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pHCLE 202311 > 4. Total Rewards > Flashcards

4. Total Rewards Flashcards

1
Q

____________ should include the qualifications that are required to complete the job.

They should not focus on the qualifications of incumbents currently in the role, qualifications that are nice to have but not necessary, or job tasks that are not performed regularly.

A

Job Evaluation

  • Standard: Total Rewards - Compensation and Benefits standard #2
  • Location: Course - Total Rewards, Lesson - Ensuring Job Equity
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2
Q

Ranking, rating, and point factoring are three approaches to ______ _________

A

Job evaluation

  • Standard: Total Rewards - Compensation and Benefits standard #2
  • Location: Course - Total Rewards, Lesson - Ensuring Job Equity
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3
Q

____________ concern people’s beliefs about whether intelligence/abilities are fixed or maileable.

Believing they are maileable is correlated with growth and improvement in people’s performance.

A

Dweck’s Theories of Intelligence

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4
Q

________________ is an easy method of job evaluation to implement and inexpensive. It is an option that is often best suited to small organizations.

A

Ranking

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5
Q

Compensation Study Steps

A

A compensation study first requires updated job descriptions.
Job evaluation is conducted using those job descriptions, followed by market analysis, and finally, making any necessary changes to pay policies or structures.

  • Standard: Total Rewards - Compensation and Benefits standard #2
  • Location: Course - Total Rewards, Lesson - Ensuring Job Equity
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6
Q

Hygiene Factors

A

According to Hezberg’s two-factor model (also known as Motivation-Hygiene Theory), hygiene factors include things like:

Job security
Working conditions
Interpersonal Relations

Hygiene factors don’t lead directly to job satisfaction, but the absence of these factors leads to job dissatisfaction.

  • Standard: Total Rewards - Work-Life Integration standard #1
  • Location: Course - Total Rewards, Lessons - Employee Motivation and Engagement
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7
Q

Secondary Interventions

A

Interventions that focus on changing the effects of stressors proactively.

They include muscle relaxation techniues, mediation, and other strategies that put the onus on the employee.

  • Standard: Toward Rewards - Work-Life Integration standard #1
  • Location: Course - Total Rewards, Lesson - Employee Motivation and Engagement
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8
Q

all the financial & experiential incentives, rewards, & benefits provided to employees as part of their employment journey.

(ie: Bonus/Life Insurance/ Health Insurance/Wellness Program/Work-life Integration/ Employee Assistance Program/ Professional Development/ PTO/ Career Opportunities/ Base Salary/ Non-cash Reward/ Compensation/Recognition/ Benefits)

A

Total Rewards

Course: Total Rewards
Lesson: Communicating Total Rewards
2 What are Total Rewards?

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9
Q

refers to all offerings in your compensation can be broken down into two major categories: compensation & benefits.

A

Total Compensation

Course: Total Rewards
Lesson: Communicating Total Rewards
2.1 Types of Compensation

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10
Q

Total compensation can be broken down into two major categories:

A

1) Compensation
2) Benefits

Course: Total Rewards
Lesson: Communicating Total Rewards
2.1 Types of Compensation

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11
Q

Compensation comprises of:

A

Base Pay
Variable Pay

Course: Total Rewards
Lesson: Communicating Total Rewards
2.1 Types of Compensation

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12
Q

fixed amount of cash compensation an employee received in exchange for work performed.

It tends to reflect the value of hte work rather than individual contributions.

It is guaranteed.

A

Base Pay
(fixed pay)

Course: Total Rewards
Lesson: Communicating Total Rewards
2 What are Total Rewards?

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13
Q

varies based on quality of performance or quantity of contributions.

Not guaranteed

Payment is typically tied to the level of performance or results.

A

Variable Pay

Course: Total Rewards
Lesson: Communicating Total Rewards
2.1 Types of Compensation

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14
Q

A salary differential would be considered what type of compensation?

A. Base Pay
B. Variable Pay
C. Discretionary Benefit
D. Legally Required Benefit

A

A. Base Pay

A differential would be considered base pay because it reflects the value of the work rather than the quality of performance or quantity of contributions.

In this case, the value of the work is determined based on additonal competencies needed to perform the work, additional duties added to the work, or some other change in circumstances or working conditions.

