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Description
Flashcards by heather.a.fehr, updated more than 1 year ago
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Created by heather.a.fehr
over 8 years ago
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| Question | Answer |
| Types of Compensation | Direct and Indirect |
| Indirect Compensation | Non-financial (e.g. flex-time) Benefits (e.g. Medical/Dental) |
| Direct Compensation | Financial Rewards $$$ Wages/Salary, Commissions, bonuses |
| Total Rewards Program | An approach that looks at both direct and indirect compensation |
| What makes improves the effectiveness of compensation for the employer? | Linking it directly to organizational objectives. |
| What are some common organizational goals for compensation? | compensation budget control employee performance management rewarding performance salary equity for employees labour market competitiveness |
| What affects the Wage Mix? | Internal and external factors |
| What are some internal factors affecting the wage mix? | worth of a job employees relative worth compensation strategy ability and willingness to pay |
| What are some external factors affecting the wage mix? | economy area wage rates labour market legal requirements cost of living collective bargaining |
| What is a living wage? | A living wage is the ability for a family to meets its basic needs (i.e. food, clothing, shelter, transportation). |
| What are some benefits to employees from living wage compensation policies? | higher standard of living increased motivation |
| What are some benefits to employers from living wage compensation policies? | reduced turnover savings on hiring and training reduced absenteeism improved productivity strengthened local economy improved corporate reputation |
| What generation will living wage policies be most appealing to? | Gen Y/Millennials because they are seeking a greater sense of social justice in the workplace |
| What is Equity Theory? | A theory of motivation that says workers will be more motivated when their inputs=outputs. Workers will also look to see that pay is equitable compared to that of others. |
| How is a living wage policy equitable? | It indicates that every position has enough inherent worth to allow the worker to meet basic needs. |
| Do you feel that living wage policies are sustainable? | Sorry, I can't answer this one for you. |
| Do you want to earn a living wage, regardless of the type of work you perform? | All you my friend. |
| Did you enjoy this presentation? | Yes ;) |
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