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8 Cards in this Set
- Front
- Back
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Goals of the Reward and Compensation System |
Promote achievement of the organization’s goals Fit with and support the organization’s strategy Attract and retain qualified individuals Promote desired employee behaviour Be seen as equitable Comply with the law Be within the financial means of the organization Achieve the above goals in the most cost-effective manner |
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Define Job Analysis and Job Description |
Job analysis: the process of collecting information on which job descriptions are based Job description: a summary of the duties, responsibilities, and reporting relationships pertaining to a particular job. |
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Basic elements of a useful job description |
- Job title, department, or location, reporting relationships, and date when job analysis was originally completed or updated - A brief statement of job purpose or objectives - A list of major duties of the job, in order of priority or importance; indication of time proportion spent on each duty; include tools, equipment or work aids that are utilized in performing these duties - An indication of responsibilities for people, results, and organizational assets, including cash, tools, equipment, and facilities, along with the spending or budget authorities attached to the job; consequences of poor performance could also be explained; nature and extent of supervision given and received - Mental and physical effort demanded by the job - Conditions under which the work is performed, including the quality of the work environment and any hazards or dangers - Specification of the qualifications needed to perform the job, including skills, training, education and abilities, as well as certificates or licences required |
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Steps in developing a job evaluation system using the point method |
1. identify key job characteristics (compensable factors) that differentiate from various jobs develop a measuring scale for each factor (scaling the factors) so the extent to which each factor is present in a job can be quantified. 2. Weight each factor according to its importance to the firm. This produces a system that can be used to provide a point total for each factor for each job. 3. Apply the job evaluation system to every job included under the JE system. This generates a point total for each job, which then forms the basis for a ranked list of all jobs (hierarchy of jobs) included in the JE system. 4. Take the resulting job hierarchy for reliability, validity and market fit, and make any necessary revisions to the JE system (revisions are almost always necessary) |
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Four main steps in conducting a compensation survey: |
1. identify the jobs that are to be surveyed 2. determine the information to be collected about each job 3. identify which employers are to be surveyed 4. determine the method of data collection |
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Four main reasons for doing performance appraisals: |
1. administrative reasons: eg. identify individuals who are not performing to required standards and dismissal may be necessary 2. developmental reasons: eg. helping employees grasp employer’s expectation, ket performance dimensions of their jobs 3. supervisory reasons: eg. improve performance of the supervisors themselves 4. symbolic reasons: eg. perception that management cares about good employee performance |
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Scanlon and Rucker plan |
Scanlon plan: a gain-sharing plan that creates mechanisms for employee participation in developing productivity improvements and that shares the financial benefits of those improvements with the employee group that generated them Rucker plan: a gain-sharing plan similar to the Scanlon plan but that expresses labour costs as a percentage of value added. |
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Six major categories of benefits in the indirect pay components of compensation: |
mandatory benefits CPP/QPP Employment Insurance Workers’ compensation Retirement Income defined benefits plan defined contribution plans hybrid pension plans Health Benefits supplemental health insurance disability insurance life and accident insurance dental insurance health care spending accounts Pay for Time Not Worked vacation, holiday, breaks sickness, compassionate absences supplemental unemployment benefits parental leaves educational/sabbatical leaves severance pay Employee Services employee assistance programs wellness and recreational child care/elder care work/life balance financial/legal services food services outplacement services Miscellaneous Benefits use of company vehicle product/service discounts housing/mortgage subsidies employee savings plans tuition reimbursements work clothing/equipment |