Course: Total Rewards
Lesson: Communicating Total Rewards
2.2 Quiz: Types of Compensation

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15
Q

What is an example of discretionary benefits? (Select all that apply)
A. Workers’ compensation
B. Paid time off
C. Performance Incentive
D. Life Insurance

A

B. Paid time off
D. Life Insurance

Benefits like paid time off & life insurance are generally provided at hte discretion of the employer.

Discretionary benefits are an area where human capital leaders can get creative. Certain unique perks are potentially low cost but may be just as meaningful to employees as cash rewards, if not more so.

Worker’s compensation (A) is a legally required benefit & performance incentive (C) are a type of variable pay.

Course: Total Rewards
Lesson: Communicating Total Rewards
2.2 Quiz: Types of Compensation

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16
Q

an area where human capital leaders can be creative & strategic.

A

Discretionary Benefits

Course: Total Rewards
Lesson: Communicating Total Rewards
3 Creative Benefits

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17
Q

Discretionary Benefit Examples

A
  • Health & Wellness
  • Paid Time Off
  • Financial Assistance
  • Family Support
  • Learning & Professional Development
  • Workplace Amenities
  • Insurance & Protections
  • Flexibility
  • Discounts & Reimbursements
  • Assistance with Chores
  • Giving & Service

Course: Total Rewards
Lesson: Communicating Total Rewards
3 Creative Benefits

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18
Q

which of your current benefits do employees currently use?

A

Current Utilization Rates

Course: Total Rewards
Lesson: Communicating Total Rewards
4 Assessing Employees’ Needs and Prefernces

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19
Q

are employees aware of all the benefits & perks they receive?

A

Employee Awareness

Course: Total Rewards
Lesson: Communicating Total Rewards
4 Assessing Employees’ Needs and Prefernces

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20
Q

how satisfied are employees with the benefits they receive?

A

Employee satisfaction

Course: Total Rewards
Lesson: Communicating Total Rewards
4 Assessing Employees’ Needs and Prefernces

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21
Q

what do your utilization, awareness, and/or satisfaction results look like when they’re disaggregted by employee groups such as: age group / gender / department/team building / parental status

A

Employee Characteristics

Course: Total Rewards
Lesson: Communicating Total Rewards
4 Assessing Employees’ Needs and Prefernces

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22
Q

Communicating your employer brand should address the following:

A
  • Goals - How can your communication support your goals?
  • Key Messages - What you say & how you say it matters. What are your key messages for each audience?
  • Target Audiences - Who are your target audiences for communciations & engagement? this can be internal & external stakeholders.
  • Tactics - What tactics will you use for communications & engagement? How & when will you execute them?
  • Channels - What communication channels are available to you? Which channels are best to reach your target audience?

Course: Total Rewards
Lesson: Communicating Total Rewards
5 Communicating Total Rewards

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23
Q

The legal environment is shaped by the following:

A
  • Federal, state, & local legislation
  • Executive orders
  • Developing interpretations as established through case law

Course: Total Rewards
Lesson: The Legal Side of Compensation
2 Legal & Regulatory Issues in Compensation

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24
Q

4 Areas of the law that impact compensaton systems

A

1) Protections against discrimination - Laws governed by Equal Employment Opportunity Commission (EEOC)
2) Wages - Fair Labor Standards Act
3) Collective Bargaining - National Labor Relations Act (NLRA)
4) Compensation Benchmarking - Sherman Anti-trust Act of 1890

Course: Total Rewards
Lesson: The Legal Side of Compensation
2 Legal & Regulatory Issues in Compensation

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25
Q

a group of federal laws that protect employees & job applicants against discrimination in employment decisions including compensation.

A

Equal Employment Opportunity (EEO) Laws

Course: Total Rewards
Lesson: The Legal Side of Compensation
3 Protections Against Discrimination: EEO Laws

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26
Q

Includes all payments made to, or on the behalf of, an employee as remuneration for employment.

A

Compensation

Course: Total Rewards
Lesson: The Legal Side of Compensation
3 Protections Against Discrimination: EEO Laws

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27
Q

these make it illegal to limit the employment opportunities of a protected class.

