Chapter 8: Rewarding and Recognizing Employees Flashcards Preview

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Flashcards in Chapter 8: Rewarding and Recognizing Employees Deck (7)
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1
Q

What are the BENEFITS REQUIRED BY LAW (MANDATORY)

A
  • CPP/QPP
  • Employment insurance (EI)
  • Workers’ compensation insurance
  • Provincial hospital and medical services • Leaves without pay
2
Q

What is Competency-based pay?

A

Pay based on how many capabilities employees have or how many jobs they can perform

3
Q

What are the JOB EVALUATION SYSTEMS

A
  • Job ranking systems
  • Job classification system
  • Point system
  • Factor comparison system
4
Q

What are the COMPENSATION STRUCTURE

A
  • Wage and salary surveys
  • Wage curve
  • Pay grades
  • Rate ranges
5
Q

What are the COMMON ORGANIZATIONAL REWARD GOALS

A
  • Reward for past performance
  • Remain competitive in the labour market
  • Maintain salary equity among employees
  • Control compensation budget
  • Attract, motivate, and retain key employees
6
Q

What are the internal factors determine wages?

A
  • Employer’s compensation strategy • Perceived worth of a job
  • Employee’s relative worth
  • Employer’s ability to pay
7
Q

What are the external factors determine wages?

A
  • General economy
  • Labour market conditions
  • Area wage rates
  • Cost of living
  • Collective bargaining
  • Legal requirements