WEEK 8 Flashcards
refers to the total package of rewards
that employees receive for their work, services, and contributions to an organization.
Compensation
involves designing,
implementing, and administering a fair and competitive
rewards system
Compensation Management
This is the fixed amount of money paid determined by
factors such as job responsibilities, experience, and market rates.
Base Salary or Wages
includes bonuses, commissions, profit-sharing, or
performance-based rewards or organizational performance goals
Incentive Pay
This includes health
insurance, retirement plans, paid time off, life and disability
insurance, wellness programs, and other perks
Benefits
such as
employee of the month awards, achievement certificates, or peer
recognition initiatives, acknowledge and reward
Recognition and Rewards
profit-sharing or
stock options,
Variable Pay
evaluating jobs to determine their relative worth within
the organization and establishing fair and equitable pay
structures
Job Evaluation and Pay Equity
- refer to
the non-monetary rewards and perks provided to employees in addition to their base salary or wages. - enhancing the overall
compensation package, supporting employee
well-being, and promoting work-life balance
Benefits
includes medical, dental, and vision plans
to help employees and their families access healthcare services, medications, and preventive care.
Health Insurance
help employees save for their future financial
security. This may include defined contribution plans such as 401(k) or
403(b) plans
Retirement Plans
vacation days, holidays, and sick leave
that employees can use for personal time off or illness without loss of
pay.
Paid Time Off (PTO)
provides financial protection for
employees’ beneficiaries in the event of their death, typically covering a multiple of their salary.
Life and Disability Insurance
employee becomes unable to work due
to a disabling illness or injury.
Disability Insurance
physical and mental
well-being through programs and resources such as gym
memberships, counseling services, smoking cessation
Wellness Programs