A

EEO Laws

Course: Total Rewards
Lesson: The Legal Side of Compensation
3 Protections Against Discrimination: EEO Laws

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28
Q

determines whether jobs are substantially equal

A

Job Content

Course: Total Rewards
Lesson: The Legal Side of Compensation
3 Protections Against Discrimination: EEO Laws

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29
Q

Factors examined to determine whether jobs are substantially equal

(Job Evaluation)

A
  • Skill
  • Effort
  • Responsibility
  • Working Conditions

Course: Total Rewards
Lesson: The Legal Side of Compensation
3 Protections Against Discrimination: EEO Laws

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30
Q
  • Seniority
  • Performane Quality
  • Differences in quality or quantity of production
  • Other factors (shift differentials, education, training, ability, revenue production, market factors)
A

Affirmative Defenses
(Differences in pay are permissible when based on affirmative defenses)

Course: Total Rewards
Lesson: The Legal Side of Compensation
3 Protections Against Discrimination: EEO Laws

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31
Q

Characteristics of a bona fide system:

A
  • Was not adopted with discrininatory intent
  • Is based on predetermined criteria
  • Has been communicated to employees
  • Has been applied consistently & even-handedly applied

Course: Total Rewards
Lesson: The Legal Side of Compensation
3 Protections Against Discrimination: EEO Laws

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32
Q

This act impacts the timeline for filing a complaint for discriminatroy compensation under Title VII of the Civil Rights Act, ADEA, and ADA.

A

Lilly Ledbetter Fair Pay Act

Course: Total Rewards
Lesson: The Legal Side of Compensation
3 Protections Against Discrimination: EEO Laws

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33
Q

enforced by the Wage & Hour Divsion of the US Department of Labor, estabilishes standards related to:
* Minimum Wage
* Overtime Pay
* Recordkeeping requirements
* Youth employement

A

Fair Labor Standards Act (FLSA)

Course: Total Rewards
Lesson: The Legal Side of Compensation
4 Laws Governing Wages: FLSA

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34
Q

Employees who are not subject to the FLSA provisions for minimum wage & overtime

These employees generally must:
* Meet certain tests regarding their job duties.
* Be paid at least $684/week on a slary basis.

A

Expempt Employee

Course: Total Rewards
Lesson: The Legal Side of Compensation
4 Laws Governing Wages: FLSA

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35
Q

Employees who are entitled to overtime pay and must be paid at least the federal minimum wage.

This includes most employees who do not have administrative or decision-making responsibilities (such as school secretaries, bus drivers, cafeteria workers, & maintenance personnel)

A

Nonexempt Employee

Course: Total Rewards
Lesson: The Legal Side of Compensation
4 Laws Governing Wages: FLSA

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36
Q

DOL Exemptions

A
  • Exectutive Exemption
  • Administrative Exemption
  • Professional Exemption
  • Computer Professionals

Course: Total Rewards
Lesson: The Legal Side of Compensation
4 Laws Governing Wages: FLSA

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37
Q

The lowest hourly wage that a covered nonexempt employee may be paid for all hours worked as mandated by federal or state law.

A

Minimum Wage

Course: Total Rewards
Lesson: The Legal Side of Compensation
4 Laws Governing Wages: FLSA

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38
Q

Common Mistakes Related to FLSA

A
  • Misclassifying employees
  • Overlooking or encouraging off the clock work
  • Inaccurate record keeping
  • Improperly deducting tie for breaks
  • Confusion over state vs. federal regulations

Course: Total Rewards
Lesson: The Legal Side of Compensation
4.3 FLSA: Common Mistakes and Summary

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39
Q

this guarantees the rights of most private sector employees to:
* organize
* join unions
* collectively bargain
* refarin from any of these activities

A

National Labor Relations Act
(NLRA)

Course: Total Rewards
Lesson: The Legal Side of Compensation
5 Collective Bargaining: NLRA

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40
Q

Area of law tht impacts compensation in the area of: Protections against discrimination

  • protected classes
  • disparate treatment
  • disparate/adverse impact
  • four-fiths rule
A

Laws governed by Equal Employment Opportunity Commission (EEOC)

Course: Total Rewards
Lesson: The Legal Side of Compensation
8 Summary and Next Steps

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41
Q

Area of law tht impacts compensation in the area of: Wages

  • exempt & nonexempt classifications
  • minimum wage
  • overtime
  • compensable time
  • notification
  • record keeping
  • youth employment
A

Fair Labor Standards Act

Course: Total Rewards
Lesson: The Legal Side of Compensation
8 Summary and Next Steps

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42
Q

Area of law tht impacts compensation in the area of: Collective Bargaining

  • National Labor Relations Board
  • Applictaions for public & private schools
A

National Labor Relations Act

Course: Total Rewards
Lesson: The Legal Side of Compensation
8 Summary and Next Steps

