Total Rewards & HS Flashcards
_______ refers to all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship
Compensation
The grouping of related jobs with broadly similar content (marketing, engineering, office support)
Job family
Group of tasks performed by one person that make up the total work assignment of that person
Job
Smallest unit of analysis, a specific statement of what a person does
Task
A step within a compensation system that defines the amount of pay an employee will receive. It is generally defined by the level of responsibility performed within the job, authority, length of time ee has performed the job
Pay grade
The span between the minimum and maximum base salary an organization will pay for a specific job or group of jobs
Pay range
Used as a border term that encompasses several pay levels, ranges or grades. Used to distinguish the level of compensation given to certain ranges of jobs
Pay bands
This involves collapsing salary grades into a few broad bands each with a sizeable range
- one minimum and one maximum
Purpose is to provide more flexibility to manage career growth and administer pay
Broad banding
3 job evaluation methods
Job ranking
Job classification
Point method
Job ranking is
Examining job description and arrange jobs according to their value
Job classification
Classes or grades are defined to describe a group of jobs
Point method is
Numerical values (points) are assigned to specific job components, sum of the values provides quantitative assessment of job worth
Universal compensable factors
Skill
Effort
Responsibility
Working conditions
Competency based pay terminology - The grouping of factors that translate core competency into observable behaviour
Competency sets
Competency based terminology - observable behaviours indicate the level of competency within the competency set
Competency indicators
Pay for performance plans short term (5)
Merit pay Lump sum bonus Commission Unsocial incentive plans Individual spot awards
This pay for performance system links increases in base pay to how highly employees are rated in a subjective performance evaluation.
Issues are that it is expensive and doesn’t achieve a desired goal
Merit pay
Pay for performance method that is usually found in union contracts (eg. 2% in 6 months, 2% in 12 months)
Merit pay
A pay for performance method that offers a promise of pay for some objective, pre-established level of performance.
Individual incentive plans
Pay for performance plan that is not built into base pay, viewed as less of an entitlement than merit pay, increasingly used as substitute for merit pay and is less expensive than merit pay over the long run
Lump sum bonus
Challenges with group incentive plans (5)
Varieties in teams The level problem Complexity Control Communication
3 types of group incentive plans
Gain sharing
Profit sharing
Earnings at risk
This type of group incentive plan has employees share in cost savings or productivity gains (Scanlon, Rucker, Improshare)
Gain sharing plans
This group incentive plan has variable pay plans requiring a corporate profit target to be met before any payouts occur
Profit sharing plans
This group incentive plan shares profits in successful years and reducing base pay in unsuccessful years (stock options, shares,phantom stock options)
Earnings at risk plan
3 types of gainsharing plans
Scanlon (labour & cost)
Rucker (inventory)
Improshare (production & outputs)
This pension alternative provides a benefit which is easily communicated, company absorbed risks associated with changes in interest rates, more favourable to long service employees, unknown employer costs
Defined benefit plan
This pension alternative has unknown benefit level that is difficult to communicate, employees assume risks, favourable for short term employees, employer knows costs upfront
Defined contribution plan
Compensation system
Deals with monetary aspects of reward system. Before CS is developed, must develop RS. Big circle is rewards system, small circle is compensation circle
Strategic framework for compensation (4)
Human
Information
Physical
Financial
Job dissatisfaction leaded to 4 basic undesirable consequences
1) violation of psychological contract
2) perceived inequality
3) relative deprecation
4) lack of organizational justice
3 methods for setting base pay
Market pricing of supply and demand
Job evaluation
Pay for knowledge
Standard piece rate formula
Wage/# of units
$10.00 hour / 4 widgets = 2.50
2.50 is standard piece rate
Differential piece rate is when an employee earns less or more that straight piece rate if production is met or not (don’t make enough don’t earn as much)
4 types of selling
Maintenance selling (low incentive)
Conversion selling (moderate incentive)
Leverage selling (moderate incentive)
New market selling (high incentive)
Which type of selling focuses on selling an established product to existing customer
Maintenance selling
What type of selling focuses on selling an established product to a new client
Conversion
What type of selling focuses on selling new products to existing customers
Leverage selling
What type of selling focuses on selling new products to new customers
New market selling
The identification evaluation and control of hazards associated with work environment
Occupational Health and safety
Any cut, fracture, sprain or amputation resulting from a workplace accident
Occupational injury
Any abnormal condition or disorder caused by exposure to environmental factors associated with employment
Occupational illness
Any object, action or condition that can be a source of potential adverse health effect, damage or harm to people processes or equipment within the workplace
Hazard
Any activity that may occur in a day to day basis as a direct or indirect result of some human or Human related undertaking
Event
An unwanted event or occurs from that might have had a negative Impact on the people, property, or process involved
Incident
