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Compensation and Benefits PHR Study Guide

Cari Hawthorne Inglés 72 fichas

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  1. 1Compensation and Benefits are often referred to total rewards. It can be broken down further into two categories. Monetary and non-monetaryTOTAL REWARDS
  2. 2includes any cost incurred for the benefit of the employee to include 401K, medical care premiumsMONETARY COMPENSATION
  3. 3could be defined as things such as work life balance and flex schedules.NON-MONETARY COMPENSATION
  4. 4a tangible incentive for people to do thingsEXTRINSIC REWARDS
  5. 5motivation that people get from challenges or exciting assignments. Most of these rewards are not tangibleINTRINSIC REWARDS
  6. 6payments made to the employees associated with wages and salariesDIRECT COMPENSATION
  7. 7consist of things such as insurances premiums, vacation and sick pay, etc.INDIRECT COMPENSATION
  8. 8Constraints of a company could possibly prohibit an employers willingness or ability to payINTERNAL CONDITIONS
  9. 9how fair the internal process is for determining pay and bonuses, how they are distributed and who is responsible for making those decisions.PROCEDURAL JUSTICE
  10. 10how close does pay match actual performanceDISTRIBUTIVE JUSTICE
  11. 11This refers to how open employers and employees are to talking about payPAY OPENNESS
  12. 12a program that comps above the market rateLEAD THE MARKET
  13. 13a program that’s average to the market to level the playing field with competitorsMEET THE MARKET
  14. 14most companies will do this below the market rate because of financial reasonsLAG THE MARKET
  15. 15this structure the company comp program by rewarding performance. In this program, employers refer to this type of system as line of sight- basically employees know whether their performance is good or bad and how it impacts their pay.PERFORMANCE BASED PHILOSPHY
  16. 16This philosophy creates a comp program based on seniority. While it seems to suggest that employees will remain loyal, it also suggests that performance will become secondary to seniority.ENTITLEMENT PHILOSPHY
  17. 17is used to determine how the resources available for rewards programs can be used to best advantage in attracting, motivating, and retaining employees.COMPENSATION STRATEGY
  18. 18requires HR professionals act ethically and with integrity when they are acting on behalf of their organization. They must act with a high level of trust and confidence and must avoid conflicts or favoritism.FIDUCIARY RESPONSIBILITY
  19. 19These factors could include unemployment, cost of living and inflation. These factor also influence the cost of labor or the cost to attract and retain employeesECONOMIC FACTORS
  20. 20made up of any sources from which an organization recruits new employees; a single organization may find itself recruiting from several different labor markets depending on the availability of skills for different positions.LABOR MARKET
  21. 21First federal legislation to regulate minimum wageDAVIS BEACON ACT (1931)
  22. 22This formula is used In profit sharing plans that determines how the profit is allocated. Normally based on seniority and performanceALLOCATION FORMULA
  23. 23This method is used in computing the cost of benefits by calculating the total annual cost of each benefitANNUAL COST METHOD
  24. 24These type of jobs are used in the point method to determine a wage structure. They are often called Key Jobs.BENCHMARKING JOBS
  25. 25This is not apart of an employee's base pay and often paid as an incentive for outstanding performanceBONUS PAY
  26. 26Under this plan, employees choose the benefits they want. They are subject to certain limitations and total cost constraintsCAFTERIA BENEFIT PLANS
  27. 27This provision allows employees to carry over a certain amount of unused vacation days into the next leave year. Any unused days above the limit are lost.CARRYOVER PROVISION
  28. 28This plan allows employees to decide how they want their funds to be invested and makes them more portable when an employee moves to a new companyCASH BALANCE PLANS
  29. 29This profit sharing plan makes payments to employees at the end of each pay periodCASH-PROFIT SHARING PLAN
  30. 30This plan is similar to vacation buy back. It allows employees to receive their daily earnings for all unused vacation up to a certain limit. Anything about the limit is lost.CASH IN PROVISIONS
  31. 31( This figure shows the costs of benefits per employee, per hour.) Calculating the cost of employee benefits by dividing the total annual cost by the number of employee hoursCENTS PER HOUR
  32. 32This is used to develop a wage structure. Determine Job worthCLASSIFICATION METHOD
  33. 33An employee becomes fully vested in a retirement plan after a specified period of time.CLIFF VESTING
  34. 34This law requires that employers with 20 or more employees extend health insurance benefits to terminated employees, reduced hours and their family membersCOBRA
    Consolidated Omnibus Budget Reconciliation Act
  35. 35This provides for automatic increases in the level of pay based on the rate of inflationC.O.L.A
    Cost of living adjustment
  36. 36This number compares a persons pay with the midpoint of the pay range. It is pay divided by the midpoint times 100COMPA-RATIO
  37. 37These factors justify paying one job more than another. Responsibility, education and skill are usually considered the most importantCOMPENSABLE FACTORS
