ENTREPRENEURIAL OPERATIONS
HUMAN RESOURCE MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
True
|
|
|
False are the non-monetary incentives based on cost. Employees can pick and choose from those benefits and put together a benefit package that works best for them within the established cost structure.
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -Skill-based pay (SBP) is a compensation system that rewards employees with additional pay in exchange for formal certification of the employee’s mastery of skills, knowledge, and/or competencies. Skill is acquired and observable expertise in performing tasks. Knowledge is acquired information used in performing tasks.
Detailed explanation-2: -Skill-based pay focuses on a person’s abilities and experience in a particular domain when determining their pay. Job-based pay, however, focuses on a person’s titles or responsibilities.
Detailed explanation-3: -A pay system is the method used to determine what a position should pay and how much a person should earn. It may take into consideration a person’s experience, knowledge, and the skills necessary to complete a job. It also provides a fair and consistent method for determining a pay rate.
Detailed explanation-4: -Incentive pay is financial reward for performance rather than pay for the number of hours worked. The idea is the prospect of financial compensation will motivate the employee to hit certain performance figures or financial targets.