Any unwanted event that causes harm to people property or processes
Accident
The 3 basic rights
Right to know
Right to participate
Right to refuse unsafe work
Students, learners and trainers who are workers under the occupational health and safety act have the same duties and rights as paid workers
True
Required by law, this provides non adversarial atmosphere in which labour and management can work to create a healthier workplace. Training and certifying atleast one management member and one worker member who are involved in inspections, work refusals, and bilateral work stoppages
Joint health and safety committee
Six classes of WHMIS
A- compressed gas B- flammable and combustible materials C- oxidizing materials D- poisonous and infections materials E- corrosive materials F- dangerously reactive materials
Supplier labels must contain (in both English and French )
Product identifier Supplier identifier Statement that the MSDS is to be referred to for more information Hazard symbols Risk phrases Precautionary measures First air measures
When must WHMIS programs be reviewed
Annually or as changes occur in products or processes in the workplace
Four factors of hazard identification
Ergonomic
Human
Situational
Environmental
What is risk and how is it calculated (OH&S)
Probability of an injury expressed as a percentage
Risk = probability x consequence x exposure
3 methods in hazard control
Pre contact - address issues before accident or incident occurs
Contact - managing hazards at point of contact with the worker
Post contact - manages escalation of incident ensuring further harm does not occur Andy the event cannot be repeated
What program evaluates the health and safety practices and procedures of employers who are at greater risk of experiencing workplace incidents
The WSIBs Work Well Program
Which workplace violence is committed by someone with no legitimate relationship to the organization, often while committing another criminal act
Type I Violence (eg. Robbery) (taxi drivers, convenient store workers)
What type of violence is committed by clients or customers of an organization
Type II violence (usually service providers health care workers, teachers, prison guards, police officers)
What type of violence is committed by coworkers
Type III violence
What type of violence is committed by spouse or partner of the victim
Type IV violence
Term for when a worker causes an incident by commission, poor judgement or omission(failing to do something)
Human factor
Unsafe act vs unsafe condition
Unsafe act: deviation from standard job procedure or practice that increases a workers exposure to a hazard
Unsafe condition: improper illuminations, ventilation, temperatures created by work environment
Unsafe working conditions include (5)
Improper illumination Poor exhaust or ventilation Defective equipment and materials Adverse temperatures Poor indoor air quality
Positive tree vs fault tree
Positive tree: shows how a job should be done
Fault tree: illustrates things that can go wrong (more frequently used)
What is the most common workplace hazard
Noise
Human hearing response is conditional on 3 characteristics
Frequency
Duration
Loudness
Chemicals enter body by 1/4 routes of entry
Respiration
Skin absorption
Indigestion
Skin penetration
Lump sum bonuses are
End of year bonuses that do not build into base pay
Injuries and other incidents can lead to indirect costs such as
Loss off competitiveness
Two types of WHMIS labels are
Supplier and workplace
The first undesired event that could start the accident sequence is
A hazard
Accident investigations are strongly influenced by the following 3 factors
Timing
Severity
Legal requirements
What are the 4 phases of emergency management in order?
Mitigation
Preparedness
Response
Recovery
Three levels of metrics
Strategic (corporate) Hr operations (group/team) Leading indicators (individual)
An organized method for collective data that can be used to improve organizational operations through comparison with other operations
Benchmarking
Balance scorecard looks at 4 things
Financials
Customers
Internal business process
Learning and growth
5 C model of HRM impact
Compliance Client satisfaction Culture management Cost control Contribution
Methods of measuring client satisfaction
Informal feedback
Surveys
Critical incident method ( women fire fighter car from school merium - bfor)
Metrics model
HR
- time to hire, cost per hire, head count ratio
People
- direct labour costs, indirect labour costs, positions infilled
Organization
- cost per unit, shrinkage, defects or scrap
The integration of digitized data from multiple sources and in multiple formats including structured (any data that can be put into columns and rows) and unstructured data (text documents, emails, presentations)
Big data
Successful Measurement levels (4)
1- basic data - headcounts, number of positions
2- operational data - training days, number of grievances
3- employee data - level of engagement, absenteeism, turnover
4- organizational - correlation between turnover and sales or engagement and unit performance
What is an example of an ordinal value
Likert
Numbers indicate positions relative to other items - eg. Level of satisfaction
Mean, median and mode - what are they
Mean = average of the data points or values
Median= the midpoint of the scores where half of the distribution is greater than, and half is less than the located data point
Mode= the data point that occurs most often
Revenue budgeting vs expense budgeting
Revenue budgeting = anticipated revenues and costs (anticipated, coming in)
Expense budgeting = the expenditures associated with an accounting period project or imitative (past)
A statement of the financial position of a business at the end of an accounting period - the fiscal year end
Balance sheet
Income statement contains
Revenues & expenses and losses & net income
Revenue:Sales, Interest, Gains
Expenses:
Cost of goods sold, utilities, rent, salaries
admin expensees
