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comp mgt final 1-7
comp mgt final
| Question | Answer |
|---|---|
| represents both the intrinsic and extrinsic rewards employees receive for performing their jobs and for their membership as employees | compensation |
| money for performing their jobs, hourly pay, annual pay | base pay |
| refers to skill, effort, responsibilities, and working conditions | compensable factors |
| rewards employees with periodic additions to base pay according to employees tenure with the company | seniority pay |
| paid for performance, usually get a raise at the end of year | merit pay |
| reward for partially or completely attaining a predetermined work objective. Motivating | incentive pay |
| social security, workers compensation, unemployment insurance, family and medical leave | legally-required benefits |
| at the companies diescretion, not legally required | discretionary benefits |
| gain a competitive advantage by having a low-cost industry | cost-leadership |
| gain a competitive advantage by offering a unique good or service for a premium price | differentiation |
| why is internal cosistency in compensation important | affects your sense of awareness in the workplace |
| what are the two processes to achieve internal consistency | job analysis and job evaluation |
| the systematically recognize differences in the relative worth among a set of jobs and to establish pay differentials accordingly | job evaluation |
| represent pay rate differences for jobs of unequal worth and the framework recognizing differences in employee contributions | pay structures |
| builds on the pay grades | pay ranges |
| why are employment laws needed | protect the well-being of employees |
| work related injury or illness. no fault remedy-doesnt matter if workers fault if they get hurt | workers compensation |
| a salary person, not required for minimum wage and overtime | exempt employees |
| law applies, postion not exempt from the law guarantees minimum wage and overtime | non-exempt employees |
| prohibits sex discrimination for employees performing equal work | equal pay act |
| disigned to protect designated classes of employees and to uphold their rights individually against discriminatory decisions | civil rights act of 1964 |
| represents intentional discriminatio occurring whenever employers intentionally treat some workers less favorably than others because of their race, color, sex, religion and national origin | disparate treatment |
| represents untentional discrimination, occurs wheneber an employer applies employment practice to all employers | adverse of disparate impact |
| it shifted from employees to employers. employers must show that the challenged employment practice is a business necessity. did not discriminate | civil rights act of 1991 |
| allowed jury trials- age discrimination and employment act | ADEA |
| how old must one be too fall undet the protections of the ADEA | 40 or older |
| prohibits disparate impact and discrimination agaisnt pregnant women for all employment practices | pregnancy discrimination act |
| discriminaiton against individuals with mental or physical disabilities within and outside employment settings | americans with disabilities act |
| what does ADA require employers to provide | undue hardship, cost of accomadation and resources |
| establishes employment standards for construction holding federal government contracts valued at more than $2000 | prevailing wage laws |
| aimed to provide employees with job protection in cases of family or medical emergency. 12 weeks of unpaid leave birth or adoption of a child | FMLA |
| opposes tax on the employer and employee and funds the social security | FICA |
| umeployment insurance benefits are financed by federal and state taxes levied on employers, federally mandated | FUTA |
| protection of retirement plans. retirement is not legally mandated. if offer retirement | ERISA |
| to remove barriers to free commerce and to restore equality of bargaining power between employees and employers | national labor relations act |
| many nonunion, companies offer higher compensation that they would if unions were nonexistent | spillover effect |
| happen when the rater evaluates the employee based on a personal negative or positive opinion of the employee rather than on the employees actual performance | bias errors |
| when supervisors rate all employees as average or close to average | central tendency errors |
| when they compare an employee with other employees rather than to specific, explicit performance standards | contrast errors |
| managers tend to appraise employees performance more highly than they really rate compared with objective criteria | errors of leniency |
| occur when a supervisor rates an employees performance lower than it would be if compared against objective criteria | strictness errors |
| occurs when a rater generalizes an employees good or bad behavior on one aspect of the job too all aspects of the job | positive and negative halo effect |
| is incentive pay used alone or can it be used with traditional base pay | commonly used with base pay |
| reward employees for meeting such work-related performance standard as quality, productivity, customer satisfaction, safety, and attendance | individual incentive plans |
| reward employees for their collective performance, rather than for each employees individual performance | group incentive plans |
| reward employees when they company exceeds minimum acceptable performance standards | company wide incentive plans |
| an individual incentive pay program rewards employees base on their individual hourly production | piecework plans |
| awards bonuses to managers when they meet or exceed objective based on sales, profit, produciton, or other measures for their department or unit | management incentive plans |
| employees receive payments for specific behavioral accomplishments and for safety | behavioral encouragement plans |
| employers may receive monetary bonuses for referring new customers or recruiting successful job applicants | referral plans |
