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SHRM CP > Total Rewards Strategy > Flashcards

Total Rewards Strategy Flashcards

1
Q

Term for compensation and benefits

A

Remuneration

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2
Q

Goods or services provided on an individual basis

A

Perquisites

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3
Q

What is the starting point to a total rewards strategy?

A

the Compensation Philosophy

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4
Q

4 Steps to developing a total rewards strategy

A
  1. Assessment
  2. Design
  3. Implementation
  4. Evaluation
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5
Q

Culture that puts more emphasis on the success of the org as a whole

A

Entitlement-oriented

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6
Q

Culture that is individual performance-driven

A

Contribution-oriented

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7
Q

Employees feel they are being fairly rewarded according to the relative value of their job

A

Internal Equity

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8
Q

Employees feel they are rewarded fairly in relation to those who perform similar jobs in other orgs

A

External equity

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9
Q

How to communicate a total rewards strategy

A
  • educate employees about the total rewards practices
  • achieve employees buy-in and make aware of the overall value
  • support the org’s strategic objectives
  • support the org’s goals for performance management
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10
Q

2 Effective total rewards practices in global orgs

A
  1. research local laws versus org practices
  2. involve experts to validate complex local requirements
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11
Q

Return on Investment (ROI)

A

How much you paid for an investment vs. how much you earned (evaluates efficiency)

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12
Q

4 Steps to compensation system design

A
  1. Job analysis
  2. Job documentation
  3. Job evaluation
  4. Pay structure
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13
Q

Identifies job tasks and qualifications of employees

A

Job analysis

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14
Q

Creation of job descriptions, job specification (qualifications) and job competencies

A

Job documentation

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15
Q

Establishes the value of jobs within the org

A

Job evaluation

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16
Q

Methods that establish a relative order of jobs in an org

A

Nonquantitative

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17
Q

Methods that use a scaling system to determine how much more important one job is to others

A

Quantitative

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18
Q

Hierarchy of jobs from lowest to highest, evaluating the whole job and its overall value to the org

A

Job Ranking

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19
Q

Descriptions for each class of jobs, individual jobs are then put into grade that matches their class description

A

Job Classification

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20
Q

Identifies factors relevant to the nature of jobs (skills, responsibilities, effort/physical demands), and assigns points to each factor, adds to determine overall point value for the job

A

Point-Factor System

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21
Q

Relative worth and pay structure of jobs based on their market value

A

Market-based job evaluations

22
Q

Collect information on prevailing market compensation and benefits practices

A

Remuneration Surveys

23
Q

Movement in market rates is used to adjust outdated data

A

Aged salary data

24
Q

informal or through formal consulting, can improve an org’s ability to attract, retain, engage, and reward talent

A

Benchmarking data

25
Q

Group jobs with approximately the same relative worth in the org, all jobs within the group are paid the same rate or range

A

Pay grades

26
Q

Set the upper and lower limits of compensation for employees whose jobs fit within that particular grade

A

Pay ranges

27
Q

Compa-Ratio calculation

A

pay rate / midpoint

28
Q

Combines 2 or more salary grades to create larger ranges and give people wide latitude to move within a job, supports de-layering efforts

A

Broadbanding

29
Q

Each incumbent of a job has the same rate of pay, regardless of performance/seniority

A

single-rate or flat-rate system

30
Q

Employee’s pay rate is based on longevity in the job, increases are on a pre-determined schedule

A

Time-based step-rate system

31
Q

Employee’s performance on the job is basis for amount and timing of pay increases

A

Merit-based or performance-based system

32
Q

Pay determined by employee output

A

Productivity-based system

33
Q

Receive a base rate and awarded additional compensation for amount produced

A

straight piece-rate system

34
Q

Receive one piece rate up to the standard, then higher rate per piece when standard is exceeded

A

differential piece-rate system

35
Q

Employee characteristics determine pay

A

Person-based system

36
Q

Pay based on level of knowledge an employee has

A

Knowledge-based

37
Q

Pay based on number of different skills employee is qualified to perform

A

Skill-based

38
Q

Pay at the level an employee can operate in defined competencies

A

Competency-based

39
Q

Depends on performance, not added to base pay

A

Differential pay

40
Q

Shift pay, emergency-shift pay, premium pay, on-call pay, travel pay, overtime pay

A

Time-based differential pay

41
Q

Tailor compensation to different local markets for labor costs, to attract workers in certain locations, or for foreign countries

A

Geographic differential pay

42
Q

Most critical factor in designing executive compensation plans

A

Incentivizing executives to meet business objectives

43
Q

Employee pay rates above the range maximum

A

Red circle rates

44
Q

Employee pay rate is below the range minimum

A

Green circle rates

45
Q

What it means for an org if red circle rates become common

A

their ranges may lag the market and need to be re-examined

46
Q

When there is only a small difference in pay between employees regardless of experience, skills, level, or seniority

A

Pay compression

47
Q

Benefits needs assessment purpose

A

help HR develop a benefits package that is affordable for the org and valued by employees, and allow to build the business case

48
Q

Retirement plan that promises a specific benefit amount, vesting schedule, based on service/salary, amount decided by formula, and employer bears the investment risk

A

Defined Benefit

49
Q

Retirement plan where amount of money regularly contributed is specified, employer portion is vested, individual accounts for each employee, and employee bears the investment risk

A

Defined Contribution

50
Q

Metric to identify the proportion of benefits costs

A

total benefits costs / total payroll costs

51
Q

Metric to calculate the participation rate

A

number of employees enrolled / total number of employees

52
Q

Establishes the salary range for jobs within a certain grade

A

Pay banding

SHRM CP (23 decks)

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