Unit 4: Total Rewards (2024)
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
