Compensation and Benefits PHR Study Guide

Tina Johnson
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Flashcards for PHR exam study - compensation and benefits

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Question Answer
Compensation and Benefits are often referred to TOTAL REWARDS * Monetary and * Non-monetary TOTAL REWARDS
includes any cost incurred for the benefit of the employee to include 401K, medical care premiums MONETARY COMPENSATION
could be defined as things such as work life balance and flex schedules. NON-MONETARY COMPENSATION
a tangible incentive for people to do things EXTRINSIC REWARDS
motivation that people get from challenges or exciting assignments. Most of these rewards are not tangible INTRINSIC REWARDS
payments made to the employees associated with wages and salaries DIRECT COMPENSATION
consist of things such as insurances premiums, vacation and sick pay, etc. INDIRECT COMPENSATION
Constraints of a company could possibly prohibit an employers willingness or ability to pay INTERNAL CONDITIONS
how fair the internal process is for determining pay and bonuses, how they are distributed and who is responsible for making those decisions. PROCEDURAL JUSTICE
how close does pay match actual performance DISTRIBUTIVE JUSTICE
This refers to how open employers and employees are to talking about pay PAY OPENNESS
A program that compensates above the market rate LEAD THE MARKET
A program that’s average to the market to level the playing field with competitors MEET THE MARKET
most companies will do this below the market rate because of financial reasons LAG THE MARKET
this 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
This 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
is used to determine how the resources available for rewards programs can be used to best advantage in attracting, motivating, and retaining employees. COMPENSATION STRATEGY
requires 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
These factors could include unemployment, cost of living and inflation. These factor also influence the cost of labor or the cost to attract and retain employees ECONOMIC FACTORS
made 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
First federal legislation to regulate minimum wage DAVIS BEACON ACT (1931)