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43
Q

Area of law tht impacts compensation in the area of: Compensation Benchmarking

  • implcations for sharing data or making significant business decisions
A

Sherman Anti-trust Act of 1890

Course: Total Rewards
Lesson: The Legal Side of Compensation
8 Summary and Next Steps

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44
Q

requires that men & women in the same workplace be givein equal pay for equal work

All forms of pay are covered by this law:
* Salary
* Overtime Pay
* Bonuses
* Life Insurance
* Vacation & Holiday Pay
* Benefits

A

Equal Pay Act

Course: Total Rewards
Lesson: Ensuring Job Equity
2 Foundations of Pay Equity

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45
Q

parity in compensation among similarly situated employees, after accounting for legitamate factors influencing pay decison.

A

Pay Equity

Course: Total Rewards
Lesson: The Legal Side of Compensation
8 Summary and Next Steps

46
Q

Consistency of pay for employees working similar jobs.

Employees’ perception that pay is fair is a top driver of employee engagement.

A

Internal Equity

Course: Total Rewards
Lesson: Ensuring Job Equity
3 Internal Equity & External Competitiveness

47
Q

Pay that is comparable to other employers in the market.

Several factors including the labor supply, cost of living, & competition for talentimpact hte external market.

A

External Competitiveness

Course: Total Rewards
Lesson: Ensuring Job Equity
3 Internal Equity & External Competitiveness

48
Q

involves comparing your organization’s compensation levels to those of other organizations that you compete with for talent.

A

Market Study

Course: Total Rewards
Lesson: Ensuring Job Equity
3 Internal Equity & External Competitiveness

49
Q

Designing for equity involves the alignment of:

A
  • Compensation philosophy
  • Compensation strategy
  • Pay structure creation & implementation

Course: Total Rewards
Lesson: Ensuring Job Equity
4 Designing for Equity

50
Q

acts as the foundation of your compensation system.

It helps describe your organinzation’s approach to alignment, internal equity, & external competitiveness.

It also provides guidance to compensation professionals during the initial setup & ongoing maintenance of their compensation structures.

A

Compensation Philosophy

Course: Total Rewards
Lesson: Ensuring Job Equity
4.1 Compensation Philosophy

51
Q

describes how they plan to determine pay & benefits for employees

It should complement the company’s mission, vision, & culture, & be aligned to overall business objectives

A

Compensation Strategy

Course: Total Rewards
Lesson: Ensuring Job Equity
4.3 Compensation Strategy

52
Q

the process of analyzing a position to determine its worth in comparison to other positions in the organization based on defined factors

A

Job Evaluation

Course: Total Rewards
Lesson: Ensuring Job Equity
5 What is Job Evaluation

53
Q

establish a relative order to jobs

A

Qualitative Job Evaluation Method

Course: Total Rewards
Lesson: Ensuring Job Equity
5 What is Job Evaluation

54
Q

establish how much more one job is worth compared with another job using a scaling system

A

Quantitative Methods

Course: Total Rewards
Lesson: Ensuring Job Equity
5 What is Job Evaluation

55
Q

3 Common Methods
Internal Job Evaluation

A

1) Ranking
2) Classification
3) Point Factor

Course: Total Rewards
Lesson: Ensuring Job Equity
5.1 Job Evaluation Methods

56
Q

Comparing jobs to each other to create a hierarchy of jobs

A

Ranking

Course: Total Rewards
Lesson: Ensuring Job Equity
5.1 Job Evaluation Methods

57
Q

Sorting jobs into distinct classes based on pre-determined standards

A

Classification

Course: Total Rewards
Lesson: Ensuring Job Equity
5.1 Job Evaluation Methods

58
Q

Grading jobs using a defined set of factors to assign points

Most complex & time consuming
Easy to maintain
Most legally defensible

A

Point Factor

Course: Total Rewards
Lesson: Ensuring Job Equity
5.1 Job Evaluation Methods

59
Q

the criteria used to evaluate jobs & determine salaries for those jobs

A

Compensable Factors

Course: Total Rewards
Lesson: Ensuring Job Equity
5.5 Compensable Factors

60
Q

determines whether jobs are substantially equal

A

Job Content

Course: Total Rewards
Lesson: Ensuring Job Equity
5.5 Compensable Factors

61
Q

Actions to determine external value

A

1) Capture External Market Data
2) Conduct a Market Analysis
3) Set New Pay Structure

Course: Total Rewards
Lesson: Ensuring Job Equity
6 Market Analysis

62
Q

benchmarking of jobs in labor markets that are relative to the organization.

