Compensation And Benefits

Front 1

What are the 3 parts that make up total compensation?

Back 1

Base Pay, Performance Pay and indirect Pay

Front 2

What is an adjustment made to Social Security and Supplemental Security Income to counteract the effects of inflation. Are generally equal to the percentage increase in the consumer price index for urban wage earners and clerical workers (CPI-W) for a specific period.

Back 2

Cost-of Living adjustments (COLA)

Front 3

What are the goals of a reward system? (8)

Back 3

Promote achievement of organizational goals

Fit with the organizational strategy

Attract and retain qualified individuals
Promote desired employee behavior
Seen as equitable
Comply with the law
Be within financial means
Achieve above goals cheapest way

Front 4

What are factors in the firm context that indicate the most appropriate managerial strategies and organizational structure (business strategy, organization size, technology, workforce.)

Back 4

Contextual Factors

Front 5

Needs to be divided total tasks into manageable tasks and coordinate tasks (job design, control system, reward system)

Back 5

Structural Factors

Front 6

An approach assumes most employees dislike work but can be induced to work and achieve

Back 6

Classical Managerial strategy

Front 7

Assumes most employees dislike work but can be induced to achieve social needs

Back 7

Human Relation Managerial strategy

Front 8

Assumes work can be motivating if organizations is structured properly.

Back 8

High involvement Managerial strategy

Front 9

3 key employee behavior

Back 9

Membership, Task Behavior, Organizational citizenship

Front 10

Employee decide to join and remain with the firm

Back 10

Membership behavior

Front 11

Employee perform the specific task that have been assigned to them

Back 11

Task behavior

Front 12

Employees undertake special behaviors beneficial to the organization.

Back 12

Organizational citizenship

Front 13

Four causes of reward dissatisfaction (VPC,PI,RD,LOJ)

Back 13

Violation of psychological contract

perceived inequity

relative deprivation

Lack of organizational justice

Front 14

5 Steps to creating a compensation strategy

Back 14

1.Define behavior
2.Define the role of compensation
3. Determine the compensation mix
4.Determine the compensation level
5.Evaluate the strategy

Front 15

Which step in the compensation strategy is the most difficult?

Back 15

Determining the compensation mix

Front 16

An approach to analyzing whether a lead,lag, or match strategy would be efficient.

Back 16

Utility Analysis

Front 17

What are the 5 types of job evaluation methods

Back 17

Ranking method

Paired comparison

Classification

Factor comparison

Statistically

Front 18

HR specialists examine jobs and rank jobs according to overall worth

Back 18

Ranking Method

Front 19

Job compared with every other job one pair at a time. Each job is ranked above the other and the ranked total

Back 19

Paired Comparison

Front 20

Establishes and defines jobs then create series of grade descriptions for each class

Back 20

Classification

Front 21

Identifies major factors against which all jobs in a class can be assessed rather than the role as a whole.

Back 21

Factor Comparison

Front 22

Questionnaires to gather info about task elements of each job and the task/importance of each task

Back 22

Statistically

Front 23

Promotes equitable pay within, stops jobs from being overpaid, motivates promotion, systemic ways to determine wages for jobs

Back 23

Pros of a job evaluation

Front 24

Organizations may not have resources to do evaluations, create "not my job" syndrome, can be costly

Back 24

Cons of a job evaluation

Front 25

Risk of analyzing jobholder instead of job

May be gender bias
job dynamic

Back 25

Key issues in managing evaluation process

Front 26

Promises that a specific reward will be provided if specified behaviour is performed

Back 26

Incentive

Front 27

Factors that satisfy basic human needs for survival/security as well as social needs

Back 27

Extrinsic Rewards

Front 28

What are the 4 job analysis methods (O,I,Qu,FJA)

Back 28

Observation, Interview, Questionnaires, Functional Job analysis

Front 29

Perception that overall rewards are fair

Back 29

Distributive justice

Front 30

Perception that the process for reward determinations is fair

Back 30

Procedural justice

Front 31

Increases an employees' base pay in recognition of good work.

Back 31

Merit Pay

Front 32

Cash Payment that doesn't increases base pay

Back 32

Merit Bonus

Front 33

An incentive plan in which employees or customers receive benefits directly as a result of cost-saving measures that they initiate or participate in.

Back 33

Gain sharing

Front 34

Total value of the skills/competencies an employee has acquired

Back 34

Pay-For-Knowledge

Front 35

Determine average amount other employers are offering for a given job.

Back 35

Market value

Front 36

How are Maslow's hierarchy of needs and Herzberg's motivation hygiene theory similar

Back 36

People/employees will do whatever it takes to satisfy their basic needs.

Front 37

Expectations about the rewards offered by a given job and contribution necessary to perform a job

Back 37

Psychological contract

Front 38

Profit Sharing bonuses are allocated to employee accounts only at a later time (retirement)

Back 38

Deferred profit sharing