Rewards Management ComBen Flashcards
Important to people as a reward, and therefore to organizations as a tool to facilitate organizational effectiveness
Pay
Reward Programs must address: (5)
- Personal Fulfillment
- Physical Conditions
- Management Styles
- Corporate Culture
- Company Image
Extrinsic TOTAL RETURNS OF WORK
Total Compensation
What is under Total Compensation? (2)
Cash Compensation
Benefits
Cash compensation of total compensation (4)
*Base
*Merit/Cost of Living
*Short-term Incentives
*Long-term Incentives
Benefits of total compensation (3)
- Income Protection
- Work/Life Focus
- Allowance
Benefits of relational returns (4)
*Recognition and Status
*Employment Security
*Challenging Work
*Learning Opportunities
Fixed salary amount paid to an employee for performing their job, regardless of performance or other factors.
Base
Additional compensation adjustments based on an employee’s performance or to account for the rising cost of living.
Merit/Cost of Living
Variable pay tied to short-term goals or accomplishments
Short-Term Incentives
Compensation plans that provide rewards over an extended period, often involving stock options, equity grants, or retirement benefits.
Long-Term Incentives
The fixed amount of money an employee receives on a regular basis for their work.
Base Salary
Compensation that is linked to an employee’s performance and achievements.
Performance-Based Pay
Non-monetary forms of compensation
provided to employees, such as health insurance
Benefits
Also takes care of retention; not only about the learning and certification programs but also challenges, stretch goals – clear about their career path; and flexibility.
Professional Development Program
Initiatives designed to acknowledge and reward employees for their exceptional efforts and contributions.
Recognition Programs
Policies and initiatives aimed at promoting a healthy work-life balance for employees.
Work/Life Programs
Salaries, commissions, bonuses
Compensation
Vacations, health insurance
Benefits
Friendly Workplace
Social Interaction
Stable Consistent Position and Rewards
Security
Respect, prominence due to work
Status/Recognition
Opportunity to experience different things
Work Variety/Challenge
Valued by society
Work Importance