A

Market Analysis

Course: Total Rewards
Lesson: Ensuring Job Equity
6 Market Analysis

63
Q

A systematic study of an organization’s pay practices to uncover outliers & potential disparities in compensation for members of a proteted class.

A

Pay Equity Analysis

Course: Total Rewards
Lesson: Ensuring Job Equity
8 Conduct a Pay Equity Analysis

64
Q

Pay Equity Analysis Steps

A

1) Select positons
2) Determine which jobs are of equal value
3) Examine current pay practices & policies
4) Compile relevant data
5) Analyze base pay

Course: Total Rewards
Lesson: Ensuring Job Equity
8 Conduct a Pay Equity Analysis

65
Q

4 Analysis Methods to look for pay inequities

A

1) Outliers Analysis
2) Median Analysis
3) Mean Analysis
4) Multiple Regression Analysis

Course: Total Rewards
Lesson: Ensuring Job Equity
8 Conduct a Pay Equity Analysis

66
Q

Identifies any individuals whose base pay is not within their current pay grade.

A

Outliers Analysis

Course: Total Rewards
Lesson: Ensuring Job Equity
8 Conduct a Pay Equity Analysis

67
Q

Theories of Motivation

A
  • Maslow’s Hierarchy of Needs
  • Herzberg’s Two Factor Model (Motivation-Hygiene Theory)
  • Expectany (VIE) Theory
  • Job Characteristics Theory
  • Goal-setting Theory
  • Equity Theory

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

68
Q

Theory that stipulates that employees are motivated bya drive to satisfy needs, beginning with the most basic human needs & advancing up the hierarchy to satisfy higher-order needs.

A

Maslow’s Hierarchy of Needs

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

69
Q

Theory that is known for differentiating hygiene factors from motivator factors.

A

Herzberg’s Two-Factor Model
(Motivation-Hygiene Theory)

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

70
Q

These factors are necessary for job satisfaction

  • Meaningful & challenging work
  • Recognition
  • Feeling of achievement
  • Opportunities for growth & advancement
A

Motivator factors

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

71
Q

These factor’s dont lead to job satisfaction, but the absence of them leads to job dissatisfaction.

  • Good pay
  • Job security
  • Good working conditions
  • Policies & administrative practices
  • Positive interpersonal relations
A

Hygiene Factor

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

72
Q

The theory that proposes that valence, instrumentality, & expectancy influence employees’ motivation.

A

Expectancy (VIE) Theory

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

73
Q

Anticipated satisfaction

A

Valence

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

74
Q

Belief that efforts will rewarded

A

Instrumentality

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

75
Q

Belief that efforts will make a difference

A

Expectancy

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

76
Q

This theory centers on 5 core job dimensiotns, which thorugh experienced meaningfulness, felt responsibility, & knowledge of results lead to motivation.

A

Job Characteristics Theory

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

77
Q

5 Core Job Dimensions
Job Characteristics Theory

A

1) Skill Variety - extent to which the job requires a number of different skills
2) Task Identity - extent to which finishing all the job tasks results in a complete & identifiable whole product
3) Task Significance - how much impact the job has on others in the organization or on teh organization itself
4) Autonomy - how much freedom, independence, control, & discretion the employee has
5) Feedback - the amount of informationt he employee gets from the job

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

78
Q

Goals are most effective when they are:
* specific
* challenging
* accepted

A

Goal Setting Theory

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

79
Q

This theory suggests that employees compare themselves to others, particularly in terms of input/outcome ratios.

A

Equity Theory

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

80
Q

a comparison between an employees’ perceived contributions to what they receive from their contributions.

A

Input/Outcome Ratio

Course: Total Rewards
Lesson: Employee Motivation & Engagement
2 Theories of Motivation

81
Q
  • Emotional exhaustion - emotionally drained by contact with others
  • Despersonalization - detached response towards work and/or others
  • Lack of personal accomplishment- declined feelings of competence & achivement
A

Burnout

Course: Total Rewards
Lesson: Employee Motivation & Engagement
3 Burnout vs Engagement

82
Q
  • Vigor - high levels of energy while working; resilience through challenges
  • Dedication - strong involvement in work; sense of significance
  • Absorption - engrossed in work; time passes quickly
A

Engagement

Course: Total Rewards
Lesson: Employee Motivation & Engagement
3 Burnout vs Engagement

83
Q

aspects of the job that require sustained physical, emotional, or cognitive effort

A

Job Demands

Course: Total Rewards
Lesson: Employee Motivation & Engagement
3 Burnout vs Engagement

84
Q

phyiscal, psychological, social, or organizational aspects of the job that help to either achieve work goals, reduce job demands & the assocaited physiological & psychological costs, or stimulate personal growth, learning, & development.

