T1: TRM

Question 1

IMPT- Purpose of TRM?

Answer 1

To attract qualified employees

To retain competent employees

To motivate employees to perform their duties

Question 2

IMPT - Element of Total Rewards (got 5)

Answer 2

1. Compensation
2. Benefits
3. Work-life
4. Performance and Recognition
5. Development and Career Opportunities

Question 3

IMPT - 1. compensation

What are the (4) core elements?

Answer 3

Base pay
Variable pay
short term incentives
long term incentives

Question 4

IMPT - 2.Benefits

are…

Answer 4

Indirect compensation used to supplement cash compensation

Question 5

IMPT - 3. Work Life

to..

Answer 5

create a more friendly and supportive work environment for employees

Question 6

IMPT - 4. Performance and Recognition

each are to…

Answer 6

Performance: -Involves alignment of organisation

• team and indv effort towards
• achievement of business goals and org success

Recognition: -acknowledges employee effort
-meets intrinsic psychological need for appreciation on efforts towards org success

Question 7

IMPT - 5. Development and Career Opportunities

each are to…

Answer 7

Development: - set of learning exp
-designed to enhance employees applied skills and competencies

Career Opps: - plan for employees

• to advance in their career goals
• may include adv into higher responsibility position

Question 8

3 Components of TRM are

Answer 8

Direct Financial (mainly pay)
Indirect financial (mainly benefits)
Non-financial (job/env)

Question 9

What are the (4) techniques in compensation equity?

Answer 9

Internal equity, external equity, employee equity and team equity