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;
20 Cards in this Set
- Front
- Back
|
What is rewards |
Rewards are monetary returns that employees receive in exchange for a work done |
|
|
Types of rewards |
Intrisic compensation Extrinsic compensation |
|
|
Define Intrisic compensation |
Represents employees critical psychological states that results from performing that job |
|
|
Extrinsic |
They are both monetary and non-monetary rewards |
|
|
Reward management ? |
Reward management is responsible for rewarding people fairly equitably and consistently in accordance with their value to the organization thus helping organization achieve its goals. |
|
|
What are reward systems |
They are designed and managed to attain certain objectives in the company |
|
|
What are the objectives for the reward system |
Efficiency Equity Compliance with laws and regulations |
|
|
What are total rewards |
They are all types of rewards indirect as all indirect, intrinsic as well as extrinsic |
|
|
Categories of rewards ate? |
Relational Transactional |
|
|
Transaction rewards are? |
Tangible rewards arising from transaction between an employer and an employee concerning psy and benefits |
|
|
Define relstional rewards |
Intangible rewards concerned with learning and development and the work experience |
|
|
What are the model of total rewards |
Pay Benefits Learning and development Work environment |
|
|
What are wages |
Payments calculated based on time worked |
|
|
What are salaries |
Are consistent payment that are fixed within a certain period regardless of time work |
|
|
What are base pay |
Cash compensation paid to an employee in return for work done |
|
|
What is compensation package |
Combination of the total salary and benefits of an employer provides to an employee |
|
|
factors that determine reward packges |
Internal External |
|
|
Internal factors |
Worth of the job Employers ability to pay Employers compensation policy and approach |
|
|
External factors |
Cosy of living Market Prevailing industry wage rates |
|
|
Uses of compensation |
Recruit and retain qualified employees Reward and encourage peak performance Encourage company loyalty Increase and maintain satisfaction |
