Chapter 12 Flashcards Preview

HRM 2nd Exam > Chapter 12 > Flashcards

Flashcards in Chapter 12 Deck (16):
1

What is fixed pay?

Base amount of money regardless of performance.

2

What is variable pay?

Could be bonuses, productivity, additional to fixed pay.

3

What are the types of incentive plans?

Operationions(retail,hospitality,logistics), senior managers/executives(salaries), salespeople(comissions),

4

What is Merit Pay?

Pay based on group, and organizational performance. Sometimes, the pay is split in 1/1/1 so its indv,group,and org.

5

What is ESOP (Employee Share Purchase/Stock Ownership Plan)?

To encourage employees to purchase stocks, partnership, make sure you produce, so you benefit from the stocks and you are obligated to benefit from them.

6

What is profit sharing?

All people get a piece of the pie.

7

What is piecework?

Straight: Four calls an hour, more is extra. Per unit of = pay.

Garanteed: More if you go higher

Differential: Percentage instead of base rate of your base pay.

Cons: Quality, Increase Standard, Resistance

8

What are team or group incentives?

Group pay, does not factor indivudal contribtions.

9

What are short term incentives?

Short term incentivies are stock options, performance share units plan, appropriate link to strategy. Bottom line, senior management.

10

What are employee benefits?

Indirect finanical payments given to employees.

Include supplementary health and life insurance, vacation, pension, education plans, and discounts on company products.

Becoming larger part of total compensation

Useful in attracting talent

Increase work productivity

11

What are government mandated benefits?

Employement Insurance (EI, lose job no fault of yours)

Pay on termination of employement(serverance pay, in addition to EI, if you work X years.)

Leaves of absence

Canada/Quebec Pension Plan (CPP/QPP)

Worker's compensation(employer's comepensation can be excluded)

Vacations and holidays

Paid breaks

12

What is bereavement leave?

Family member dies, etc.

13

What is compassionate care leave?

Family member gets sick, etc.

14

What is sabbaticals?

a period of paid leave granted to a university teacher or other worker for study or travel, traditionally one year for every seven years worked.

15

What are the types of retirement benefits?

Defined Benefit Pension Plan (GOOOOOD)
Benefits based on earnings and eyars of service

Defined Contribution Pension Plan
Benefits based on amount of contribution and value of fund (GAMBLING)

Group RRSP
Registered Retirement Savings Plan
Contribute out of your own money, Up to 18% of your pay. Taxable income is lower if you do.

16

What are the types of employee services?

Flexible Work Schedules
Flextime, telecommuting, compressed worksheets, job sharing, and work sharing.

Personal Services:
Credit Unions, Counselling serices, employee assistance programs, (EAP), other personal services(social and recreational)

Job related services
child care, eldercare, subsidized employee transportation, food services, education subsidies, family-friendly benefits. (DRIVELESS CARS SUB)