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HRM > HR 7 Compensation & Reward > Flashcards

HR 7 Compensation & Reward Flashcards

1
Q

Parts of compensation packages

A

base pay/salary, benefits (health care), incentives (stimulansen)

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2
Q

Benefit (explained)

A

based on job > Insurance, holiday money, childcare, car

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3
Q

Incentives, stimulance (explained)

A

based on performance > bonus, rewards, not guaranteed

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4
Q

Job evaluation (explained)

A

Is the process of determining the relative worth of jobs to determine pay structure. How important/heavy is the job? > how much salary?

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5
Q

Job evaluation methods: Job ranking system

A

Ranking in order of importance to the organization

Disadvantage: Highly subjective (opinions)

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6
Q

Job evaluation methods: Paired comparinson

A

Ranking, compares each job against all jobs

Disadvantage: evaluators must know all jobs, pairing is a lot of work

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7
Q

Job evaluation methods: Job classification system

A

Every job is classified and grouped > knowledge, skill, years of experience, level of authority > worth the job

Most used!

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8
Q

Job evaluation methods: Point factor system

A

Determines the value of a job by calculating > compensable factors > points given to a specific job

About content of job

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9
Q

Job evaluation methods: Point factor system

A

Determines the value of a job by calculating > compensable factors > points given to a specific job

About content of job

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9
Q

Job evaluation methods: Point factor system

A

Determines the value of a job by calculating > compensable factors > points given to a specific job

About content of job

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10
Q

Job evaluation methods: Hay profile method

A

Point value system 4 factors:

  • Know-how
  • problem solving
  • accountability
  • working conditions

quite the same as point-factor system but then only these things

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11
Q

Pay grading

A

The process of setting the pay scale for specific jobs or types of jobs

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12
Q

Methods of pay grading: Pay grade levels

name 1 advantage and 2 disadvantages

A

salary scales > cao levels > most used

Advantage: promotes fairness, equal pay and no discrimination
Disadvantage: rigid (stijf) system, less room to hire best people > pay above market, also: supports its not my job mentality

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13
Q

Methods of pay grading: Delayering and banding

A

Cuts down the number of pay levels

Advantage: broader range of paying > flexibility
Disadvantage: less transparant > paying who they like more

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14
Q

Methods of pay grading: Going rate model

A

Supply-and-demand factors. Corona virus > docters > pay whatever it takes

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15
Q

Pay system considerations: Skill based pay

A

Paid on set of current skills

16
Q

Pay system considerations: Competency-based pay

A

Set of traits (eigenschappen)/personality > future orientated > focus on potential

Disadvantage: can be bias/an interpretation

17
Q

Pay system considerations: Variable pay system

A

Provides employees with a pay basis but then links the achievement of certain goals directly to their pay

18
Q

Motivation Theories for Pay systems: The equity theory

A

Satisfaction employees get from inputs (work) and outputs (pay) –> comparing yourself to others

External pay equity: refers to what other people in similar organizations are being paid for a similar job
Internal pay equity: focuses on employees within the same organization

19
Q

Motivation theories for pay: Pay system considerations: The expectancy theory

A

Employees will put in as much work as they expect to receive –> when finding out payed good –> work harder to achieve goals

20
Q

Motivation theories for pay: The reinforcement theory

A

Performance is followed by some reward > desired behavior –> when getting a reward he keeps up the good work

21
Q

Effect of compensation on performance

A 
Motivation>satisfaction
Growth and development
Structure and well being
Recitation
Rewards>Encourage

HRM (10 decks)

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