A

Job Resources

Course: Total Rewards
Lesson: Employee Motivation & Engagement
3 Burnout vs Engagement

85
Q

a framework that can help understand the relationship between job demands & job resources with burnout & engagement.

A

Job Demands Resources Model

Course: Total Rewards
Lesson: Employee Motivation & Engagement
3 Burnout vs Engagement

86
Q

1) Changing job demands & resources
2) Redefining the job to incorporate employee strengths, motives, & passions

A

Job Crafting

Course: Total Rewards
Lesson: Employee Motivation & Engagement
4 Interventions

87
Q

Focus on reductions (or prevent) sources of stress.

A

Primary Interventions

Course: Total Rewards
Lesson: Employee Motivation & Engagement
4 Interventions

88
Q

Focus on changing the effect of stressors proactively.

Cheapest & most commone but put the onus on the employee.

A

Secondary Intervention

Course: Total Rewards
Lesson: Employee Motivation & Engagement
4 Interventions

89
Q

Focus on how to deal with strain.

Most costly

A

Tertiary Intervention

Course: Total Rewards
Lesson: Employee Motivation & Engagement
4 Interventions

90
Q

defined as the measurement of the number of employees who leave an organization during a specific period (typically one year).

Includes those who exit the company voluntarily, as well as those who exit involuntarily.

A

Employee Turnover
(Employee Turnover Rate)

Course: Total Rewards
Lesson: Managing Employee Exits
2 Defining Turnover & Attrition

91
Q

Employee Turnover Categories

A

1) Voluntary
2) Involuntary
3) Reductions in Force

Course: Total Rewards
Lesson: Managing Employee Exits
2 Defining Turnover & Attrition

92
Q

Determining Employee Turnover Rate

A

Employees who left / Average number of employees x 100

Course: Total Rewards
Lesson: Managing Employee Exits
2 Defining Turnover & Attrition

93
Q
  • Measures movement
  • Includes new hires
  • Can be broken down to calculate voluntary & involunatary turnover. Overall turnover includes both.
  • Generally calculated monthly
A

Turnover Rate

Course: Total Rewards
Lesson: Managing Employee Exits
2 Defining Turnover & Attrition

94
Q
  • Measures workforce stability
  • Does not include new hires
  • May exclude involuntary turnover (termination, layoffs)
  • Generally calulated annually
A

Retention Rate

Course: Total Rewards
Lesson: Managing Employee Exits
2 Defining Turnover & Attrition

95
Q

the process by which employees leave the workforce & are not immediately replaced

typcially amicable

A

Employee Attrition

Course: Total Rewards
Lesson: Managing Employee Exits
2 Defining Turnover & Attrition

96
Q

is defined as the number of employees who leave an organizaiton during a specified period.

A. Employee Attrition
B. Employee Turnover
C. Employee Experience
D. Employee Retention

A

B. Employee Turnover

Employee turnover identifies the rate at which employees leave an organization within a specified time period (usually one year).

Course: Total Rewards
Lesson: Managing Employee Exits
2.1 Quiz

97
Q

Which type of exit is the most dysfunctional for organizations?

A. Voluntary
B. Involuntary
C. Regrettable
D. Non-regrettable

A

C. Regrettable

Regrettable exits are case in which high-performing employees have left the organization.

These types of exits can be especially damaging for organizations.

Course: Total Rewards
Lesson: Managing Employee Exits
2.1 Quiz

98
Q

a trend in employees voluntarily leaving their jobs in droves in response to the COVID 19 pandemic.

