Compensation
payment employees receive in exchange for their labour
compensation
the lowest remuneration that employers can legally pay their employees
minimum wage
encourages employees to work harder, meet goals, and show positive behaviors like teamwork and creativity.
Incentive Rewards
Indirect compensation paid by an employer to employees in addition to their regular pay.
Employee Benefits
who is the CEO of Ayala Corporation
Fernando Zobel De Ayala
an additional compensation given to employees for working beyond their regular eight-hour workday
overtime wages
The minimum wage in Dumaguete is
₱453 – ₱501
give three examples of a fun and engaging Incentive Program
pizza party, event tickets, team building activities, company swag, bring your pet to work day
What are the two main objectives of having a benefit program?
1. Attract (or recruit) talents
2. Retain employees
who is the CEO of Accenture
Julie Sweet
a compensation system where employees receive pay increases or bonuses based on their performance and contributions
Merit Pay
the compensation employees get for working longer than standard hours
overtime pay
what is the purpose of Incentive Rewards
To boost motivation, morale, and job satisfaction.
Give three (general) types of benefits.
Health, Security, Time-off, Flexible work arrangement, Retirement, Disability, Professional development and educational, Wellness programs and mental health, Childcare and family support, Sabbaticals or extended leave.
who is the CEO of Procter and Gamble
Jon Moeller
an additional sum of money provided to an employee, over and above their regular salary or wages, often as a reward for good performance or as a year-end incentive
bonus pay
If an employer terminates an employee for labour-saving devices, redundancy, retrenchment to prevent losses, or closure, they become entitled to a
Separation pay
Two types of Incentive Rewards
financial and non-financial
What (2) benefits do Filipino employees value the most?
Medical coverage and paid time off.
who is the CEO of Metropolitan Bank & Trust Company (Metrobank)
Faban Dee
an equity award that gives the holder the opportunity to exercise (i.e. purchase) shares in the company at a pre-set price at a future date, as opposed to directly granting them actual shares
stock options
What is the minimum wage of Region XIII (Caraga Region)?
P415
what are the things you can do to make the most of incentive rewards programs
Start small, Get feedback, Mix it up, Communicate clearly, Measure impact
What government agency is tasked with formulating labor and employment policies, implementing programs and services, and enforcing labor and employment laws. (Complete name)
Department of Labor and Employment
who is the CEO San Miguel Corporation
Ramon Ang