What are the three goals of compensation professionals?

Compensation and rewards

1. What are the three goals of compensation professionals?

2. What are the contributions of performance management for employees, managers and the organization?

3. Talk about the characteristics of an ideal performance management system in a few lines.

4. How do traditional pay methods differ from incentive pay methods?

5. Briefly describe the three categories of incentive pay plans and give an example of each.

6. Define three types of life insurance.

7. Identify and describe the four steps for establishing market competitive pay systems.

8. Explain the three reasons why companies often choose not to develop their own compensation surveys.

9. Which of these actions would HR encourage in attempting to create the lowest cost competitive strategy?

A) an employee’s long-term focus

B) unpredictable employee behavior

C) cost minimization

D) high concern for the quality of output

10. Many people are concerned that raising the minimum wage rate will do which of the following?

A) increase employee turnover

B) lead to higher unemployment

C) negatively influence service quality

D) result in greater onshoring activities