Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
|
Importance of Total Rewards |
Monetary : Extrinsic : Compensation/Cash Payments/Banefits Nonmonetary : Intrinsic : Personal Growth and interpersonal rewards Total Reward Approach: Rewards are part of integrated whole
|
|
|
Components of Total Rewards (5) |
1 Compensation 2 Benefits 3 Work-life programs 4 Performance and Recognition 5 Development and Career opportunities
|
|
|
Establishing Pay Rates (3) |
1 Job Evaluation 2 Conduct Wage/ Salary 3 Combine Job eval + salary survey to determine pay |
|
|
Stage 1 Job Evaluation |
A system to determine worth of jobs at a firm
Benchmark Job: Critical to operations and commonly found at other firms
Compensable Factors: Fundamental, compensable factors of a job
|
|
|
Job Eval Methods (2) |
Classification/Grading Method - Categorize jobs into grps . Point Method: Identify compensable factors and determine degree to which each factor is in the job |
|
|
Point Method Steps (4) |
1: Preliminary Steps 2: Determine Factor Weights and degrees 3: Assign Points for each degree of each sub factor 4: Evaluate the Jobs |
|
|
Stage 2: Conduct a Wage/Salary Survey |
Aimed at determining prevailing wage rates
avoid upward bias
Informal surveys good for easily recognized jobs
Formal surveys are most comprehensive
|
|
|
Stage 3: Combine job eval and salary survey info |
Wage curve: Graphic description of the the relationship b/w value of job and wage paid for it
Pay ranges; A series of steps for levels in a pay grade, usually determined by years of service
|
