About This Chapter
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Anyone who needs help learning or mastering human resource management material will benefit from taking this course. There is no faster or easier way to learn about human resources. Among those who would benefit are:
- Students who have fallen behind in understanding benefits, retirement, pay and other employee compensation issues
- Students who struggle with learning disabilities or learning differences, including autism and ADHD
- Students who prefer multiple ways of learning about human resources (visual or auditory)
- Students who have missed class time and need to catch up
- Students who need an efficient way to learn about employee compensation issues
- Students who struggle to understand their teachers
- Students who attend schools without extra human resource learning resources
How it works:
- Find videos in our course that cover what you need to learn or review.
- Press play and watch the video lesson.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the Employee Compensation Issues chapter exam.
Why it works:
- Study Efficiently: Skip what you know, review what you don't.
- Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Use the Employee Compensation Issues chapter exam to be prepared.
- Get Extra Support: Ask our subject-matter experts any employee compensation question. They're here to help!
- Study With Flexibility: Watch videos on any web-ready device.
Students will review:
This chapter helps students review the concepts in an employee compensation unit of a standard human resource management course. Topics covered include:
- Direct and indirect compensation
- Common compensation systems
- 401(k) plans and pensions
- Mandatory and voluntary benefits
- Executive compensation trends
1. Understanding Employee Compensation
Compensation is pay for services during the course of employment. This can be direct (or monetary) compensation and indirect (or non-monetary) compensation in the form of benefits provided to the employee.
2. Direct, Indirect & Non-Financial Compensation Strategies
Most organizations can't get people to work for free. In this lesson, you'll learn how businesses and other organizations can use direct, indirect and non-financial compensation strategies to acquire and keep talent. A short quiz follows.
3. Common Compensation Systems: Salary, Hourly, Contractor, Pay-For-Performance
One of the core functions of human resource management is the development of a compensation system. In this lesson, you'll learn about the different methods organizations use to compensate their employees. A short quiz follows.
4. Compensation Equity: Definition & Importance
Employees want to be treated fairly by employers. This is especially true in the area of compensation. In this lesson, you'll learn about the concept of compensation equity, including internal equity, external equity and why compensation equity is important.
5. Mandatory vs. Voluntary Benefits: Definition & Examples
A key component of any organization's compensation system is the benefits provided to employees. In this lesson, you'll learn about the difference between mandatory benefits and voluntary benefits. A short quiz follows the lesson.
6. Retirement Compensation Systems: 401(k) and Pensions
One of the most valuable benefits an employer may offer to employees are employer-sponsored retirement plans. In this lesson, you'll learn about two common retirement benefits: 401(k) plans and traditional pensions. A short quiz follows.
7. Incentive Compensation Plans: Merit Pay, Piece Rates, Commissions, Bonuses & Skills-Based
An important role of human resource management is to develop a compensation system to encourage productivity. In this lesson, you'll learn about merit pay, piece rate pay, commissions, bonuses and skills-based pay and how they help achieve this goal.
8. Organizational Incentive Programs: Profit Sharing, Gain Sharing, and Employee Stock Ownership
One way to tie a company's success to employee success is to utilize incentive programs where employees profit when the company does. In this lesson, you'll learn about profit sharing, gain sharing and employee stock ownership.
9. Trends of Executive Compensation in the U.S.
Some believe executive compensation in the U.S. has gotten out of hand. In this lesson, we'll discuss how executives are compensated, how their compensation is determined and recent trends in executive compensation.
10. What Is Net Pay? - Definition & How to Calculate
This lesson will define net pay, a term typically used by working individuals. How to calculate net pay will be explained, and an example will be explored.
11. Seasonal Unemployment: Definition & Examples
Seasonal unemployment occurs when there is a limited need for a type of work to be performed during a particular period of the year, based on factors like deadlines or climate.
12. What is a Minimum Wage? - Definition & History
Minimum wage is the lowest amount an employer can pay its employees for work performed. In the United States, the minimum wage was first enacted by Congress in 1938. Learn more about it in this lesson.
