Camance, Melvin B.

BSBA 1-H

1. It is the set of rewards that organization provide to individuals in return for their willingness
to perform various job and task within the organization.
Compensation
2. Are the hourly, weekly, or monthly pay that employees receive in exchange for their work.
Base wages and salaries
3. A pay benefits and other rewards should provide a reasonable total reward package.
Balanced
4. Taking into consideration the company’s ability to pay.
Cost-effective
5. Pay should be enough to help an employee feel secure and aid him/her in satisfying basic
needs.
Secure
6. Providing- pay should motivate effective and productive work or reward desired behavior.
Incentive
7. The employee should understand the pay system being followed by the company and
should feel it is reasonable for the organization and for him/her.
Acceptable to the employee
8. The hourly wage or weekly/monthly salary earned.
Base Pay
9. Refers to the additional compensation required by law for work performed within eight(8)
hours on nonworking days, such as rest days and special days.
Premium Pay
10. Movement of base pay overtime, from year to year.
Base Pay Progression
11. Incentive or bonus pay that does not fall into based pay; such earnings may be based on
performance against present goals (incentives) or pay at the discretion of the company
(bonuses); may be paid at the individual, team, group, or organizational level.
Variable Pay
12. Generally refer to hourly compensation paid to skilled and unskilled workers or those
performing blue-collar jobs, with time as the basis in the computation.
Wages
13. It is the primary method used to determine the relative worth of jobs to the organization.
Job evaluation
14. Represent one of the most commonly used methods for pricing jobs.
Wage surveys
15. This is the simplest and oldest method and the least often used job evaluation technique.
Ranking Method
16. This is a simple, widely used method in which job are categorized into groups.
Job Classification or Job Grading Evaluation Method
17. It requires evaluators to quantify the value of the elements of a job.
Point System
18. This method is similar to the point method but slightly more complex, and it involves a
monetary scale instead of a point scale, thus, not as popular as the point method.
Factors Comparison Method
19. These are given when it is difficult to measure individual output or when cooperation is
needed to complete a task or project.
Group incentives
20. This s a system of pay based on the number of items produced or processed by each
individual worker in a unit of time such as items per hour or items per day.
Pieceworker payment by results