Flashcards on Human Resources Management Fundamentals
Human Resources Management Fundamentals: A Student Guide
Tap to flip · Swipe to navigate
Remuneration and Labour Management
19 cards
Card 1
Question: What is remuneration?
Answer: Compensation for work done (not a gift or donation); can be fixed (salary) or piece-based (per unit). It is part of the total reward system.
Card 2
Question: What components are included in the total reward system under remuneration?
Answer: Salary/pay/allowances, benefits (car, insurance, pension), bonuses and incentives (cash & non-cash).
Card 3
Question: How is salary defined?
Answer: An agreed payment (per contract) between employee and employer.
Card 4
Question: List the main purposes of a remuneration system.
Answer: Attract and retain talent; boost morale and satisfaction; reward high performance; ensure internal and external equity; reduce turnover and build loya
Card 5
Question: What are the three basic forms of remuneration listed as 'Basic Forms' (overview)?
Answer: Time wage, task wage, and share reward; plus combination reward which mixes forms.
Card 6
Question: What is a time wage and when is it used?
Answer: Fixed pay for time worked. Used when the worker cannot influence output; simple and easy to calculate.
Card 7
Question: What is a task wage and what are its main advantages and disadvantages?
Answer: Pay per number of units produced. Advantage: firm pays for actual performance and provides productivity incentives. Disadvantage: risk of rushed work
Card 8
Question: Name and briefly describe three variations of task wage rates.
Answer: Differentiated: better performance = higher rate (low = penalty). Degressive: >100% performance yields lower rate increase. Progressive: >100% perform
Card 9
Question: What is a share reward?
Answer: Pay as a percentage of financial results (sales, turnover), commonly used in sales, trade, and services.
Card 10
Question: What is a combination reward system?
Answer: A mix of time and task systems or time and share systems.