Final Flashcards
(101 cards)
Compensation(class 7): What are the managers’ roles in order to compensate their employees fairly? (3)
1) To understand compensation principles
2) To possess adequate knowledge of the positions managed
3) To ensure equity, an important factor in compensation decisions.
Compensation(class 7): What are the three goals on compensation?
1) To attract
2) To motivat
3) To retain employees
Compensation(class 7): What are the two types of compensation, and their characteristics?
1) Direct : Base salary (Pay incentives)
2) Indirect: Benefits, paid time off and employee services
Compensation(class 7): What legal concepts are behind base salary?
- Labour standard act
- Canadian charter of rights and freedom (equal pay for employee A and B)
- Pay equity act (Equal salary for equivalent work of men and women)
Compensation(class 7): What legal concepts are behind paid off time?
- Labour standard act
Compensation(class 7): What is internal equity?
Equity with respect to salaries and requirements for similar or different jobs within the organisation.
(Job analysis, job description & job evaluation).
Compensation(class 7): What is external equity?
Equity with respect to salaries for similar jobs in different organisations?
(benchmark, salary surveys and salary range)
Compensation(class 7): What is individual equity?
Equity with respect to salaries for individuals.
Salaries are compared using four criterias:
1) Individual performance
2) Competency
3) Seniority
4) Experience
Compensation(class 7): What is collective equity?
Equity with respect to the compensation received by different groups of employees in the organisation.
*The group’s contribution to the success of the organization
Compensation(class 7): Step-by-step process for setting the base salary
1) Job analysis
2) Job description
3) Job evaluation
4) Choose benchmark
5) Salary survey
6) Salary positionning
7) Salary ranges (according the merite, experience and comptencies)
Compensation(class 7): As recommended by the Pay Equity Act, what are the 4 factors for evaluating the base salary?
1) Qualifications and experience requires
2) Responsibilities
3) Intellectual and physical effort
4) Working conditions
Compensation(class 7): What is the weighting system ? (job positions)
Level 1 - High school degree = 10 points
Level 2 - College Degree = 20 points
Level 3 - Bachelor’s degree = 30 points
Level 4 - Master’s degree = 40 points
Level 5 - Member of a professional body = 50 points
can be the same for job experience
Compensation(class 7): What is the description of choosing a benchmark?
Choose type of organisation to compare with: Market, organisation, size and other.
Compensation(class 7): What is the description of the salary survey?
Information about wages supplied by companies in the benchmark market, and compare them with yours.
Compensation(class 7): What is the description of salary positioning?
3 options:
lead: pay a employee higher than the market
lag: pay an employee lower than the market
match: pay en employee same as the market
Compensation(class 7): What are some examples of pay inventives?
Short terms:
Team bonus - small teams - teamwork
Gain sharing - plant workers - lower costs
Profit sharing - managers - motivation
Long terms:
Stock purchase - all employees - mobilization
Stock options - senior managers - increase market value of stocks
Compensation(class 7): What are some examples of indirect compensations?
1) Benefits ( retirement plans, insurance plan, government plans)
2) Paid time off (Civic holidays and vacations)
3) Employee services (Rebates, daycares, gym)
Competencies(class 9): What is competency capital?
the sum of competencies an employee masters at a given time
Competencies(class 9): What is competency development activity?
a tool used by an individual or organisation to acquire or develop a competency.
Competencies(class 9): What is competency?
The ability to act effectively in the framework of one’s professional activity.
Competencies(class 9): What are the three different types of competence?
1) Knowledge (thinking = cognitive perspective)
2) Skills (doing = psychomotor perspective)
3) Attitudes (feeling = affective perspective)
Competencies(class 9): What characteristics (3) must a competent employee have?
1) Master the knowledge, skills and attitudes necessary to perform their jobs.
2) Have the ability to solve problem
3) Have the ability to adapt to change
Competencies(class 9): What confirms competencies?
concrete actions that have short or longterm outcomes.
Competencies(class 9): True or false: an unpredictable performance can define a competency.
FALSE