Performance Management Flashcards
1
Q
Compensation
A
Monetary Payments:
- Wage : payment by the hour
- Salary : payment for a fixed term
Types of Compensation:
- Direct Compensation: Direct monetary payment to employees
- Indirect Compensation: Indirect financial compensation to employees; still has financial value (insurance, etc)
- Non-Financial Compensation: Does not have any financial value but makes the job satisfying (breaks, flexibility or time off)
2
Q
Performance Management
A
Planning, monitoring, developing, and evaluating employee performance to align with organizational goals
3
Q
Performance Appraisal
A
Feedback on employee’s contributions
