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Types of Compensation Overview

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Questions and Answers

What is the primary goal of compensation management?

To attract and retain top talent (correct)

To decrease employee turnover

To provide non-monetary benefits only

To minimize employee productivity

What does compensation management involve?

Managing, analyzing, and determining salary, benefits, and incentives (correct)

Reducing employee productivity through incentives

Providing non-monetary benefits only

Setting unrealistic salary expectations for employees

How does compensation management impact employee turnover?

It has no impact on employee turnover

It decreases employee productivity leading to higher turnover

It increases employee turnover due to high salary expectations

It ensures fair wages and reduces employee turnover (correct)

What factor determines the industry standards for compensation management?

Demand and supply of labour Signup and view all the answers

In compensation management, what role do labour unions play?

Ensuring fair wages and employee rights Signup and view all the answers

How does the productivity of workers impact compensation management?

It helps derive better results Signup and view all the answers

What factor mainly influences the cost of living and thereby impacts compensation management?

Demand and supply of labour Signup and view all the answers

How do government policies affect compensation management?

They protect employee interests and set regulations Signup and view all the answers

Hourly pay is the fixed monthly amount that the employer pays to the employee in cash.

False Signup and view all the answers

Commission is generally provided in the case of sales jobs as a fixed percentage.

True Signup and view all the answers

Paid holidays are considered as indirect compensation.