Total Rewards Management Flashcards

Flashcards reviewing key concepts from the Total Rewards Management lecture notes.

Compensation is the payment given by an employer to its employees for the services they provide.

Pay provided by an employer to workers in exchange for services such as time, effort, and talent; includes both fixed and variable pay tied to overall contributions.

___, also known as base pay, is a type of compensation that is not dependent on performance.

Non-discretionary compensation that does not vary according to performance or results achieved.

Variable Pay is compensation that depends on performance or results.

Compensation that is contingent on discretion, performance, or results achieved.

A defined __ is a statement of the organization's payment beliefs.

A statement of what the organization believes about how people should be paid, supporting the business strategy and fitting with the organization’s culture, including desired market position.

The __ includes design principles for an organization's compensation programs.

The principles that guide the design, implementation, and administration of a compensation program in an organization.

___ is a formal study of the duties and responsibilities of a job.

Systematic, formal study of duties and responsibilities that comprise job content, providing key information about the nature and level of work performed.

___ includes the job content, job functions, skills, knowledge and abilities needed for the job.

Written information about job content or the functions of the job, required knowledge, skills, and abilities (KSAs), and behaviors.

___ is a structured process to determine the value of an organization's jobs.

A structured process to determine the value of an organization’s jobs relative to each other.

The job ___ groups or categorizes jobs.

To group or categorize jobs relative to other jobs (e.g., pay grades or job ladders).

The pay ___ is a tool that contains internal and external compensation data.

A management tool that reflects the collection and organization of internal and external compensation data to support job values; consists of a series of pay ranges that represent jobs of similar internal and/or external worth.

The difference in rates paid at midpoint of two adjacent grades is the __.

The difference in rates paid at the midpoint of two adjacent grades.

___ is paid to an individual to accommodate specific working conditions that are outside traditional hours.

Pay to an individual to accommodate specific working conditions where the individual is working hours other than the traditional 8 a.m. to 5 p.m.

___ reward performance and are not part of base pay.

Rewards for accomplishments and results at the organizational, group, or individual level, typically paid monthly, quarterly, or annually, and not guaranteed.

___ are cash payments dependent on performance, and make up the biggest part of an employee's compensation.

Cash payments based on a predetermined performance and reward schedule, making up the larger portion of a sales employee’s total compensation, typically based on sales or profit margin on those sales.

Short-term incentive plans are plans that will have results in __.

Those for which desired results will be achieved in one year or less.

Long-term incentive plans (LTI) plans include those for which desired results will be achieved in __.

Those for which desired results will be achieved in more than one year.

__ are programs focused on health and wealth, income protection, financial preparedness, retirement, and time off.

Program focused on health and welfare, income protection, financial preparedness, retirement, and time off

__ are programs that protect the standard of living of the employee and their families

Programs designed to protect the standard of living of the employee and his/her family as well as protect from catastrophic losses

__ are programs designed to protect the employee's income when that employee is not working

Programs design to protect employee's income during periods when the employee is not working

__ are a state of a workforce that is productive, comfortable, happy and healthy; and which takes into consideration physical, emotional, financial and environmental factors.

The state of workforce that is productive, comfortable, happy and healthy considering physical, emotional/mental, financial and environmental factors

Initiatives focused on improving productivity by supporting healthy lifestyle choices for employees and their families is initiatives on __.

Initiatives focuses on improving productivity by supporting healthy lifestyle choices for employees and their families

Workplace _ is a flexible work option enables customization base on when, where and how work is performed.

A variety of flexible work options that enable greater customization over when where and how work gets done.

Resources and referrals to assist the employee in managing care responsibilities are ___.

Resources and referrals that assists employee in helping them manage care responsibilities

___ are the benefits, programs, resources and referrals that help employees manage their financial state.

Voluntary financial benefits, programs, resources, and referrals that assist employees with managing their financial responsibilities

___ is how organizations become involved with the external community through monetary donations, volunteer programs and partnerships.

How organizations get involved with the external community through monetary donation, volunteer programs and partnerships

Activities that remove obstacles to inclusion and full productivity are __ initiatives.

Interventions designed to eliminate barriers to inclusion and full productivity

__ encompass the rewards and the opportunities that help employees advance their skills.

Encompasses the rewards and opportunities that employers offer their workers to advance their skills, competencies, responsibilities and contributions—in both their short- and long-term careers.

__ thank, validate, recognize, and celebrate workforce contributions while aligning and strengthening organizational culture.

Formal or informal programs that thank, validate, recognize and celebrate workforce contributions while aligning and strengthening organizational culture.