A

The Great Resignation

Course: Total Rewards
Lesson: Managing Employee Exits
2.3 The Great Resignation

99
Q

Two of the biggest direct costs of turnover:

A

1) Financial Outlay
2) The staff time required to recruit & retrain new candidate for a given role

Course: Total Rewards
Lesson: Managing Employee Exits
3 Analyzing Turnover Data

100
Q

Any activities related to:
* Recruitment & Hiring
* New Employee Onboarding
* Position-specfici Training

A

Direct Costs

Course: Total Rewards
Lesson: Managing Employee Exits
3 Analyzing Turnover Data

101
Q

May include:
* Reductions in morale for those employees who remain
* Customer attrition & damage to the overall organizational brand.
* Reduced productivity, especially during the training & recruitment of a replacement

A

Indirect Costs

Course: Total Rewards
Lesson: Managing Employee Exits
3 Analyzing Turnover Data

102
Q

Time-Bound Turnover Rate

Best for identifying patterns in the turnover cycle.

A

Number of employee exits in a defined time period / Average number of employees total for the organization during the same time x 100

Course: Total Rewards
Lesson: Managing Employee Exits
3 Analyzing Turnover Data

103
Q

Voluntary Turnover Rate

Best for identifying patterns in the number & types of employees who are choosing to exit the organization

A

Number of voluntary employee exits in a defined time period / Average number of employees total for the organization during that same time x 100

Course: Total Rewards
Lesson: Managing Employee Exits
3 Analyzing Turnover Data

104
Q

Involuntary Turnover Rate

Best for understanding the instances for those employees who are released from a company, & whether there is an inordinate amount of these turnovers during the time period being analyzed

A

Number of involuntary employee exits in a defined time period / Average number of employees total for the organization during that same time x 100

Course: Total Rewards
Lesson: Managing Employee Exits
3 Analyzing Turnover Data

105
Q

Regrettable (Unwanted/Dysfunctional) Turnover Rate

Best for understanding the instances of top talent leaving roles within an organization & identifying any patters that may play a role in this activity.

A

Number of high-performing employees exiting an organizaiton / Average number of employees total for the organization during that same time x 100

Course: Total Rewards
Lesson: Managing Employee Exits
3 Analyzing Turnover Data

106
Q

During recent performance evaluation activities within an organization, an HR people-leaded noted that several new hires recrutied by a specfic talent sourcing officer in the last 6 months have not worked out.

The manager is unsure of the causes for this & would like to have a clearer picture of the data before approaching the recruiter with concerns.

A. Time-bound turnover rate
B. Voluntary turnover rate
C. Involuntary turnover rate
D. Regrettable turnover rate

A

A. Time-bound turnover rate

Because this is an issue that has gained prevalence over a specific period of time, it would be most helpful to use time-bound turnover rates to analyze the recruiter’s hiring activity during that time and try to identify any patterns that exist.

It would also be helpful to look a the same information over a longer period of time to see whether this is a new occurrence over the last few months or an ongoing issue that needs to be addressed with this recruiter.

Course: Total Rewards
Lesson: Managing Employee Exits
3.1 Quiz

107
Q

A manager has recently approached human resources with a concern that several of their top-performaing staff members have put in their notice.

He fears that this may be a reflection of a broader issue within the organization.

A. Time-bound turnover rate
B. Voluntary turnover rate
C. Involuntary turnover rate
D. Regrettable turnover rate

A

D. Regrettable Turnover Rate

Remember that regrettable (also known as unwanted or dysfuctional) turnover rate helps employers gauge how many of their high-performing staff members have chosen to leave the organizaiton.

Although this calculation does not help retain employees who have already left the company, it can provide guidance on how to retain remaining high-performers when combined with a holistic analysis of turnover factors.

Course: Total Rewards
Lesson: Managing Employee Exits
3.1 Quiz

108
Q

conversations that senior leaders or human resources professionals have with employees who are departing a role.

A

Exit Interviews

Course: Total Rewards
Lesson: Managing Employee Exits
4 Exit Interviews

109
Q

Exit Interview Goals

A
  • Receive honest feedback about work experience
  • Understand their reason for leaving
  • Provide an opportunity to discuss ideas they may have for improvement

Course: Total Rewards
Lesson: Managing Employee Exits
4 Exit Interviews

110
Q

Components of an Exit Interview Policy

A
  • should be voluntary
  • should be conducted according to a standard format, & include standard questions reflective of the employees’ seniority, role, & length of service
  • information discussed should be kept confidential, except in few, specfici cases
  • requests should originate from HR & should be delivered to an employee in writing

Course: Total Rewards
Lesson: Managing Employee Exits
4 Exit Interviews

pHCLE 202311 (11 decks)

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