| describes group incentives systems that provide participation employees with an incentive payment based on improved company performance for increased production, lower costs, or better safe rewARDS | gainsharing |
| employees earn a financial reward when their company profit objectives is met | profit sharing |
| the relationship between performance and outcomes | instrumentality |
| attractiveness level of the reward | valence |
| define the relative value of each job among all jobs within a company | internally consistent compensation system |
| a systematic process for gathering,documenting, and analyzing information in order to describe | job analysis |
| describes job duties and tasks as well as such pertinent factors as the skill, effort, tasks and responsibilites | job content |
| represent the minimum qualificaitons and the knowledge, skills, and abilities that people must have to perform a particular job | worker requirements |
| are the social context or physical conditions where work will be performed | working conditions |
| what are the most common sources of job analysis information | job incumbents, supervisors, and the job analysts |
| summerazie a jobs purpose and lists its tasks, duties, and responsibilites | job description |
| indicate the name of each job within a companys job structure | job title |
| describes the major work activities, and if pertinent, supervisory responsibilities | job duties |
| summarizes the job with two to four descriptive statements | job summary statements |
| lists the education, KSAs, and other qualifications individuals must possess the perform the job adequately | workers specifications |
| refers to an observable competence to perform a learned psychomotor act | skill |
| to a present competence to perform an observable behavior or a behavior that results in an observable product | ability |
| refers to a body of information applied directly to the performance of a function | knowledge |
| it is useful for determining whether a job is exempt or non exempt, established a minimum wage, overtime, prohibited child labor | fair labor standards act |
| what are universal compensable factors | skill, effort, responsibility and working conditions |
| use market date to determine differences in job worth, more external | market based evaluation |
| emphasize the companys internal value system by establishing a hierarchy of internal job worth based on each jobs function in company strategy. more qualitative and internal | job content evaluation |
| a job content evaluation that uses quantitave methodology. assigns points to jobs based on compensable factors | point method |
| to develop factors and their definitions to select job to represent the entire range of jobs in the company | benchmark job |
| order all jobs from lowest to highest according to a single cliterion | simple ranking method |
| is useful if there are many jobs to rank, usually more than 20 | paired comparison method |
| to place jobs into categories based on compensable factors | classification plans |
| involve the collection and subsequent analysis of competitors compensation data | compensation surveys |
| entails an examination of a companys external market context and internal factors | strategic analysis |
| represents the fields of potentially qualified candidates for particular jobs | relevant labor market |
| helps business professionals and government economists make proper occupational measures for collections for compensation data | occupational classifications |
| adding the annual salaries in a data set and then dividing the total by the number of annual salaries, heavenly influenced by outliers | mean |
| represents the fact that a set of data clusters or centers around a central point | central tendency |
| the middle value in an ordered sequence of numerical data | median |
| represents the amount of spread or dispersion in a set of data | variation |
| distinguishes a company from the competition by compensating employees more highly than most competitors | market lead policy |
| also distinguishes a company from the competition but by compensating employees than most competitors pay, pay less | market lag policy |
| follows the typical market pay rates because companies pay according to the market pay line | market match policy |
| what pay policy best fits a company using a cost leadership strategy | market lag policy |
| which pay policy best fits a company using a differentiation strategy | market lead or lag |
| describes the linear relationship between two variables or between the linear composite of multiple variables and one other variable | regression analysis |
| what two sets of information are needed before performing regression analysis to establish pay rates | internal pay rate and external job structure |
| is representative of typical market pay rates, expressed in a mean or median, relative to a companys job structure | market pay line |
| tells us how well the variation in the companys valuation of jobs based on the job evaluation point | R2 |
| none of the variation in market pay rates can be explained by the companys job structure | r2 of 0 |
| 52 percent of the variation in market pay rates can be explained by the companies job structure | r2 of .52 |
| tells how weel much the variation in Y is explained by the variation in X | r2 of 1 |
| represent periodic base pay increases that are founded on changes in prices as recorded by the CPI | colas |
| Protects employees from employers with their medical records. It restricts an employer from disclosing, using, and collecting health care records. Cannot be used to determine promotions. | hippa |
| Amendment to healthcare benefit. Allows an employee to maintain health care coverage when job terminates. Fixes a gap in coverage for a period up to 18 months. *Must pay premium plus administration fee. fail to make a payment the insurance discontinues. | cobra |
| strength of the relationship between two variables | correlation coefficient |
| comprehensive database, provides information about various jobs, job content, experience requirements, work context | O*net |
| their level of effort makes a difference in their performance | expectancy |
Created by:
rcu10