BUS 381-chapter 11 questions n
answers passed
employee compensation - correct answer ✔✔includes all forms of pay going to employees and arising
from their employment
compensation components - correct answer ✔✔- direct financial payments (money)
- indirect financial payments (others)
direct financial payments - correct answer ✔✔wages, salaries, incentives, commissions, and bonuses
indirect financial payments - correct answer ✔✔financial benefits like employer-paid insurance and
vacations
Aligning Total Rewards with Strategy - correct answer ✔✔- the compensation plan should first
advance the firm's strategic aims - management should produce aligned reward strategy
- this means creating a compensation package that produces the employee behaviours the firm needs to
achieve its competitive strategy
five components of total rewards - correct answer ✔✔1. compensation
2. benefits
3. work-life programs
4. performance and recognition
5. development and career opportunities
purpose of rewards - correct answer ✔✔To attract, retain, and motivate qualified employees
, engagement - correct answer ✔✔refers to a positive emotional connection to the employer and a
clear understanding of the strategic significance of the job, which results in discretionary efforts on the
part of the employee
basic considerations in determining pay rates - correct answer ✔✔- legal considerations in
compensation
- union influences
- compensation policies
- equity and its impact on pay rates
legal considerations in compensation - correct answer ✔✔- employment/Labour Standards Act
- workers' Compensation Laws
- human Rights Acts
- Canada/Quebec Pension Plan (must pay into)
establishing pay rates stages - correct answer ✔✔stage 1: job evaluation
stage 2: conduct wage/salary survey
stage 3: combine job evaluation and salary survey to determine pay
stage 1: preparation for job evaluation - correct answer ✔✔- a systematic comparison to determine
relative worth of jobs within a firm
- benchmark jobs
- compensable factors
benchmark jobs - correct answer ✔✔- similar jobs
- critical to operations or commonly found in other organizations - for external comparators
compensable factors - correct answer ✔✔A fundamental, compensable element of a job, such as skill,
effort, responsibility, and working conditions.
answers passed
employee compensation - correct answer ✔✔includes all forms of pay going to employees and arising
from their employment
compensation components - correct answer ✔✔- direct financial payments (money)
- indirect financial payments (others)
direct financial payments - correct answer ✔✔wages, salaries, incentives, commissions, and bonuses
indirect financial payments - correct answer ✔✔financial benefits like employer-paid insurance and
vacations
Aligning Total Rewards with Strategy - correct answer ✔✔- the compensation plan should first
advance the firm's strategic aims - management should produce aligned reward strategy
- this means creating a compensation package that produces the employee behaviours the firm needs to
achieve its competitive strategy
five components of total rewards - correct answer ✔✔1. compensation
2. benefits
3. work-life programs
4. performance and recognition
5. development and career opportunities
purpose of rewards - correct answer ✔✔To attract, retain, and motivate qualified employees
, engagement - correct answer ✔✔refers to a positive emotional connection to the employer and a
clear understanding of the strategic significance of the job, which results in discretionary efforts on the
part of the employee
basic considerations in determining pay rates - correct answer ✔✔- legal considerations in
compensation
- union influences
- compensation policies
- equity and its impact on pay rates
legal considerations in compensation - correct answer ✔✔- employment/Labour Standards Act
- workers' Compensation Laws
- human Rights Acts
- Canada/Quebec Pension Plan (must pay into)
establishing pay rates stages - correct answer ✔✔stage 1: job evaluation
stage 2: conduct wage/salary survey
stage 3: combine job evaluation and salary survey to determine pay
stage 1: preparation for job evaluation - correct answer ✔✔- a systematic comparison to determine
relative worth of jobs within a firm
- benchmark jobs
- compensable factors
benchmark jobs - correct answer ✔✔- similar jobs
- critical to operations or commonly found in other organizations - for external comparators
compensable factors - correct answer ✔✔A fundamental, compensable element of a job, such as skill,
effort, responsibility, and working conditions.
