HRM 200 EXAM WITH COMPLETE SOLUTION 2025 LATEST UPDATE
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Module
HRM 200
Institution
HRM 200
HRM 200 EXAM WITH COMPLETE SOLUTION 2025 LATEST UPDATE
Types of Incentive Plans - Answer-- Incentives for operations employees
- Incentives for senior managers and executives
- Incentives for salespeople
- Incentives for other managers and professional employees
- Organization wide incenti...
HRM 200 EXAM WITH COMPLETE
SOLUTION 2025 LATEST UPDATE
Types of Incentive Plans - Answer-- Incentives for operations employees
- Incentives for senior managers and executives
- Incentives for salespeople
- Incentives for other managers and professional employees
- Organization wide incentives
Incentives for Operations Employees - Piecework Plans - Answer-Piecework
- A system of pay based on the number of items processed by each individual worker in
a unit of time, such as items per hour or items per day
Straight Piecework Plan
- A set payment for each piece produced or processed in a factory or shop
Guaranteed Piecework Plan
- The minimum hourly wage plus an incentive for each piece produced above a set
number of pieces per hour
Incentives for Operations Employees - Standard Hour Plan - Answer-- A plan by which
a worker is paid a basic hourly rate plus an ext rat percentage of his or her base rate for
production exceeding the standard per hour or per day
- Similar to piecework payment but is based on a percentage premium
Incentives for Operations Employees - Team or Group Incentives - Answer-- A plan in
which a production standard is set for a specific work group and its members are paid
incentives if the group exceeds the production standard
Incentives for Senior Managers and Executives - Answer-- Short term incentives -
annual bonus
- Long term incentives - stock options, share units, relating strategy to executive
compensation
Incentives for Salespeople - Answer-- Salary plan
- Commission plan
- Combination plan
- Sales compensation in e-commerce era
,Incentives for other Managers and Professionals - Answer-- Merit Pay (merit raise)
- Any salary increase awarded to an employee based on his or her individual
performance
Organization Wide Incentive Plans - Answer-Profit Sharing Plans
- A plan whereby most or all employees share in the companies profits
Employee Share Purchase/Stock Ownership Plan
- A trust is established to hold shares of company stock purchased for or issued to
employees
- The trust distributes the stock to employees on retirement, separation from service, or
as otherwise prescribed by the plan
Scanlon Plan
- An incentive plan developed in 1937 by Joseph Scanlon and designed to encourage
cooperation, involvement, and sharing of benefits
Gainsharing Plan
- An incentive plan that engages employees in a common effort to achieve productivity
objectives and share the gains
Strategic Role of Employee Benefits - Answer-Employee Benefits
- Indirect financial payments given to employees
- May include supplementary health and life insurance, vacation, pension, education
plans and discounts on company products
Government-Sponsored Benefits - Answer-- Employment Insurance (EI)
- A federal program that provides income benefits if a person is unable to work through
no fault of their own
- Canada/Quebec Pension Plan (C/QPP)
- Retirement income
- Survivor or death benefits
- Disability benefits
- Workers' Compensation
- Provides income and medical benefits to victims of work related accidents or illnesses
and/or their dependants, regardless of fault
- Vacations and holidays
- Minimum amount of paid factions that must be provided to employees, usually two
weeks per year
- Leaves of absence
- Unpaid
- Specified in employment standards legislation
Benefits Administration - Answer-- Use of software
- Outsourcing
- Benefits communication
Strategic Importance of Occupational Health and Safety - Answer-- Investment in
disability management and proactive wellness programs create measurable bottom-line
returns
- According to the Association of Workers' Compensation Boards of Canada, in 2007
there were 1055 deaths and 317 524 injuries resulting from accidents at work
- On April 28 each year, a day of mourning is observed for Canadian workers killed or
injured on the job
- Workplace accidents can be prevented
OHS Legislation - Answer-- Laws intended to protect the health and safety of workers
by minimizing work-relating accidents and illnesses
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