Compensation

heather.a.fehr
Flashcards by heather.a.fehr, updated more than 1 year ago
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Flashcards related to compensation and living wage policies

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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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