Compensation and Benefits Midterm Examination

•Packaged set of policies, methods and procedures that guides professionals and line managers in the implementation of compensation strategy

What are the determination of pay rates?

• Job Analysis

• Type of business

• Pay grade

• Geographic location

What are the objectives of compensation management?

• Employee Retention

• Change the business

• Dismiss an employee

• Attract talent

It's the process of managing the compensation & benefits for every corresponding job role.

Importance of Compensation Management

• It determines which employee and job position gets what kind of remuneration, perks, benefits etc

• It reward employees for their work and keep them motivated & satisfied

• To expand the business

• To earn more money from the clients

Objective of Compensation and Benefits Management/Administration

How is performance measured?

• Analyze the role

• Quality of work

• Speed and efficiency

• Trust and consistency

Factors that impact external competitivenes

• Labor Availability

• Materials and machines

• Market condition

• Company policies

It is the pay offered by a company relative to the pay offered by its direct competitors in the market.

It is the relationship between the pay structure and the design of the organization and the work