WEEK 8 Flashcards
refers to the total package of rewards
that employees receive for their work, services, and contributions to an organization.
Compensation
involves designing,
implementing, and administering a fair and competitive
rewards system
Compensation Management
This is the fixed amount of money paid determined by
factors such as job responsibilities, experience, and market rates.
Base Salary or Wages
includes bonuses, commissions, profit-sharing, or
performance-based rewards or organizational performance goals
Incentive Pay
This includes health
insurance, retirement plans, paid time off, life and disability
insurance, wellness programs, and other perks
Benefits
such as
employee of the month awards, achievement certificates, or peer
recognition initiatives, acknowledge and reward
Recognition and Rewards
profit-sharing or
stock options,
Variable Pay
evaluating jobs to determine their relative worth within
the organization and establishing fair and equitable pay
structures
Job Evaluation and Pay Equity
- refer to
the non-monetary rewards and perks provided to employees in addition to their base salary or wages. - enhancing the overall
compensation package, supporting employee
well-being, and promoting work-life balance
Benefits
includes medical, dental, and vision plans
to help employees and their families access healthcare services, medications, and preventive care.
Health Insurance
help employees save for their future financial
security. This may include defined contribution plans such as 401(k) or
403(b) plans
Retirement Plans
vacation days, holidays, and sick leave
that employees can use for personal time off or illness without loss of
pay.
Paid Time Off (PTO)
provides financial protection for
employees’ beneficiaries in the event of their death, typically covering a multiple of their salary.
Life and Disability Insurance
employee becomes unable to work due
to a disabling illness or injury.
Disability Insurance
physical and mental
well-being through programs and resources such as gym
memberships, counseling services, smoking cessation
Wellness Programs
such as telecommuting,
flextime, compressed workweeks, or part-time schedules, allow
employees to balance work and personal commitments more
effectively.
Flexible Work Arrangements
ongoing education and
professional development by reimbursing them for eligible
expenses
Tuition Reimbursement
confidential counseling, support, and resources to
employees and their families to help address personal or
work-related challenges, such as stress, mental health
issues
Employee Assistance Programs
RIGHT OF THE EMPLOYEES
- Security of Tenure
- Living Wages
- Weekly Rest Day
- Rest Day and Holiday
- Normal Hours of Work
- Service Incentive Leave
- Right to Self Organization
- Right to Due Process
- Employment of Women
- Employment of Children
- Safe Working Conditions
regular employees can also be
terminated provided it is for valid reasons and pursuing procedural due process.
Security of Tenure
serious misconduct, willful disobedience
of employers’ lawful orders connected with work, gross and
habitual neglect of duty, fraud or willful breach of trust,
commission of crime or offense against the employer
Just Cause
notice to the
employee of intent to dismiss and grounds for dismissal
• Opportunity for the employee to explain his or her side notice of the decision to dismiss.
Due Process
refers to an economic circumstance not due to the employee’s fault, including the introduction of labor-saving devices, redundancy, retrenchment to prevent losses, closure,
or cessation of business.
Authorized Cause
due process means written notice of dismissal to the employee specifying the
grounds, at least _________ before the date of termination.
30 Days