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Questions and Answers
What is the collective array of programs that an organisation offers in exchange for employment?
What is the length of time a position has been held known as?
What is job evaluation in the context of an organization?
What are Smart rewards based on?
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What does 'new pay' aim to identify?
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What does 'total reward' encompass?
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What does 'compensation' refer to in the context of employment?
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What is a 'reward system' based on the given text?
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What are 'extrinsic rewards' as mentioned in the text?
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What does 'reward strategy' aim to align with according to the text?
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Who are considered 'stakeholders' in the context of the given text?
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What is 'unit labor cost (ULC)' based on the provided text?
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Study Notes
Total Rewards
- The collective array of programs an organisation offers in exchange for employment is known as Total Rewards.
- Total Rewards encompass compensation, benefits, and intrinsic and extrinsic rewards.
Job Tenure
- The length of time a position has been held is known as job tenure or service length.
Job Evaluation
- Job evaluation in the context of an organisation is the process of determining the relative worth of a job to the organisation.
Smart Rewards
- Smart rewards are based on employee performance, competence, and contributions to the organisation.
New Pay
- New pay aims to identify the skills, knowledge, and competencies required for a job and to reward employees accordingly.
Compensation
- Compensation refers to the monetary payment received by employees in exchange for their work, including salary, bonuses, and benefits.
Reward System
- A reward system is based on the principle that employees are motivated by rewards and that the organisation should provide a mix of rewards to meet different employee needs.
Extrinsic Rewards
- Extrinsic rewards are tangible rewards given to employees, such as pay, bonuses, and benefits, that are external to the job itself.
Reward Strategy
- Reward strategy aims to align with the organisation's business objectives and values.
Stakeholders
- Stakeholders in the context of the organisation include employees, management, investors, and customers.
Unit Labor Cost (ULC)
- Unit labor cost (ULC) is based on the total cost of labor required to produce a unit of output.
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Description
Test your knowledge about compensation, rewards, and reward systems in an organization with this quiz. Explore the various forms of financial returns, tangible services, and other valued benefits that employees receive as part of their employment relationship.