13. What is a Profit-Sharing Plan? - Definition, Rules & Example
This lesson will provide an overview of profit sharing plans. Many businesses across the country have implemented these plans for the benefit of their employees, so this lesson will explore the plans and provide an example of how they operate.
14. What is a Rollover IRA? - Definition, Rules & Sample
This lesson will define a rollover IRA, or an individual retirement account. This lesson will also explain the rules associated with a rollover IRA and a sample will be given.
15. What is a Roth IRA Conversion? - Rules & Limits
Explore the concept of a Roth IRA conversion - a concept that can potentially turn future taxable income into tax-free income. This lesson will define a Roth IRA conversion and explain the associated rules and limits.
16. What Is a Roth IRA? - Definition, Rules & Benefits
Explore the concept of a Roth IRA - an account that can potentially lead to tax-free growth. This lesson will define a Roth IRA and explain the associated rules and benefits.
17. What Is a SEP IRA? - Definition, Requirements, Rules & Contributions
This lesson provides an overview of a SEP IRA, a retirement plan typically used by small businesses. In the lesson, you'll get a definition of the term and see an outline of the requirements, rules, and contributions.
18. Financial Rewards for Employees: Definition & Types
For most companies, people are the biggest asset. Motivated employees help the company achieve its mission and goals, and one way to motivate employees is through financial rewards. Let's discuss this method of motivation further in this lesson.
19. Flextime: Definition, Advantages & Disadvantages
In this lesson you will learn what flextime is, how businesses use it to motivate employees, why many managers feel it is a good thing, and why others oppose the idea.
20. What Are Employee Incentives? - Types & Examples
Employee incentives can take many forms, but, ultimately, they are tools managers use to reward good work and encourage employee retention. Find out about incentives, and take a quiz to test yourself.
21. What Are Stock Options for Employees? - Value & Concept
There are many forms of employee compensation other than just a paycheck. Learn about employee stock options as a common form of incentive pay, including how to calculate the value and identify risks and benefits.
22. What is Cost of Living? - Expenses & Overview
Most everyone would like a COLA, and we're not talking about soft drinks. In this lesson, you'll learn what cost of living is and some of its key concepts. You'll also have a chance to take a short quiz.
23. What Is Employee Compensation? - Definition & Concept
Employee compensation is the total amount an employee can expect to receive when working for an organization. There are many different types of compensation packages that an employer will offer employees.
24. Employee Assistance Program: Definition & Benefits
In this lesson we will learn about employee assistance programs or EAPs. We will define the term and discover the many personal and workplace problems that can be helped through an EAP. We will then discuss the benefits of EAPs and conclude with a summary and a quiz.
25. HR Compensation & Benefits: Definition & Policies
Employee compensation and benefit opportunities should be communicated through company policies. These policies define compensation for financial and non-monetary benefits, identify the value for the employee, and comply with legal requirements.
26. Total Compensation: Definition, Strategy & Elements
When a new team member gets a new position, one of the most important questions asked is 'What's in it for me?' It's the WIIFM strategy! Getting a top team member to join a company is not a decision that is made by just looking at the dollars.
27. Compensation Management: Process & Types
Have you ever wondered how a company decides how much to pay an employee? In this lesson, we'll learn the process of compensation management and the two major categories of compensation. You can take a quiz to test your knowledge when you are finished.
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Other chapters within the Human Resource Management: Help and Review course
- Overview of HRM Field: Help and Review
- Organizational Theories & Human Resources: Help and Review
- Job Analysis and Design: Help and Review
- Staffing in Organizations: Help and Review
- Training and Development in Organizations: Help and Review
- Performance Appraisals: Help and Review
- Employment Law & Employee Rights: Help and Review
- Labor Relations: Help and Review
- International Human Resource Management: Help and Review
- Current Issues and Trends in HRM: Help and Review
- Human Resource Management & Employee Recruitment