Hrmt 301 002 Quiz # 2

The final step in the training process is the evaluation of training. This step involves assessing the effectiveness of the training program to determine if it has achieved its objectives and if the participants have gained the necessary knowledge and skills. Evaluation helps identify any areas that need improvement and provides feedback for future training programs. It allows organizations to measure the return on investment of their training initiatives and make informed decisions about future training needs.

The correct answer is Performance Share Unit Plan. This type of plan provides share units to employees based on their achievement of specific performance or financial targets. It is designed to incentivize and reward employees for their individual or team performance. Unlike other share unit plans, such as the Restricted Share Unit Plan or Deferred Share Unit Plan, the Performance Share Unit Plan focuses specifically on performance-based criteria for the allocation of share units. The Joint Share Unit Plan is not a commonly known term and does not align with the description provided.

Internal equity refers to the fairness and equality of pay rates within an organization. It means that each employee's pay rate should be equitable in relation to the pay rates of other employees in similar positions. This ensures that there is no discrimination or bias in the compensation structure and promotes a sense of fairness and equality among employees.

Flexible Benefits Programs are individualized benefit plans that are designed to accommodate the specific needs and preferences of employees. These programs offer a range of benefits and allow employees to choose the ones that best suit their personal circumstances. This flexibility ensures that employees have access to the benefits that are most relevant to them, promoting employee satisfaction and engagement. By tailoring the benefits to individual needs, Flexible Benefits Programs can help attract and retain top talent within an organization.

Sabbaticals refer to unpaid time off that employees can take to rejuvenate or pursue personal goals. Unlike compassionate care leave, which is typically taken to care for a seriously ill family member, or maternity leave, which is specific to new parents, sabbaticals are more general in nature and can be used for various purposes. Similarly, vacation time is also a form of time off, but it is usually paid and used for relaxation or travel. Sabbaticals, on the other hand, are unpaid and often longer in duration, allowing employees to take an extended break from work to recharge or focus on personal interests.

A profit-sharing plan is a type of incentive plan that is organization-wide and provides employees with a share of the organization's profits in a specified period. This means that employees are rewarded based on the overall profitability of the company, rather than their individual performance. It encourages employees to work towards the success of the organization as a whole and can help to foster a sense of ownership and teamwork among employees.

Compensable factors are aspects or characteristics of a job that are used to determine its value and the appropriate level of compensation. These factors typically include skill requirements, working conditions, and responsibilities associated with the job. However, "level" is not a category of compensable factors. It is likely that "level" refers to the hierarchical position or grade of an employee within an organization, which is not considered a compensable factor.

The Canada/Quebec Pension Plan (C/QPP) provides retirement income, survivor or death benefits, and disability benefits. However, it does not provide Old Age Security. Old Age Security is a separate program in Canada that provides a basic income to seniors who meet certain eligibility criteria.

A wage curve is a graphic representation that shows the relationship between the value of a job and the average wage paid for that job. It provides a visual depiction of how wages vary based on the value or importance of a particular job. The curve can help employers determine appropriate wage levels for different job classes and ensure that employees are fairly compensated based on the value they bring to the organization.

Incentive pay is not considered as one of the five components of total rewards. Total rewards typically include compensation, development and career opportunities, work-life programs, and other benefits that an organization offers to its employees. Incentive pay, on the other hand, is a form of additional compensation that is given to employees as a reward for achieving certain goals or targets. While it is an important aspect of employee motivation and performance, it is not classified as a component of total rewards.