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HRM Finals > REWARDS MANAGEMENT (BLUE) > Flashcards

REWARDS MANAGEMENT (BLUE) Flashcards

1
Q

Indicates both tangible (compensation and benefits) and intangible (learning and development) aspects.

A

TOTAL REWARD MODEL

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2
Q

Reasons for employees to become loyal and devoted to the organization.

A

TOTAL REWARD MODEL

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3
Q

It also gives satisfaction to the members of the workforce.

A

TOTAL REWARD MODEL

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4
Q

Provides real impact and meaning of rewards to employees.

A

TOTAL REWARD MODEL

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5
Q

All types of compensation and benefits that employees receive in exchange for all forms of work performance.

A

REWARDS

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6
Q

The ability to translate it into something that will increase an employee’s satisfaction and loyalty to the organization.

A

RETENTION

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7
Q

Refers to the compensation and benefits plan made by the firm.

A

REMUNERATION

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8
Q

REMUNERATION

Tangible equivalent of any work or task performed in the organization; can be either direct or indirect.

A

COMPENSATION

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9
Q

COMPENSATION

Monetary rewards such as salaries, wages, commissions, bonuses, allowance and other forms of monetary payments.

A

Direct

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10
Q

COMPENSATION

Benefits offered by companies to employees such as hospitalization, insurance, day-offs, summer outings, sports fest, among others.

A

Indirect

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11
Q

COMPENSATION AND BENEFITS

A

Base Pay - job-based, skill or competency-based, market-based and combination of the three
Incentive
Allowances
Overtime Pay
Risk Benefits
Retirement Benefits
Equity Compensation
Perquisites

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12
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN

A
  1. Cost-containment
  2. Objective
  3. Motivating
  4. Productivity
  5. Equitable
  6. Non-discriminating
  7. Sustaining
  8. Adequate Legal Compliance
  9. Time-bound
  10. Inducing Loyalty
  11. Obligatory
  12. No Insecurity
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13
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Ability of the company to pay the right compensation package.

A

Cost-containment

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14
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Based on the tasks being performed by the employee as well as his/her skills and knowledge about the job.

A

Objective

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15
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Should boost employee morale.

A

Motivating

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16
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Ensure that employees are happy and satisfied.

A

Productivity-providing

17
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Fair to all that commensurate to the employee’s contribution.

A

Equitable

18
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Based on performance free from prejudices based on age, religion, civil status, gender and other discriminatory factors.

A

Non-discriminating

19
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Should provide for the employees’ needs and is concerned with his/her welfare.

A

Sustaining

20
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Adhere to the law.

A

Adequate Legal Compliance

21
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Should be given on time.

A

Time-bound

22
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Induce employees to stay in the company.

A

Inducing Loyalty

23
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Obligation to pay their employees well.

A

Obligatory

24
Q

CRITERIA OF AN EFFECTIVE COMPENSATION PLAN:

Should make the employees feel secured.

A

No Insecurity

25
Q

EXTERNAL FACTORS AFFECTING COMOPENSATION PLAN

A
  1. Demand and Supply Labor
  2. Prevailing Economic Conditions
  3. Government Intervention in Compensation
26
Q

EXTERNAL FACTORS AFFECTING COMOPENSATION PLAN:

Profession requires extensive educational background.

A

Demand and Supply Labor

27
Q

EXTERNAL FACTORS AFFECTING COMOPENSATION PLAN:

Varies from one industry to another.

A

Prevailing Economic Conditions

28
Q

EXTERNAL FACTORS AFFECTING COMOPENSATION PLAN:

Regulations like minimum wage law.

A

Government Intervention in Compensation

29
Q

INTERNAL FACTORS AFFECTING COMOPENSATION PLAN

A
  1. Budget
  2. Employee Motivation
  3. Employee Productivity
30
Q

COMPENSATION STRATEGIES USED BY FIRMS

A
  1. Minimum or Average Level Strategy
  2. Above Average Pay Strategy
  3. Competitive and Comparable Pay Strategy
31
Q

COMMON MODES OF PAYMENT

A
  1. PAYMENT FOR TIME WORKED - can be adjusted based on any of the following:
    a. across-the-board increase
    b. merit increase
    c. Cost-of-Living Allowances
    d. Seniority Pay
  2. FLAT RATES OR COLLECTIVE BARGAINING AGREEMENT (CBA) - negotiated rates - given to those who reach and exceed their sales targets
  3. COMPENSATION THROUGH INCENTIVES - based on output (merit, piece rate, commission)
  4. PAYMENTS BASED ON SKILLS, KNOWLEDGE OR CREDENTIALS
  5. EXECUTIVE PAYMENTS
  6. SPECIAL PAYMENTS
    a. Overtime Pay
    b. Holiday Pay
    c. Premium Pay - for special holidays
    d. Night Differential Payments
    e. Service Charges
    f. Separation Pay
    g. Retirement Pay
    h. nth Month Pay
32
Q

Benefits to motivate and make employees loyal to the firm.

A

RETENTION

33
Q

Objectives of Retention

A
  1. to attract and retain highly-skilled or high performing employees
  2. to promote employee commitment and loyalty to the organization
  3. to fulfill of the needs of the employees
34
Q

2 Employee Benefits

A
  1. Government-Mandated Benefits
  2. Voluntary Benefits
35
Q

Government-Mandated Benefits

A

SSS/GSIS
Pag-Ibig (HDMF)
PhilHealth Program
Service Incentive Leave
Maternity Leave
Paternity Leave
Special Leave for Women

36
Q

Voluntary Benefits

A

Vacation Leaves
Sick Leaves
Emergency Leaves
Summer Outings
Sports Fest
Rice Subsidy
Meal Subsidy
Shuttle Service
Hospitalization
Group Life Insurance Programs
Bonuses
Profit-sharing Scheme
Stock Options
Christmas Party and Packages
Cash Bonuses
Emergency Loan
Free Uniform or Clothing Allowances
Executive Perquisites

HRM Finals (4 decks)

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