General Compensation Practice
According Berger & Berger, successful compensation practices has evolved into five elements. Give examples of these elements.
What are expertise, codified methodologies, decision-making tools, databases and monitoring?
A combination of job groupings or job families and salary ranges that makes up the foundation of an organization’s pay system that helps establish internal and external competitive value of a position for a company.
What is a salary structure?
A type of variable compensation that rewards achievement of specific goals/results. It typically measures over a period of 12 months or less.
What is incentive compensation?
Performance planning, observing performance and providing feedback, developing periodic performance summaries, usually aligns with the organization’s fiscal year
What are the three parts or stages of performance management?
Organizations effectively manage employee talent to help implement their strategies and to achieve business goals through people as a way to compete in the marketplace
What is competitive advantage through people?
Total Rewards Programs continue to help organizations attract and retain talent. Talent Rewards Programs best practices include- technical mastery, strategic understanding, analytical skills and attention to detail, communication and connection are examples of best Total Rewards Programs
What are examples of key differentiators of top total rewards differentiators according to a 2012 WorldatWork study?
This ensures that jobs are positioned properly within the organization in the context of the market place and ensures individuals are paid fairly and competitively and alignment with the company’s values and goals.
What are primary purposes of a salary structure?
Base pay, short and long- term incentives, equity, benefits, learning and development programs are examples.
What are components of a total rewards program?
Specific, measureable, attainable, relevant and time-based
What are SMART goals?
Talent is a combination of an employees’ knowledge, skills, abilities and competencies that align with an organization’s mission and vision and contributes to organizational success. These can be further categorized as Academy, Reserves and First Team to determine different rewards.
What are different levels of talent?
A widely publicized set of core principles, values and mutual expectations that are foundational to employee pay that drives compensation policy and practices
What is compensation philosophy?
The clustering of jobs based on internal ranking, equity and market pay levels.
What is a salary range?
A performance management system that recognizes and rewards high performers of an organization.
What is merit or a pay-for-performance system?
Performance appraisal and Performance review or evaluation
What are the two primary parts of a performance management system?
A holistic approach that intersects self, career, family and community that contributes to overall employee well-being.
What is Work/Life Effectiveness Model?
A key tactical component of compensation that consists of a set of policies and procedures that guide HR managers and line managers to implement compensation strategy and ensures employees are pay accurately.
What is salary administration?
The relative ranking of jobs or roles according to an organization’s internal value system of job classification.
What is a job evaluation?
Sales/revenue or growth, profit/income, achievement of non-financial objectives, customer satisfaction, competencies are essential to performance management outcomes
What are corporate performance metrics?
The term that combines performance measurements such as traits, behaviors, skills and knowledge and is linked to organizational success.
What are competencies?
Organizational initiatives such as gender pay gaps, flexible work schedules, workplace wellness optimize employee work experience increase employee engagement and talent retention.
What are different types of Work/Life and Compensation Collaborative Programs?
Combines multiple data elements into a cogent process that enables organizations to make data-driven decision and optimize human capital support and utilization.
What is big data?
Traditional, Flexible, Career-based, Dual- career based are types of…
What are examples of different organizational pay structures?
All forms of ongoing cash compensation other than base pay that employees receive during employment to recognize and reward their accomplishments.
What is variable compensation?
This performance assesses and measures employee capability. It measures what the employee knows and applies to accomplish their work.
What is knowledge or skills-based?
Job challenges and learning, climate of respect and trust, supervisor support, economic security, autonomy, minimization of status distinctions also increase employee engagement and talent retention contribute to this.
What are factors that constitute an effective workplace?