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Certified Knowledge Exam > Total Rewards > Flashcards

Total Rewards Flashcards

1
Q

Goal of Total Rewards Program

A

to attract, retain and motivate employees, while shaping employee behaviour (membership behaviour, task behaviour, organization citizenship behaviour)

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2
Q

Membership Behaviour

A

people want to join your organization and currently employees want to stay

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3
Q

Task Behaviour

A

employees do the tasks assigned to them

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4
Q

Organization Citizenship Behaviour

A

employees motivated to support the success of the org

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5
Q

Intrinsic Rewards

A

relate to job content; include things such as task identity, task significance, skill variety, job autonomy and job feedback

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6
Q

Task Identity

A

doing the whole job

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7
Q

Task Significance

A

social value of the task

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8
Q

Skill Variety

A

utilizing multiple/variety of skills

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9
Q

Job Autonomy

A

freedome to act idependently

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10
Q

Job Feedback

A

self monitoring the job

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11
Q

Extrinsic Rewards

A

relate to job context; include thing such as monetary rewards, direct pay, and indirect pay

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12
Q

Types of Monetary Rewards/Direct Pay

A

base pay, performance pay

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13
Q

Types of Performance Pay

A

merit pay, short term incentives, long term incentives

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14
Q

Types of Indirect Pay

A

health and wellness benefits, retirement plans, leaves with pay, working conditions, EAP

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15
Q

Theories of Employee Motivation

A

Content Theories of Motivation include Maslow’s Hierarchy of Needs, Herzberg’s Two Factor Theory, Hackman and Oldham’s Job Characteristics Theory

Process Theories of Motivation include Reinforcement Theory, Expectancy Theory, and Equity Theory

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16
Q

Maslow’s Hierarchy of Needs

A

First look at Basic needs, those being physiological (food, water) and security needs (shelter, safety). Then proceed to Psychological needs, those being belonging needs (love, acceptance) and eco needs (self esteem, accomplishment). Finally step is self actualization with creative fulfillment, satisfaction in reaching ones potential.

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17
Q

Herzberg Two Factor Theory

A

Two factors are Hygiene Factors and Motivators.

Hygiene Factors can lead to job dissatisfaction. They include pay, status, working conditions, benefits, policies etc.

Motivators increase job satisfaction. These include meaningful and challenging work, recognition, increased responsibility and growth opportunities.

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18
Q

Hackman and Oldham Job Characteristics Theory

A

Job characteristics that must be in place in order to achieve employee satisfaction include skill variety, task identity, task significance, task autonomy and job feedback. These characteristics lead to job enrichment.

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19
Q

Job Rotation

A

employees crossing over to tasks normally carried out by a co-worker in order to break up work and create a multi-skilled workforce

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20
Q

Job Enrichment

A

adding/introducing engaging elements to the role

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21
Q

Reinforcement Theory

A

Individuals’ behaviour is a function of its consequences; focusing on what happens to an individual they they take action; can use positive reinforcement, negative reinforcement, punishment and extinction

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22
Q

Positive Reinforcement

A

giving a positive response when a person shows positive and/or required behaviour

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23
Q

Negative Reinforcement

A

rewarding employee by removing negative/undesirable consequences

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24
Q

Punishment

A

removing positive consequences to lower probability of repeating undesirable behaviour; applying undesirable consequences for showing undesirable behaviour

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25
Q

Extinction

A

absence of reinforcements; lowering probability of undesired behaviour by removing reward for that kind of behaviour

26
Q

Expectancy Theory

A

individual will behave or act in a certain way because they are motivated to select a specific behaviour over others, due to what they expect the result of that behaviour to be

27
Q

Equity Theory

A

employees motivated by fairness; if an individual identified between themselves and a peer, they will adjust the work they do in order to make situation fair in their eyes.

