Human Resource Management and Labour Relations - Compensating and Benefits

8 important questions on Human Resource Management and Labour Relations - Compensating and Benefits

What is a Compensation System?

The total package of rewards that organizations provide to individuals in return for their labor.

What is a Salary?


Compensation in the form of money paid for discharging the responsibilities of a job.

What is a Incentive Program?

A special compensation program designed to motivate high performance.
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What is a Bonus?

An individual performance incentive in the form of a special payment made over and above the employee’s salary.

What is a Merit Salary System?

An individual incentive linking compensation to performance in nonsales jobs.

What does Pay for Performance (Variable Pay) refer to?


An individual incentive that rewards a manager for especially productive output.

What is a Gainsharing Plan?

An incentive plan that rewards groups for productivity improvements.

What is a Pay-for-Knowledge Plan?


An incentive plan to encourage employees to learn new skills or become proficient at different jobs.

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