Bus 381 - week 8 Test Questions with 100%
Correct Answers
what is employee compensation?
- all forms of pay and rewards employees receive because of their employement
what are direct financial payments?
- wages, salaries, commissions, bonuses, and incentives
what are indirect financial payments?
- benefits like paid vacation, insurance, pension contributions, and other employer-paid benefits
what four things must compensation plans consider?
- legal requirements
- union issues
- reward alignment
- equity
what is total rewards strategy?
- a compensaiton strategy aligned with employee behaviours needed to achieve the company's
business strategy
besides pay, what else is included in total rewards?
- challenging work
- career development
- recognition
- benefits
what three questions should companies ask when creating compensation policies?
, - should we lead or follow the markets?
- what is our business strategy?
- what compensation can we afford?
what does the employment standards act regulate?
- minimum wage
- maximum hours
- overtime
- vacation
- stat holidays
- termination pay
what is the purpose of the pay equity act?
- equal pay for work of equal value using gender-neutral criteria
what does the human rights act prohibit?
- discrimination in employment and compensation
why do unions care about compensation?
- they negotiate fair pay scales and prevent managers from unfairly lowering wages
what is equity theory?
- employees compare what they contribute to what they receieve and expect fairness
what is internal equity?
- fair play compared to others doing similar work within the same organization
what is external equity?
- fair pay compared to similar jobs at other organizations
what is individual equity?
Correct Answers
what is employee compensation?
- all forms of pay and rewards employees receive because of their employement
what are direct financial payments?
- wages, salaries, commissions, bonuses, and incentives
what are indirect financial payments?
- benefits like paid vacation, insurance, pension contributions, and other employer-paid benefits
what four things must compensation plans consider?
- legal requirements
- union issues
- reward alignment
- equity
what is total rewards strategy?
- a compensaiton strategy aligned with employee behaviours needed to achieve the company's
business strategy
besides pay, what else is included in total rewards?
- challenging work
- career development
- recognition
- benefits
what three questions should companies ask when creating compensation policies?
, - should we lead or follow the markets?
- what is our business strategy?
- what compensation can we afford?
what does the employment standards act regulate?
- minimum wage
- maximum hours
- overtime
- vacation
- stat holidays
- termination pay
what is the purpose of the pay equity act?
- equal pay for work of equal value using gender-neutral criteria
what does the human rights act prohibit?
- discrimination in employment and compensation
why do unions care about compensation?
- they negotiate fair pay scales and prevent managers from unfairly lowering wages
what is equity theory?
- employees compare what they contribute to what they receieve and expect fairness
what is internal equity?
- fair play compared to others doing similar work within the same organization
what is external equity?
- fair pay compared to similar jobs at other organizations
what is individual equity?