  38. 38Stock purchased plans designed to compensate employeesCOMPENSATORY PLANS
  39. 39Independent contractors, part time workers leased employees and subcontractors are also calledCONTINGENT WORKERS
  40. 40With these plans, employers and employees contribute to the pension fundCONTRIBUTORY PENSION PLANS
  41. 41This costing method divides the total annual cost of each benefit by the number of employees receiving the benefitCOST PER EMPLOYE PER YEAR
  42. 42This profit sharing plan holds an employees share until a later period like retirementDEFERED PROFIT SHARING PLAN
  43. 43This is a notice from employers to employees within 14 days after a qualifying event describing the COBRA coverage and premiumsELECTION NOTICE
  44. 44A program that provides counseling to employees with problems such as marital conflict, indebtedness, alcoholism and drug abuseEMPLOYEE ASSISTANCE PLANS
    (EAPS)
  45. 45This theory suggests that people compare their inputs and outputs with those of others. Inputs are things such as knowledge, skills, training and effort. Output includes compensation, benefits, etc.EQUITY THEORY
  46. 46Additional income and benefits provided for employees who are transferred to a foreign countryEXPATRIATE ALLOWANCES
  47. 47This theory describes how people measure their ability to do something. "If I study really hard, will I pass this class" Two other components of this theory are Instrumentality and ValenceEXPECTANCY THEORY
  48. 48This method develops a wage structure in which key jobs (benchmarking) are compared with other jobs, factor by factor to determine how much money should be paid for each factorFACTOR COMPARISON
  49. 49These responsibilities are those of the person who manages a pension fund or act on behalf of and organizationFIDUCIARY REPSONSIBILITIES
  50. 50Pay for performance plans such as a Scanlon plan, Rucker Plan or Improshare plan.GAINSHARING PLANS
  51. 51This happens when an employee becomes partially vested in a retirement plan after an initial period, then becomes vested in an additional percentage each year until fully vestedGRADED VESTING
  52. 52This job evaluation method uses three compensable factors. They are known as know how, problem solving and accountability, to determine how many point should be assigned to different jobs. Also known as the HAY METHODGUIDE CHART PROFILE METHOD
  53. 53Health-care plans that contract with health-care providers to purchase services at a discounted rate.HEALTH PLAN PURCHASING COOPERATIVES
  54. 54Someone who owns more than five percent of the company or earns over a specified amount.HIGHLY COMPENSATED EMPLOYEES
  55. 55This type of organization provides health care services emphasizing preventative medicine at a fixed monthly rate.Health Maintenance Organization
    (HMO)
  56. 56These pay increases are based on performance and length of serviceSTEP INCREASES
  57. 57This program allows employees to buy shares of the company's stock usually at a reduced priceSTOCK OPTION
  58. 58These benefits are provided by employers as a result of a labor agreement that provides supplemental benefits to employees who are laid offSUPPLEMENTAL UNEMPLOYMENT BENEFITS
    (SUB)
  59. 59What are the 3 labor markets?-Blue Collar and Nonsupervisory White Collar
    -Professional and Technical
    -Supervisors and Managers
  60. 60This happens when employees receive pay increase to the point that their salaries are at the top of their pay rangesTOPPED OUT
  61. 61This assistance is provided to an employee who is transferred to a new location. Examples of this include moving allowance, selling a home, etc.TRANSFER ASSISTANCE
  62. 62This compensation is provided to employees who are injured on the job regardless of who was responsible for the accident.WORKERS COMPENSATION
  63. 63This method requires that each program be justified from the group up each fiscal year.ZERO-BASED BUDGETING
    (ZBB)
  64. 64This order instructs a plan administrator on how to pay all or a portion of a pension plan benefits to a divorced spouse or childQUALIFIED DOMESTIC RELATIONS ORDER
    (QDRO)
  65. 65An individual who is eligible for continuation of benefits coverage under COBRA which could be an employee, employee spouse or employee's dependent children.QUALIFIED BENEFICIARY
  66. 66A retirement or stock option plan that has been approved by the IRS for special tax treatmentQUALIFIED PLANS
  67. 67An event that triggers the beginning of COBRA coverageQUALIFIED EVENT
  68. 68This type of pay falls below the minimum of the salary range. This may happen because an employee is not completely qualified for a position.GREEN CIRCLE
  69. 69This pay falls above the maximum for the salary range. This generally happens if someone gets demoted without a decrease in payRED CIRCLE
  70. 70This occurs when new employees are hired at a rate of pay greater than that earned by incumbent employees for similar skills, education and experienceWAGE COMPRESSION
  71. 71This is a traditional pension plan in which the employer provides a specific benefit upon retirementDEFINED BENEFIT
  72. 72This act was created by Congress to set standards for private pensions and some group welfare programs such as medical and life insuranceEmployee Retirement Income Security Act
    (ERISA)

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Fichas sobre Compensation and Benefits PHR Study Guide , creado por Cari Hawthorne el 11/09/2015.
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Cari Hawthorne
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