Human Resource Management: Total Rewards and Compensation

These flashcards cover key concepts and laws related to total rewards and compensation in Human Resource Management.

What are the three general components of total rewards?

Tangible direct rewards, Tangible indirect rewards, Intangible rewards.

What does total rewards aim to achieve?

To attract, motivate, and retain employees.

What is base pay?

Basic compensation that an employee receives, often wages or salary.

What are tangible direct rewards?

Rewards that include base pay, individual variable pay, team variable pay, and organization variable pay.

What does the Fair Labor Standards Act (FLSA) regulate?

It affects compensation, focusing on minimum wage, child labor laws, and overtime provisions.

What constitutes an exempt employee under the FLSA?

Employees who hold positions that do not qualify for overtime pay.

Give an example of a tangible indirect reward.

Health care benefits, such as medical or dental insurance.

What is variable pay?

Compensation linked directly to individual, team, or organizational performance.

What is the minimum wage according to the FLSA?

The lowest hourly wage that an employer can legally pay, set by Congress.

What is the purpose of the Lilly Ledbetter Fair Pay Act?

To extend the statute of limitations for equal pay claims.

What type of employees are nonexempt under the FLSA?

Employees who must be paid overtime for hours worked over 40 in a week.

What is the minimum salary required to qualify for exempt status?

A minimum of $455 per week.

What are some criteria for determining exempt status?

Job duties that involve managing, decision discretion, and advanced knowledge.

What is compensatory time off?

Time off granted to nonexempt employees as incentive or compensation.

What are independent contractors not entitled to from employers?

Social Security, unemployment, or workers' compensation costs.