Flashcards
Compensation and Benefits PHR Study Guide
Cards in this deck (21)
- 1Compensation and Benefits are often referred to total rewards. It can be broken down further into two categories. Monetary and non-monetaryTOTAL REWARDS
- 2includes any cost incurred for the benefit of the employee to include 401K, medical care premiumsMONETARY COMPENSATION
- 3could be defined as things such as work life balance and flex schedules.NON-MONETARY COMPENSATION
- 4a tangible incentive for people to do thingsEXTRINSIC REWARDS
- 5motivation that people get from challenges or exciting assignments. Most of these rewards are not tangibleINTRINSIC REWARDS
- 6payments made to the employees associated with wages and salariesDIRECT COMPENSATION
- 7consist of things such as insurances premiums, vacation and sick pay, etc.INDIRECT COMPENSATION
- 8Constraints of a company could possibly prohibit an employers willingness or ability to payINTERNAL CONDITIONS
- 9how fair the internal process is for determining pay and bonuses, how they are distributed and who is responsible for making those decisions.PROCEDURAL JUSTICE
- 10how close does pay match actual performanceDISTRIBUTIVE JUSTICE
- 11This refers to how open employers and employees are to talking about payPAY OPENNESS
- 12a program that comps above the market rateLEAD THE MARKET
- 13a program that’s average to the market to level the playing field with competitorsMEET THE MARKET
- 14most companies will do this below the market rate because of financial reasonsLAG THE MARKET
- 15this 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
- 16This 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
- 17is used to determine how the resources available for rewards programs can be used to best advantage in attracting, motivating, and retaining employees.COMPENSATION STRATEGY
- 18requires 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
- 19These factors could include unemployment, cost of living and inflation. These factor also influence the cost of labor or the cost to attract and retain employeesECONOMIC FACTORS
- 20made 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
- 21First federal legislation to regulate minimum wageDAVIS BEACON ACT (1931)
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- Flashcards on Compensation and Benefits PHR Study Guide , created by ben.jeter on 16/09/2015.
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- Created by Cari Hawthorne · Sep 16, 2015
- Copied by ben.jeter · Sep 16, 2015
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