Total Rewards Flashcards
Approaches to Job Analysis
Position Analysis Questionnaire (PAQ)
Task Inventory Analysis
Critical Incident Method
Competency-based Analysis
Functional Job Analysis
Methods of Job Evaluation
Non-quantitative methods - whole job comparison methods
1) Ranking
2) Job classification/grading
Quantitative methods - compensable factor job methods
1) Factor comparison
2) Point-factor
Methods to Determine Base Pay
Market Pricing
Pay for Knowledge
Job Evaluation
Content Theories of Motivation (human motivation is driven by a person’s need - economic/social)
Maslow’s Hierarchy of Needs
Herzberg’s Two-Factor theory
Hackman and Oldham’s Job Characteristics theory
Process Theories of Motivation (focus is on the processes people use to decide their actions)
Reinforcement theory
Expectancy theory
Equity theory
Individual Short-term Performance Pay
Raise
Lump sum merit bonus
Commission
Piece rate
Group Short-term Performance Pay
Goal sharing
Profit sharing
Gain sharing
Long-term Rewards (Performance)
Employee stock bonus plans
Employee share purchase plans
Employee stock option plans
Phantom shares
Share appreciation rights
Intrinsic Rewards
Task identity - when employees are able to perform all aspects of a job
Task significance - social value, they are able to see how their efforts have a positive impact on others
Skill variety - utilizing many skills
Job autonomy - freedom to act, ability to determine how they will perform their tasks
Job feedback - self-monitoring
Extrinsic Rewards
Direct pay/monetary rewards (base pay, performance pay)
Indirect pay
-Health & welfare benefits
-Retirement plans
-Time off with pay
-Perquisites and employee services (e.g. cars, clubs, education reimbursement)
-Working conditions
-Supervisor behaviour/management style
-Co-workers
Factors Influencing Total Rewards
Internal environment
-Sector
-Growth strategy
-Competitive strategy
-Culture
-Demographics
-Unionization
-Nature of work
External environment
-Economy - cost of living
-Labour force - availability of labour
-Competitive practices
-Regulatory (employment standards, pay equity)
Content Theories of Motivation (human motivation is driven by a person’s need - economic/social)
Maslow’s Hierarchy of Needs - people will first seek to satisfy their basic needs before graduating to psychological and self-fulfillment needs
Herzberg’s Two-Factor theory - money is not a motivator, will not lead to job satisfaction (that depends on the intrinsic rewards of the job) but it can lead to job dissatisfaction if one believes their pay is insufficient
Hackman and Oldham’s Job Characteristics theory - focuses on intrinsic motivation, job design is an important element of a total rewards program
Process theories of motivation - focus is on the processes people use to decide their actions
Reinforcement theory - when reward strategies are designed to reward desired behaviours, positive and negative reinforcement strategies will increase performance (+ve/-ve reinforcement/punishment/extinction)
Expectancy theory - employees will work harder if they believe their efforts will lead to the outcomes desired (expectancy/instrumentality/valence)
Equity theory - employees will be demotivated if they believe the rewards they receive under represent the value they contribute (procedural/distributive justice)
Universal Compensable Factors (Pay Equity Compliant)
Skill
Working Conditions
Responsibility
Effort
Methods to compare value of female and male dominant jobs
Job to job method - comparing two jobs in each classification (works in larger orgs with more positions)
Proportional value method - in orgs that don’t have direct male and female job class comparisons, the value of jobs can be estimated
Proxy comparison method - compare male dominant jobs to female dominant ones in other gov’t orgs
