Unit 4: Total Rewards (2024)

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Price: $69.00

Unit 4: Total Rewards (2024)

Unit 4: Total Rewards covers one of five functional areas tested on the PHR/SPHR/SHRM-CP/SCP certification exams. This unit includes the following:

  • 204 pages of instructional material
  • three online assessments (1 practice test, 1 timed exam)
  • index and a list of key terms

The online practice exams are added to your account within a few mintues of completing your purchase. An updated browser is required to access the practice exams. Access is granted for 24 months.


Unit 4 includes the following content: 

Total Rewards: Financial and Non-financial

  • Strategic Objectives of Compensation
  • Ethical Considerations in Compensation
  • Compensation within Different Labor Markets
  • Determinants of Pay
  • Three Wage Decisions


The Wage-level Decision

  • Establishing the Wage Level
  • Factors Influencing the Wage-level Decision
  • Compensation Surveys
  • Using Compensation Survey Data


Job Evaluation Methods

  • Ranking Method
  • Classification/Grading Method
  • Point Method
  • Factor Comparison Method
  • Guide Chart-Profile Method (Hay method)


Job Pricing and Pay Rate Administration

  • Pay Grades and Pay Ranges
  • Red-circle Job Rates
  • Adjustments for Inflation
  • Adjustments for Economic Declines
  • Individual Pay Rate Determination
  • Reflecting Geographic Influences in Pay Structures
  • Establishing Administrative Controls


Economic Factors Affecting Compensation

  • Inflation
  • Interest Rates
  • Industry Competition
  • Foreign Competition
  • Economic Growth
  • Demographic Trends


Incentive Compensation Systems

  • Money and Motivation Theories
  • Individual Incentives
  • Skill and Knowledge Based Pay
  • Differential Pay
  • Group and Team Incentives
  • Organization-wide Programs: Profit Sharing and Gainsharing
  • Employee Stock Ownership Plans
  • Strategic Alignment of Base Pay and Incentive Pay


 Executive Compensation

  • Salaries
  • Executive Bonus Plans
  • Stock Options
  • Nonqualified Deferred Compensation (NQDC)
  • Nonfinancial Rewards
  • Director Pay


Compensation Laws and Regulations

  • Davis-Bacon Act
  • Copeland Act and Anti-Kickback Law
  • Walsh-Healey Act
  • Fair Labor Standards Act (1938) as amended
  • Equal Pay Act (1963)
  • Small Business Job Protection Act (SBJPA), 1996
  • Wage Garnishment (1968)
  • Independent Contractors Versus Employees

Employee Benefit Programs

  • Social Security
  • Workers' Compensation
  • Unemployment Compensation
  • Pensions
  • Health and Accident Insurance
  • Income Replacement
  • Employee Services
  • Pay for Time Not Worked
  • Recognition and Achievement Awards


Health Care Benefits

  • Managed Health Care
  • Consumer-directed Health Care


Managing Employee Benefit Programs

  • Employee Benefits Philosophy, Planning, and Strategy
  • Employee Preference Assessment: Surveys
  • Cost-Benefit Analysis and Cost Management
  • Legal Compliance of Benefits Programs
  • Communicating Benefit Programs


Benefits Laws and Regulations

  • Pregnancy Discrimination in Employment Act (1978)
  • Family and Medical Leave Act
  • Health Insurance Portability and Accountability Act (HIPAA), 1996
  • Patient Protection and Affordable Care Act (PPACA), 2010
  • Employee Retirement Income Security Act (ERISA), 1974
  • COBRA (Consolidated Omnibus Budget Reconciliation Act)
  • Bankruptcy Protections
  • FASB Regulations
  • IRS Regulations


Evaluating Strategy & Program Effectiveness

  • Budgeting
  • Assessment of Methods and Processes


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