MHR 523 Chapter 11: MHR523 - Chapter 11:

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7 Nov 2016

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Mhr523 chapter 11: strategic pay plans (textbook notes) Employee compensation includes all forms of pay going to employees and arising from their employment. Direct financial payments (wages, salaries, incentives, commissions, and bonuses) Indirect financial payments (financial benefits like employer-paid insurance and vacations). In turn, employers can make direct financial payments to employees based on increments of time or based on performance. Blue-collar and clerical workers receive hourly or daily wages, for instance. Others, like managers or web designers, tend to be salaried and paid weekly, monthly, or yearly. The second direct payment option is to pay for performance. For example, piecework ties compensation to the amount of production (or (cid:374)u(cid:373)(cid:271)e(cid:396) of (cid:862)pie(cid:272)es(cid:863)(cid:895) the (cid:449)o(cid:396)ke(cid:396) tu(cid:396)(cid:374)s out. Ma(cid:374)(cid:455) e(cid:373)plo(cid:455)e(cid:396)s" pa(cid:455) pla(cid:374)s (cid:272)o(cid:373)(cid:271)i(cid:374)e ti(cid:373)e-based pay and incentives. Four basic considerations influence the formulation of any pay plan: legal requirements. All of the 14 jurisdictions regulating employment in canada (ten provinces, three territories, and the federal jurisdiction) have laws regulating compensation.

Related Questions

MUTIPLE CHOICE; CIRCLE THE CORRECT ANSWER. FOR TRUE/FALSE, JUST CIRCLE T OR F

31) According to research cited in the text, what is the primary reason that top-performing/high commitment employees gave for voluntarily leaving an organization?

A) career development

B) work-life balance

C) promotions

D) salary

32) The process of advising, counseling, and guiding employees is known as ________.

A) coaching

B) appraising

C) assessing

D) mentoring

33) ________ is a process for enabling employees to better understand and develop their career skills and interests and to use these skills and interests most effectively within the company and afterwards.

A) Career management

B) Career development

C) Career planning

D) Performance management

34) Jackie is working with a coach to identify her personal skills and interests. Afterwards, she will investigate opportunities that fit her skills and interests and set specific career goals. In which of the following activities is Jackie most likely participating?

A) career management

B) career development

C) career planning

D) job training

35) Which of the following is the simplest and most often used method for predicting the future performance of a candidate for promotion?

A) prior performance

B) aptitude tests

C) assessment centers

D) psychological exams

36) Poor attendance and voluntary turnover are most likely characteristics of ________.

A) decreasing employee engagement

B) minimal job expectations

C) shrinking labor markets

D) poor supervision

37) Which of the following terms refers to all forms of pay or rewards going to employees and arising from their employment?

A) salary

B) employee benefits

C) wage reimbursement

D) employee compensation

38) John is a sales representative in a jewelry store. He typically works 40 hours per week and his pay is completely based on his sales. He earns a 5% commission for every sale he makes. Which of the following terms best describes John's situation?

A) performance-based compensation

B) indirect financial compensation

C) time-based compensation

D) piecework pay

39) Which of the following is NOT a type of direct financial payment?

A) wages

B) insurance

C) incentives

D) commissions

40) John is a sales representative in a jewelry store. He typically works 40 hours per week and his pay is completely based on his sales. He earns a 5% commission for every sale he makes. Which of the following terms best describes John's situation?

A) performance-based compensation

B) indirect financial compensation

C) time-based compensation

D) piecework pay

MHR 523 Chapter 11: MHR523 - Chapter 11:

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