chapitre 8 Flashcards
(28 cards)
What is total employment rewards?
Total employment rewards: an integrated package of all rewards (monetary and non-monetary, extrinsinc and intrinsic) gained by employees arising from their employment
What are the five components of total rewards?
- Compensation
- Benefits (avantages sociaux)
- Work-life programs
- Performance and recognition
- Development and career opportunities
Explain internal vs external equity.
external equity: employees perceive the oay fair given the pay rates in other organizations
internal: pay fair given the pay rate in the organization
Have we achieved pay equity yet?
- ___$ estimated per-woman lifetime difference financial loss due to pay inequities
- sept __ 71% of the way through the calendar year, marking the day Canadian Woman start working for free
- __ canada’s rank among organization for economic co-operation and development contries
- __ amount young women graduating from university earn less than male
- __ cents is what the women earns for each dollar the man makes in ontario
- __ amount young women graduating from high school earn less than male high school graduates
Have we achieved pay equity yet?
- 0.7-2M$ estimated per-woman lifetime difference financial loss due to pay inequities
- Sept 17 71% of the way through the calendar year, marking the day Canadian Woman start working for free
- 17th canada’s rank among organization for economic co-operation and development contries
- 16% amount young women graduating from university earn less than male
- 71 cents is what the women earns for each dollar the man makes in ontario
- 27% amount young women graduating from high school earn less than male high school graduates
What is benchmark jobs?
benchmark jobs: a job that is critical to the firm’s operations or that is commonly found in other organizations
What is compensable effort?
compensable effort: a fundamental, compensable element of a job, such as skill, effort, responsibility, and working conditions. Four more popular: skill, responsibility,effort and working conditions.
What is job evaluation committee?
group of people different backgrounds they select 10 to 15 benchmark jobs and start by analyzing them.
What is classification/grading method?
classification/grading method: a method for categorizing method into groups
Explain classes vs grades of jobs.
classes: similar jobs
grades: similar in difficulty but not similar jobs
what is grade/group description?
grade/group description: a written description of the level of compensable required by jobs in each grade, used to combine similar jobs into grades or classes
what is point method?
Point method: a job evaluation method in which a number of compensable factors are identified , the degree to which each of these factors is present in the job is determined and an overall point value is calculated.
Point method steps?
- Preliminary steps
- Determine weights and degrees
- Assign points for each degree of each sub-factor
- Evaluate the jobs
What is a wage/salary survey?
Wage/salary survey: a survey aimed at determining prevailing wage rates. a good salary survey provides specific wage rates for comparable jobs . Formal written questionnaire surveys are the most comprehensive.
What is wage curve?
wage curve: a graphic description of the relationship between the value of the job and the average wage paid for this job.
What is pay ranges?
pay ranges: a series of steps of levels within a pay grade, usually based on years of service.
What is broadbanding?
broadbanding: reducing the nomber of salary grades and ranges into just a few wide levels bands each of which then contains a relatively wide range of jobs and salaries
What is red circle pay rate?
red circle pay rate: a rate of pay that is above the pay range maximum.
Name 5 points to remmber in effective incentive plans
- Performance pay cannot replace good management
- Firms get what they pay for
- Pay is not a motivator
- Rewards rupture relationship
- Rewards may undermine responsiveness
What are the seven principles of implementing incentive plans?
- Pay for performance
- Link inentives to other activities that engage employees in the business
- Link incentives to measurable competencies
- Match incentives to the culture of the organization
- Keep group incentives clear and simple
- Overcommunicate
- remember that the greatest incentive is the work itself.
What is variable pay?
Variable pay: any plan that ties pay to productivity or profitability
On average organizations spend roughly __% of total pay related spending on variable pay-related expenses
On average organizations spend roughly 11% of total pay related spending on variable pay-related expenses
More than __% of Canadian employers have one or more type of variable pay plans in place.
More than 84% of Canadian employers have one or more type of variable pay plans in place.
What is merit pay or merit raise?
Merit pay (merit raise): any salary increase due to the employee’s productivity
What is a piecework plan?
piecework: a system of pay based on the number of items processed by each individual worker in a unit of time, such as items per hour or items per day
