LO1

Cards (18)

  • Total Compensation Model
    also known as a total rewards approach
  • Total Compensation Model
    has become dominant in the compensation field
  • Total Compensation
    includes everything that the company provides an employee in exchange for working: wages/salary, variable pay, perks and on-site amenities, and status/recognition, as well as benefits.
  • Components of a Total Reward Compensation System(CBSSSWWWAAFWD)

    1. Compensation​
    2. Benefits​
    3. Social interaction​
    4. Security​
    5.Status/recognition​
    6. Work variety​
    7. Workload​
    8. Work importance​
    9.Authority/control​
    10. Advancement​
    11. Feedback​
    12. Work conditions​
    13. Development​
  • Compensation​
    Wages, commissions, and bonuses​
  • Benefits​
    Vacations, health and dental insurance​
  • Social interaction​
    Friendly workplace​
  • Security​
    Stable, consistent position and rewards​
  • Status/recognition​
    Respect, prominence​
  • Work variety​
    Opportunity to experience different things​
  • Workload​
    Right amount of work (not too much, not too little)​
  • Work importance​
    Is work valued by society?​
  • Authority/control​
    Ability to influence others; control own destiny​
  • Advancement​
    Chance to get ahead​
  • Feedback​
    Receive information to improve performance​
  • Work conditions​
    Hazard free​
  • Development​
    Formal and informal training​
  • Wages and salary
    known as base pay, form the foundation of compensation systems because they establish the standard of living for employees.