Chapter 11 Flashcards
(21 cards)
What is Total Employment Rewards?
Includes all pay forms: direct (wages, incentives) and indirect (benefits like insurance, vacations).
What is an Aligned Reward Strategy?
Compensation package designed to support the firm’s strategic goals and influence desired employee behavior.
What are the Five Components of Total Rewards?
Compensation, Benefits, Work-life balance, Performance and recognition, Development and career opportunities.
What is Engagement in the workplace?
A positive emotional connection to the employer, leading to discretionary effort.
What are Legal Considerations in Pay?
Includes employment standards, pay equity, human rights, pensions, workers’ comp, EI.
What is Job Evaluation?
Systematic comparison to determine relative job worth; includes benchmark jobs and compensable factors.
What are Compensable Factors?
Elements such as skill, effort, responsibility, and working conditions that form the basis of job value.
What is the Classification Method?
Groups jobs into classes/grades based on similar levels of compensable factors.
What is the Point Method?
Assigns weights and points to compensable factors to determine job value.
What is a Wage/Salary Survey?
Determines prevailing wage rates; formal surveys more comprehensive, informal easier.
What is a Wage Curve?
Graph showing relationship between job value and wage.
What are Pay Ranges?
Steps within a pay grade, often linked to service or recruitment range.
What is Broad Banding?
Few salary bands with wide ranges, allows more compensation flexibility.
What is Pay for Knowledge?
Compensation based on competencies or skills relevant to the job.
What is Red Circling?
Employee paid above range, frozen until rates catch up.
What is Green Circling?
Employee paid below range, often a developmental wage.
What are Allowances?
Additional pay for specific duties (e.g., First Aid).
What is a Recruitment Incentive?
Extra pay to attract candidates with special skills.
What is Executive Compensation?
Includes salary, benefits, short/long-term incentives, perquisites.
What is Professional Compensation?
Hard to measure, often uses market-pricing for roles like lawyers, engineers.
What is Pay Equity?
Ensures equal pay for equal value work; addresses gender-based job class gaps.
