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Total Rewards Management > Total Rewards Management > Flashcards

Total Rewards Management Flashcards

1
Q

What is Total Rewards?

A

Collective strategies used by companies to attract, retain and motivate talent, contributing to improved business performance.

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2
Q

What are the elements of TR? (5)

A

(1) Compensation
(2) Benefits
(3) Work-life
(4) Performance and recognition
(5) Development and career opportunities

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3
Q

What is compensation?

A

Pay provided by an employer to an employee for services rendered as part of an employment relationship.

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4
Q

What are the elements of compensation? (4)

A

(1) base pay
(2) variable pay
(3) short term incentives
(4) long term incentives

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5
Q

What is base pay?

A

Fixed pay that does not vary according to performance.

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6
Q

What are examples of base pay?

A

Wages and salaries.

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7
Q

What is variable pay? (2)

A

(1) pay that varies according to performance; and

(2) must be re-earned each performance period

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8
Q

What are examples of variable pay?

A

Performance bonus.

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9
Q

What is short-term incentive?

A

A form of financial reward for meeting a pre-established level of performance over a period of one year or less.

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10
Q

What are examples of short-term incentives?

A

Gain sharing and profit sharing.

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11
Q

What is long-term incentive?

A

A form of financial reward for meeting a pre-established level of performance over a period longer than one year.

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12
Q

What are examples of long-term incentives?

A

Performance shares.

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13
Q

What are benefits?

A

Indirect compensation that is used to supplement the cash compensation that employees receive.

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14
Q

What are examples of benefits?

A

Annual leave and medical benefits.

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15
Q

What is work-life?

A

What an employer does to create a more friendly and supportive environment to help employees achieve success both at work and at home.

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16
Q

What are examples of work-life?

A

Flexible work arrangements.

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17
Q

What is performance?

A

The alignment of organisational, team and individual effort towards achieving business goals and organisational success.

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18
Q

What is recognition?

A

It acknowledges employee’s effort and meets an intrinsic psychological need for appreciation of one’s efforts that contribute to organisational success.

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19
Q

Is recognition cash or non-cash?

A

It can be both cash or non-cash

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20
Q

What are examples of recognition?

A

Verbal recognition and certificates.

21
Q

What is development?

A

A set of learning experiences designed to help employees enhance their applied skills and competencies.

22
Q

What are career opportunities?

A

A plan for employees to advance their career goals and may include an advancement to a more responsible position in an organisation.

23
Q

What is a lateral move?

A

A new job that’s at the same career level as your current job, but there are different duties.

24
Q

What are examples of development opportunities?

A

Seminars, OJT, coaching and mentoring.

25
Q

What are examples of career opportunities?

A

Overseas assignments.

26
Q

What is an employee’s perspective on compensation? (2)

A

(1) source of income

(2) rewards for job well done

27
Q

What is a manager’s perspective on compensation? (2)

A

(1) major expense

(2) used to influence employee behaviour

28
Q

What are the purposes of compensation? (3)

A

(1) To attract qualified employees
(2) To retain competent employees
(3) To motivate employees to
perform their duties

29
Q

What are the components of total compensation? (3) Explain what it is mainly about.

A

(1) direct financial- pay
(2) indirect financial- benefits
(3) non-financial- job/environment

30
Q

Direct financial compensation consists of pay in the form of? (4)

A

(1) wages (hourly/daily)
(2) salaries (monthly)
(3) commissions
(4) bonuses

31
Q

What does indirect financial compensation consist of?

A

Financial rewards that are not included in direct financial compensation.

32
Q

What are examples of indirect financial compensation?

A

Annual leave, medical leave, employee services and unique benefits.

33
Q

What is non-financial compensation?

A 
Satisfaction that a person receives from the:
(1) job
(2) psychological environment
(3) physical environment
in which the person works.
34
Q

What are examples of non-financial compensation in the job?

A

Skill variety and autonomy.

35
Q

What are examples of non-financial compensation in the job environment?

A

Sound policies and conducive working conditions.

36
Q

What is compensation equity?

A

Equity in financial compensation.

37
Q

What is ‘equity in financial compensation’?

A

Fair pay treatment for all employees.

38
Q

What are the types of compensation equity? (4)

A

(1) external
(2) internal
(3) employee
(4) team

39
Q

What is external equity?

A

When a firm’s employees are paid comparably with employees who work similar jobs in other firms.

40
Q

How to measure external equity?

A

Compensation surveys.

41
Q

What are compensation surveys for?

A

Enable firms to determine the extent to which external equity is present.

42
Q

What is internal equity?

A

When employees are paid according to the relative value of their jobs within an organisation.

43
Q

How to measure internal equity?

A

Job evaluation.

44
Q

What is job evaluation?

A

A primary means of measuring internal equity.

45
Q

What is employee equity?

A

When employees performing similar jobs for the same firm are paid according to factors unique to the employee.

46
Q

What are examples of factors unique to the employee?

A

Performance level and seniority.

47
Q

How to measure compensation equity?

A

Pay range.

48
Q

What is pay range.

A

A minimum & maximum pay rate, with enough variance between the two to allow for significant pay difference.

49
Q

What is team equity?

A

When teams are rewarded based on the group’s productivity.

Total Rewards Management (10 decks)

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