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| Question | Answer |
| Compensation and Benefits are often referred to total rewards. It can be broken down further into two categories. 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 comps 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) |
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