Total Rewards Flashcards
(40 cards)
What are the 3 goals of a compensation program?
- Retain and motivate employees
- Offer fair reward for their achievements
- Create incentives for future efforts
What are the 3 elements of compensation?
- base wage or salary
- benefits
- incentives
define total rewards
sum of all compensation and benefits paid to an employee (monetary and nonmonetary)
- Non-monetary can include career opportunities, camaraderie, professional development, remote-work option
When was the Fair Labor Standards Act Passed?
1938
xxx
What is the Usual Criteria to be considered an Exempt Employee?
- Must earn more than $684 per week
- Must be salaried—that is, not paid on an hourly basis
- Must perform certain exempt duties as part of his or her job (administrative, executive, or professional duties)
What is not covered by FLSA?
Hint: (VMWPT)
- Vacation, holiday, severance, or sick pay
- Meal or rest periods, holidays off, or vacations
- Premium pay for weekend or holiday work
- Pay raises or fringe benefits
- Procedures for discharging an employee, or immediate payment of final wages to terminated employees
What jobs can children 13 and under perform?
non-hazardous farm jobs with parent’s written consent
What jobs can ages 14-15 work?
farm jobs outside school hours and nonhazardous jobs for a limited period outside school hours
What is not covered by FLSA?
- Vacation, holiday, severance, or sick pay
- Meal or rest periods, holidays off, or vacations
- Premium pay for weekend or holiday work
What documentation must be kept for non-exempt employees for 3 years?
- Personal information, including employee’s name, home address, Social Security number, occupation, gender, and birth date if under 19 years of age
- Hour and day when the workweek begins
- Total hours worked each workday and each workweek
- Total daily or weekly straight-time earnings
- Regular hourly pay rate for any week when overtime is worked
- Total overtime pay for the workweek
- Deductions from or additions to wages
- Total wages paid each pay period
- Date of payment and pay period covered
What does the Portal to Portal Act cover?
employers must compensate workers for performing job-related tasks outside of work hours
What does the David Beacon Act do?
laborers and mechanics be paid the prevailing (average) wage on public works projects
- prevented employers from hiring out-of-town or out-of-state workers and paying them less than they would have to pay local workers
Define broadbanding
using a job grading structure with extremely wide salary bands
Define wage compression
occurs when there are small differences in pay regardless of experience, skills, level, or seniority
what does Compa-ratio calculate?
how close an employee’s pay is to pay at the middle of an organization’s pay range
What are the 4 compensation stages?
Start-up
Growth
Maturity/consolidation
Decline
What is the start-up compensation stage comprised of?
High salary
Low bonuses and benefits
What is the growth compensation stage comprised of?
Low Salary
Competitive Benefits
High bonuses
What is the Maturtity/Consolidation compensation stage comprised of?
Competitive salary, bonuses, and benefits
What is the Decline compensation stage comprised of?
moderate salary, bonuses, and benefits
Which of the following are employers required to pay for 1099 contractors?
Social Security
Federal Taxes
State taxes
OT/ On-call pay
none of them are required by employers
Are employers required to offer health insurance benefits to employees?
Over 50 employees, must offer or pay a fine
What’s the difference between defined-benefit pension plans and defined-contribution pension plans?
Defined-benefiit - fixed amount by employer
Defined-contribution - contributions by employee (401k)
define vesting
point at which employees are entitled to employer’s contriubutions
