REWARDS Flashcards
It is the final requirement to ensure effective performance. The requirement refers to the design and implementation of reward system.
REWARD
This makes employees motivated
REWARD
Is the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required.
Compensation
By laws, there should be ________
monetary compensations
paid to any employee shall mean the remuneration or earnings, however designated, capable of being expressed in terms of money, whether fixed or ascertained on a time, task, piece, or commission basis, or other method of calculating the same, which is payable by an employer to an employee under a written or unwritten contract of employment for work done or to be done, or for services rendered or to be rendered and includes the fair and reasonable value
WAGE
Minimum wage in Manila
537
Types of Organizational Incentives
●Intrinsic rewards
●Extrinsic rewards
are rewards that the worker receives from the job itself.
Intrinsic rewards
are rewards that enhance the workers get from the employer.
Extrinsic rewards
Prides in one’s work.
Intrinsic rewards
Feeling of accomplishment.
Intrinsic rewards
Being part of a team.
Intrinsic rewards
What are the extrinsic rewards
money. promotion, benefits
rewards that enhance an employee’s financial well-being directly through
Financial rewards
Financial rewards are enhance an employee’s financial well-being through:
Wages
Bonuses
Profit sharing
are indirect enhancement of an employee’s financial well-being.
Nonfinancial rewards
What are Nonfinancial rewards
Supportive benefits Paid sick leaves Pension plans Purchase discounts Paid vacations
rewards that are given using performance as basis
Performance –based rewards
rewards that are given when you achieve something
Performance –based rewards
Commissions
Performance –based rewards
Piece of work pay plans
Performance –based rewards
Incentive system
Performance –based rewards
Group bonuses
Performance –based rewards
Forms of merit pay
Performance –based rewards
refer to those that are given to all employees regardless of performance.
Membership-based rewards
COLA
Membership-based rewards
Salary increase due to market conditions
Membership-based rewards
Benefits
Membership-based rewards
Seniority
Membership-based rewards
Kinds of Salary
●Hourly pay
●Annual Rate
●Commission
Individuals are compensated for the hours they actually work at a predetermined rate per hour.
Hourly pay
receive a set amount every pay period based on a full-year rate.
Annual Rate
offers a certain percentage of every sale generated.
Commission
TRUE OR FALSE. The normal hours of work of any employee shall not exceed eight (8) hours a day.
TRUE
How many hours in a week does an employee need to fulfill?
48 hours
Six days a week
TRUE OR FALSE. The employee is not entitled to have 60 minutes for their regular meals.
FALSE
Overtime pay formula
Minimum age/8 +25% = overtime pay
TRUE OR FALSE. 8 hours should be rendered first in order to have the overtime pay
TRUE
TRUE OR FALSE. a rest period of not less than twenty-four (24) consecutive hours after every six (6) consecutive normal work days.
TRUE
REST DAY RATE
Minimum Wage X .30 = Rest Day Rate
RATE FOR WORK PERFORM ON SUNDAYS AND HOLIDAYS
Minimum Wage X .30
RATE WHEN WORK PERFORM ON A SPECIAL HOLIDAY
Minimum Wage X .30
RATE WHEN AN EMPLOYEE NEEDS TO PERFORM WORK DURING HIS REST DAY WHILE THE DAY BEING A SPECIAL HOLIDAY
Minimum Wage X .50
RATE WHEN AN EMPLOYEE NEEDS TO PERFORM WORK ON A REGULAR HOLIDAY
Minimum Wage + Minimum Wage
TRUE OR FALSE. All service charges collected by hotels, restaurants and similar establishments shall be distributed at the rate of eighty-five percent (85%) for all covered employees and fifteen percent (15%) for management.
TRUE
