
Q

cover the loss of income from sickness, disability, employment, maternity/paternity leaves, retirement and death

A

Income Replacement plans

43
Q

Special benefits or perquisites (“PERKS”), to certain employees in addition to regular salary, benefits or bonus plans

A

Income Enhancement plans

44
Q

developed to enhance the employee’s status and style of living through special employment conditions

A

Income enhancement plans

45
Q

distinguishing feature that differentiates employee benefits from wages or “paid time off”

A

Preferential tax treatment

46
Q

What type of employee benefit plan? Employer Critical Illness Plans

A

income protection plans

47
Q

What type of employee benefit plan? Canada / Quebec Pension Plans provide retirement and disability benefits

A

Income Replacement plans

48
Q

What type of employee benefit plan? company cars, free parking

A

Income enhancement plans

49
Q

What type of employee benefit plan? Club memberships

A

Income enhancement plans

50
Q

What type of employee benefit plan? tax & financial counselling

A

Income enhancement plans

51
Q

What type of employee benefit plan? Employer Extended Health Care and Dental Plans help cover expenses not covered by provincial plans

A

income protection plans

52
Q

What type of employee benefit plan? Worker Compensation provides disability benefits in case of injury

A

Income Replacement plans

53
Q

What type of employee benefit plan? Employer Pension Plans provide retirees with income

A

Income Replacement plans

54
Q

What type of employee benefit plan? Employment Insurance income support in case of unemployment, illness or maternity leave

A

Income Replacement plans

55
Q

What type of employee benefit plan? Provincial Health Care helps with fund doctor and hospital expenses

A

income protection plans

56
Q

What type of employee benefit plan? Cover a high proportion of expenses associated with accidents, sicknesses etc.

A

income protection plans

57
Q

What type of employee benefit plan? Wellness programs

A

Income enhancement plans

58
Q

Private sector employee savings vehicles which employee and/or employer contribution are invested to primarily provide savings

A

Capital Accumulation Plans

59
Q

CAPSs are established by employers for many reasons but are generally intended to:

A
  1. provide employees with additional retirement income security
  2. increase employee interest in immediate and deferred savings
  3. act as a reward for corporate or individual performance
  4. take advantage of tax savings opportunities

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