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HR EXAM 3 (C11)
| Question | Answer |
|---|---|
| Tangible Rewards: | Can be quantitatively measured and compared between organizations |
| Intangible Rewards: | Can’t be quantitatively measured and compared between organizations |
| Base Pay: | Wages and Salary |
| Wages: | Payments calculated based on time worked |
| Salary: | Periodic payments regardless of number of hours worked |
| Variable Pay: | Linked directly to performance |
| (Tangible) Indirect Rewards: | Health Care Benefits, Paid Time Off, etc. |
| (Tangible) Direct Rewards: | Base Pay, Variable Pay, etc. |
| Minimum Wage: | Set by FLSA to be paid to broad spectrum of covered employees |
| Child Labor Provisions: | Sets minimum age of employment with unlimited hours at 16 years old, certain limitations for 14-15 year olds who work outside of school |
| Overtime Provisions: | Exempt Employees- Not paid overtime, Nonexempt Employees- Paid overtime (1.5x pay for working 40+ hours within a week) |
| Entitlement Philosophy: | Assumes individuals who’ve worked another year with the company are entitled to pay raises with little regard to performance differences |
| Pay-for-Performance Philosophy: | Assumes compensations differences reflect performance differences |
| Equity Theory: | States individuals judge equity in compensation by comparing their inputs and outcomes against the inputs and outcomes of referent others |
| External Equity: | If rewards not viewed as equitable to other organizations, high turnover may occur |
| Internal Equity: | Employees are compensated fairly within organization in regards to KSA’s |
| Pay Secrecy: | Explaining pay grades and decision rules can enhance employee perceptions of fair, ethical treatment |
| Expectancy Theory: | Efforts = Performance (Expectancy), Performance = Reward (Instrumentality) Rewards are desirable (Valence) |
| Competency Based-Pay: | Rewards individuals for the capabilities they demonstrate and acquire (Knowledge-Based and Skill-Based) |
| Ranking Method: | Place jobs in order, from highest to lowest, by organizational value |
| Classification Method: | Writing descriptions of job classes and then putting each job into a grade according to the best fit class |
| Point Factor Method: | Looks at compensable factors in a group of similar jobs and assigns points to them |
| Market Pricing: | Uses market pay data to identify relative job values based on what other employers pay for similar jobs |
| Pay Surveys: | Collection of data on compensation rates for workers performing similar jobs in other organizations |
| Targeting High Performers: | Top-performing employees get higher pay raises, satisfactory performers get standard increases (in pay) |
| Pay Adjustment Matrix: | Reflects an employee’s eligibility for a pay increase (Factors- employee’s level of performance rated in an appraisal, employer’s position in pay range) |
| Pay Compression: | When pay differences among individuals with different levels of experience and performance become small |
| Salary Inversion: | When pay is given to new hires that’s higher than the compensation provided to more senior employees |
Created by:
IanMcCormick20