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PHR > Total Rewards > Flashcards

Total Rewards Flashcards

1
Q

What are the 3 goals of a compensation program?

A
  • Retain and motivate employees
  • Offer fair reward for their achievements
  • Create incentives for future efforts
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2
Q

What are the 3 elements of compensation?

A
  • base wage or salary
  • benefits
  • incentives
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3
Q

define total rewards

A

sum of all compensation and benefits paid to an employee (monetary and nonmonetary)
- Non-monetary can include career opportunities, camaraderie, professional development, remote-work option

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4
Q

When was the Fair Labor Standards Act Passed?

A

1938
xxx

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5
Q

What is the Usual Criteria to be considered an Exempt Employee?

A
  • Must earn more than $684 per week
  • Must be salaried—that is, not paid on an hourly basis
  • Must perform certain exempt duties as part of his or her job (administrative, executive, or professional duties)
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6
Q

What is not covered by FLSA?
Hint: (VMWPT)

A
  • Vacation, holiday, severance, or sick pay
  • Meal or rest periods, holidays off, or vacations
  • Premium pay for weekend or holiday work
  • Pay raises or fringe benefits
  • Procedures for discharging an employee, or immediate payment of final wages to terminated employees
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7
Q

What jobs can children 13 and under perform?

A

non-hazardous farm jobs with parent’s written consent

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8
Q

What jobs can ages 14-15 work?

A

farm jobs outside school hours and nonhazardous jobs for a limited period outside school hours

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9
Q

What is not covered by FLSA?

A
  • Vacation, holiday, severance, or sick pay
  • Meal or rest periods, holidays off, or vacations
  • Premium pay for weekend or holiday work
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10
Q

What documentation must be kept for non-exempt employees for 3 years?

A
  • Personal information, including employee’s name, home address, Social Security number, occupation, gender, and birth date if under 19 years of age
  • Hour and day when the workweek begins
  • Total hours worked each workday and each workweek
  • Total daily or weekly straight-time earnings
  • Regular hourly pay rate for any week when overtime is worked
  • Total overtime pay for the workweek
  • Deductions from or additions to wages
  • Total wages paid each pay period
  • Date of payment and pay period covered
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11
Q

What does the Portal to Portal Act cover?

A

employers must compensate workers for performing job-related tasks outside of work hours

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12
Q

What does the David Beacon Act do?

A

laborers and mechanics be paid the prevailing (average) wage on public works projects
- prevented employers from hiring out-of-town or out-of-state workers and paying them less than they would have to pay local workers

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13
Q

Define broadbanding

A

using a job grading structure with extremely wide salary bands

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14
Q

Define wage compression

A

occurs when there are small differences in pay regardless of experience, skills, level, or seniority

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15
Q

what does Compa-ratio calculate?

A

how close an employee’s pay is to pay at the middle of an organization’s pay range

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16
Q

What are the 4 compensation stages?

A

Start-up
Growth
Maturity/consolidation
Decline

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17
Q

What is the start-up compensation stage comprised of?

A

High salary
Low bonuses and benefits

18
Q

What is the growth compensation stage comprised of?

A

Low Salary
Competitive Benefits
High bonuses

19
Q

What is the Maturtity/Consolidation compensation stage comprised of?

A

Competitive salary, bonuses, and benefits

20
Q

What is the Decline compensation stage comprised of?

A

moderate salary, bonuses, and benefits

21
Q

Which of the following are employers required to pay for 1099 contractors?
Social Security
Federal Taxes
State taxes
OT/ On-call pay

A

none of them are required by employers

22
Q

Are employers required to offer health insurance benefits to employees?

A

Over 50 employees, must offer or pay a fine

23
Q

What’s the difference between defined-benefit pension plans and defined-contribution pension plans?

A

Defined-benefiit - fixed amount by employer
Defined-contribution - contributions by employee (401k)

24
Q

define vesting

A

point at which employees are entitled to employer’s contriubutions

25
Q

What are ERISA guidelines for vesting?

A

20% vested after 3 years of service, and vesting increases incrementally until 7 years of service, where contributions are 100% vested

26
Q

What is the max someone can invest in an IRA

A

6000 per year, unless you are over 50, then it’s 7k

27
Q

What special 401k rule is there for someone who becomes disabled?

A

People who become disabled can removed money from their accounts before the age of 59.5 without any penalty

28
Q

What is a simplified Employee Pension Plan (SEP)?

A

pension plan funded by an employer

29
Q

What are the 2 rules of a Simplified Employee Pension Plan (SEP)?

A
  • All employees must receive the same contribution
  • The max employer contribution is 25% of the employers salary or $57k (whichever is less)
30
Q

What is the main difference between HMO’s and PPO’s?

A

PPO’s allow employees more choice of what doctors they see

31
Q

What 3 things qualify someone for Medicare?

A
  • 65 or older
  • Have end-stage renal disease (meaning you are on dialysis or need a kidney transplant)
  • Have been collecting Social Security Disability Insurance for more than 2 years
32
Q

How long must employers keep payroll records and sales records?

A

3 years

33
Q

What do Medicare parts A, B, C, and D cover?

A

A - hospital insurance and hospice
B - medical insurance
C - Advantage - dental vision, hearing, and prescription along with medical insurance
D - prescription coverage

34
Q

When is wage compression likely to take place?

A

when comparable external pay rates rise faster than internal pay rates

35
Q

When is an employee permitted to waive their rights under the Older Worker Benefit Protection Act? This is a case of an individual lay-off.

A

After being given 21 days to consider the agreement; With group lay-offs, this time frame is 45 days.

36
Q

What is red circle pay?

A

When employees receive compensation that is above the maximum compensation for their salary range

37
Q

How many credits must an employee earn by contributing to the Old Age, Survivors, and Disability Insurance program in order to retire and collect a percentage of their income?

A

40

38
Q

Which employees should have similar compa-ratios?

A

a) employees with similar skills
b) employees with similar responsibilities
c) employees with similar levels of seniority
**d) all of the above

39
Q

What’s the best way to respond to wage compression?

A

increase salaries of existing employees to match the salary of the new, more higher
employee

40
Q

What is a green circle rate?

A

When an employee’s pay rate is lower than the minimum for their pay grade

PHR (5 decks)

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