28
Q

Process for Establishing Job Worth

A

Job Analysis -> Job Description & Specifications -> Base Pay Methods

29
Q

Types of Job Analysis

A

Position Analysis Questionnaire (PAQ), Critical Incident, Task Inventory, Comptency-Based, and Functional Job Analysis

30
Q

Position Analysis Questionnaire (PAQ)

A

quantifiable data collection to determine degree that a large # of standard, work-oriented tasks are performed in a job (ie frequent, infrequent etc)

31
Q

Task Inventory Analysis

A

identification of all job tasks specific to an org in order to create a job questionnaire for incumbents to complete

32
Q

Critical Incident Method

A

collection of specific task statements that describe the tasks most important in carrying out the job successfully

33
Q

Competency-Based Analysis

A

identifying the key competencies required in performing the job vs the tasks involved

34
Q

Functional Job Analysis

A

tasks statements of four components of - who performs what, to whom, with what tools, to achieve what outcome

35
Q

Methods to Determine Base Pay

A

Market Pricing Method, Pay for Knowledge Methods, Job Evaluation Method

36
Q

Types of Pay for Knowledge Methods

A

Competency-based method, skill-based method

37
Q

Market Pricing Method

A

utilize job descriptions to compare jobs to like positions within the external marketplace

38
Q

Competency-Based Method

A

assess pay based on the knowledge, skills and abilities necessary to accomplish the organizational goals

39
Q

Skill-Based Method

A

assess pay based on formal certifications of skills, knowledge or competencies.

40
Q

Methods of Job Evaluation

A

ranking, job classifications/grading, factor comparison and point-factor

41
Q

Ranking Job Evaluation

A

examine job descriptions and arrange jobs according to their value to the company

42
Q

Job Classification/Grading

A

generic job descriptions are used to anchor a job-grading structure against which all jobs are compared

43
Q

Factor Comparison

A

dollar values are assigned to job “factors” and added to determine the jobs’ worth in dollars

44
Q

Point-Factor

A

numerical values (points) are assigned to job “factors” and added to dtermine the jobs worth in points

45
Q

Skill

A

the experience, training, ability and education required to perform a job under consideration

46
Q

Effort

A

the measurement of the physical, mental or emotional exertion needed to perform a job

47
Q

Responsibility

A

extent to which an employer depends on the employee to perform a job as expected, with emphasis on the importance of job obligation

48
Q

Working Conditions

A

difficult or unhealthy aspects of the conditions in which the job is done

49
Q

Steps to Establish Pay Equity

A
  1. determine what rules apply (federal, union vs non union etc)
  2. identify female and male job classes
  3. compare jobs
  4. check for permissible differences
  5. adjust compensation
  6. communicate results
  7. maintain
50
Q

Direct Pay

A

monteary rewards comprised of base pay and/or performance pay

51
Q

Creating Direct Compensation

A

look at what competitive market is paying (based on surveys, timing and industry) then determine how competitive the org would like to be; create the wave curve and determine compa-ratio

52
Q

Individual Compa-Ratio

A

salary divided by range midpoint

53
Q

Pay Grade Compa-Ratio

A

mean salary divided by range midpoint

54
Q

Dept/Job Family/Company Compa-Ratio

A

mean compa-ratio of all employees in question

55
Q

Performance Pay Plans

A

not guaranteed and varies based on performance

56
Q

Individual Short Term Reward Performance Plans

A

raise (based on merit or seniority), lump sum merit bonus/incentive, commission, standard piece rate, differential piece rate

57
Q

Group Short-Term Incentive Performance Plans

A

goal sharing (signle, multi, financially funded) or profit sharing (current, deferred, combination)

58
Q

Gain-Sharing

A

scanlon, rucker, improshare, family of measures

59
Q

Types of Long Term Rewards

A

employee stock bonus plans, employee share purchase plans, employee stock option plans, phantom shares

60
Q

Creating In-Direct Compensation Program

A

benefits mandated by law, retirement plans, income protection, health benefits, paid time off, employee service, special purpose (attendance/service, peer recognition), retirement plans

61
Q

Defined Contribution Retirement Plan

A

registered RRSP, deferred profit sharing

62
Q

Defined Benefit Retirement Plan

A

years of service x average salary

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