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Cards In This Set
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Analytical methods
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They identify characteristics of the job that are valued by the organization and assess the degree to which they are present in the job
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Base pay
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Hourly, weekly or monthly amount paid to an employee if they conform to the terms of their contract
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Direct pay
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The financial element of the reward package received by the employee in the form of cash, cheque or direct deposit
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External comparison
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The amount or range of pay for each job based on an examination of the pay practices of competitors
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Felt-fair
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Trust-inducing pay systems that are accepted by employees because differences in pay are based on a fair assessment of job characteristics
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Indirect pay or benefits
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These have a financial value but are rewarded to employees in forms other than cash
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Internal alignment
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The hierarchy of the relative value of jobs within an organization
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Job evaluation
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A technique used by organizations to establish the relative worth of jobs
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Non-analytical methods
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Whole jobs are compared to determine the organization’s internal pay structure
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Nonfinancial rewards
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A wide array of HR policies and practices designed to support employees both in their lives and in their careers
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Performance-related pay (PRP)
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A form of direct pay linked to the performance of an individual, team or all employees when predefined objectives are achieved
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Reward package
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The financial and nonfinancial elements offered to an employee in return for labour
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Reward system
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The combination of financial and nonfinancial elements used by an organization to compensate employees for their time, effort and commitment at work
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