Exam2 - FC5 - The flashcards are formatted for printing....

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Direct Financial Payments Employee Compensation
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All forms of pay or rewards going to employees and arising from their employment. Pay in the form of wages, salaries, incentives, commissions, and bonuses.
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Aligned Reward Strategy Indirect Financial Payments
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Pay in the form of financial benefits such as insurance. The employer’s basic task is to create a bundle of rewards (total rewards package) specifically aimed at eliciting the employee behaviors the firm needs to support and achieve its competitive
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strategy.
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Aligned Reward Strategy Aligned Reward Strategy
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The HR or compensation manager will write the policies in conjunction with top management, in a manner such that the policies are consistent with the firm’s strategic aims. Determine your company’s key success factors, employee behaviors, compensation programs, and measurable requirements to determine if they
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match.
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Compensation Compensation
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Policy issues include pay for performance, pay for senior, and the pay cycle. Policy issues include salary increases and promotions, overtime and shift pay, probationary pay, and paid and unpaid leaves.
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Salary Compression Compensation
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Policy issues include paid holidays, salary compression, and geographic costs of living differences. A salary inequity problem, generally caused by inflation, resulting in longer-term employees in a position earning less than workers entering the firm today.
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External Equity Equity Theory of Motivation
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States that if a person perceives an inequity, the person will be motivated to reduce or eliminate the tension and perceived inequity. How a job’s pay rate in one company compares to the job’s pay rate in other companies.
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Individual Equity Internal Equity
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How fair the job’s pay rate is when compared to other jobs within the same company. How fair an individual’s pay is compared with what his or her co- workers are earning for the same for very similar jobs within the company.
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External, Internal, Individual, and Procedural Procedural Equity
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The perceived fairness of the process and procedures to make decisions regarding the allocation of pay. Forms of equity:
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Internal Equity External Equity
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Salary surveys monitor and maintain ____. Job analysis and job evaluation maintain ____.
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Procedural Equity Individual Equity
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and incentive pay maintain ____. Communications,
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Exam2 - FC5 - The flashcards are formatted for printing....

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