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Stack #4595527
| Question | Answer |
|---|---|
| What are some internal components of the wage mix? | Compensation strategy, worth of a job, employees relative worth, employers ability to pay |
| what are some external components of the wage mix? | labor market conditions, area of pay rates, cost of living, collective bargaining |
| What does it mean when a company is the top in their market? | Leading |
| What does it mean when a company is average in their market? | matching |
| What does it mean when a company if below average in their market? | laging |
| What is open pay? | Where employees know what other employees make |
| What is secret pay? | When employees pay is kept secret from other employees |
| What is centralization of pay decision? | an organizational approach in which the authority and responsibility for managing all aspects of employee compensation are concentrated within a single, high-level department or team, typically at the corporate headquarters. |
| What is decentralization of pay decision? | an organizational strategy where the authority and responsibility for setting and managing employee compensation are delegated from a single, central HR department to lower-level managers or individual departments/locations. |
| What is performance pay? | a compensation system where a portion of an employee's earnings is variable and directly tied to achieving specific goals, results, or levels of output |
| What is seniority pay? | rewards employees with higher pay, better benefits (like more PTO), or perks (like better hours) based on their length of service with a company |
| What is fixed pay? | a guaranteed, stable salary component |
| What is variable pay? | a flexible, performance-based component that can fluctuate |
| What are the job evaluation systems? | job ranking, job classification, work valuation, point system |
| What is the point system? | quantitative way to value jobs by breaking them down into key elements called "compensable factors" |
| What are compensable factors? | specific, measurable job attributes like skill, effort, responsibility, and working conditions that organizations use to objectively evaluate and compare the relative worth of different jobs, creating a fair pay structure |
| What are benchmark jobs? | common, well-defined roles with consistent responsibilities and widely available market data (like pay) used as standards for HR comparisons, helping companies set fair compensation, evaluate performance, and align their structures with industry norms |
| What are 5 steps for rating "work of a job"? | 1. Define Factors 2. Define Degrees 3. Assign Weights 4. Score Jobs and 5. Link to Pay |
| What are some pay tools to assist with compensation implementation? | wage and salary surveys, the wage curve, pay grades, rate ranges, competency base pay |
| What are red circle rates? | a salary paid to an employee that is above the maximum pay for their job's pay grade or range |
| What are green circle rates? | an employee's pay being below the minimum of the established salary range for their job |
| What are advantages of competency base pay? | boosting employee motivation , improving performance & quality, better talent retention, clearer career paths, reduced bias in promotions, and stronger organizational capability by aligning pay with critical skills |
| What are the fair labor standard act of 1938? | Minimum wage rate, overtime provisions, child labor provisions, pay equity provisions |
| What are the problems with wage rate compression? | low morale, disengagement, and high turnover |
| What are some solutions for wage rate compression? | regularly audit pay, align salaries with market rates using salary bands, promote career growth, offer non-financial perks like flexibility or bonuses |
| What are some advantages of pay for performance plans? | boost motivation, productivity, and retention |
| What are disadvantages of pay for performance plans? | fostering unhealthy competition, undermining teamwork, focusing on short-term results over long-term strategy, creating stress/burnout, introducing potential bias in subjective evaluations |
| What are effective administration of incentive plans? | clear communication, alignment with company goals, achievable and measurable metrics, employee involvement, and regular review, using the right tech to track progress and offer balanced, motivating rewards |
| What are the levels and types of incentive systems? | Individual, team, organizational |
| What are the types of incentive systems for individual? | piece work, standard hour, bonuses, merit pay, incentive awards |
| What are the types of incentives systems for team level? | team compensation, gainsharing incentives |
| What are the types of gainsharing incentives? | Scanlon and improshare |
| What are the types of incentive systems for organization level? | profit sharing, stock options, employee stock ownership plans |
| What are the types of executive pay? | Components of executive pay, arguments regarding whether executives are overpaid, ways companies protect themselves, executive compensation reform |
| What are the pay systems for salespeople? | Straight salary, straight commission, combo plan |
| What are the elements of a successful benefits program? | selecting the right benefits, allowing the flexible benefits, effectively administering the program, communicating benefits, containing costs |
| What are the legally required benefits? | social security, unemployment, workers comp, COBRA, PPACA, FMLA |
| What are work life discretionary benefits? | Child and elder care, payment for time not worked, life insurance, long term disability ins, long term care ins, |
| What qualifies are payment for time not worked? | Paid vacation, paid holiday, sick leave, severance pay, supplemental unemployment benefits |
| What are the different retirement benefits | pension plans, 401k savings plans, cash-balance pension plans, federal regulation of pension plans |
| what kinds of pension plans are there? | contributory, noncontributory, defined benefits, defined contribution |
| What does contributory mean? | employees share costs with the employer |
| What does noncontributory mean? | employer pays 100% for the benefit, with no cost to the employee. |
| What are defined benefits? | guaranteed retirement payments, usually a specific monthly amount for life, determined by a formula based on your salary, years of service, and age, not by investment performance |
| What are defined contribution? | you get what the investments earn, DB plans offer predictable income, with the employer bearing the investment risk and responsibility for funding |
| What are federal regulation of pension plans? | ERISA |
| What is vesting? | the process of earning full ownership of an employee benefit |
| What is the occupational safety and health act of 1970? | law ensuring safe and healthful workplaces by creating the OSHA to set and enforce standards, provide training, and offer assistance, requiring employers to provide hazard-free environments and employees to follow rules, covering most private businesses |
| What does OSHA do? | the four categories of standards, system of workplace inspection priorities, citation and penalties, consultation assistance |
| What are ways to be proactive when approaching safety and health? | Safety training programs, enforcing safety rules, investigating and recording accidents, addressing contemporary safety and health hazards |
| What are different types of safety and health hazards? | fatigue, distracted driving, violence in the workplace, workplace emergencies, computer workstation issues, chemical hazards, blood borne pathogens, burnout, depression, drug and alcohol use |
| What do you do to help stress management in the workplace as the organization? | create supportive cultures with flexibility, clear communication, and wellness programs (EAPs, mindfulness), fair workloads, recognizing achievements, promoting work-life balance , and training managers to spot burnout |
| What do you do to help stress management in the workplace as an employee? | identifying triggers, improving time/task management, setting clear boundaries , taking regular breaks, practicing mindfulness, fostering healthy habits , communicating effectively, utilizing company wellness programs (EAPs), and finding support |
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