Strategic compensation

December 8, 2017 Commerce

A) medical insurance B) vacations C) day care assistance D) all of the above Answer: D Dif 1 Page Ref: 7 ) This law made it illegal to pay women less for performing equal work as men. A) Equal Pay Act of 1963 B) Civil Rights Act of 1964 C) Davis ? Bacon Act of 1931 D) Fair Labor Standards Act of 1938 Answer: A Dif. Page Ref: 7 4) Which theory states that employees’ knowledge and skills generate productive capital?

A) Job characteristics theory B) expectancy theory C) equity theory D) human capital theory Dif 1 Page Ref: 8 5) What is type of pay system rewards employees for partially or completely attaining a predetermined work objective? A) seniority pay B) merit pay C) incentive pay D) skill-based pay Answer: C Dif Page Ref: 8 6) Which of the following is NOT one of the three broad categories that discretionary benefits fall into? A) worker’s compensation laws B) paid time off C) protection programs D) services Dif page Ref: 8 7) Protection programs are what type of compensation benefits?

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A) external B) non-monetary C) internal D) monetary Dif Page Ref: 4 8) These are positive employer gestures that beyond what was required by law, created in part to thwart potential union activity. A) employee benefit plans B) welfare practices C) scientific management practices D) compensable factors Dif. Page Ref: 12 ) A company’s ability to sustain market share and profitability for several years running is referred to by what term?

A) differentiation B) personnel administration C) compensation practices D) competitive advantage Dif 1 Page Ref: 12 10) What are responsible for guiding the activities of a particular company in the market? A) strategic decisions B) tactical decisions C) worker majority decisions D) informative decisions Dif 1 Page Ref: 13 1 1) This term suggests that a loss is likely for the firm, and that the individual will be left with little control. A) reverse opportunity B) negative equity C) threat D) foreclosure

Dif: 1 Page Ref: 13 12) This strategic human resource concept allows employees to work the hours that are most suitable to them in order to meet both their personal and business needs. A) flextime B) free time C) personal time D) reward time Dif 1 Page Ref: 16 13) What strategy describes the use of benefit and compensation packages in order to support both HER and competitive strategies? A) worker welfare strategies B) total compensation strategies C) total quality management strategies D) worker satisfaction strategies Dif. Page Ref: 16 14) Southwest Airlines uses this competitive strategy by keeping overhead low, thus assign a price advantage on to consumers. A) differentiation strategy B) high quality strategy C) brand notoriety D) lowest-cost strategy Dif. Seepage Ref: 16 1 5) A company using this competitive strategy seeks to offer a product or service that is completely unique from other competitors in their market segment. A) differentiation strategy B) defender strategy C) prospector strategy 16) Which of these actions would HER seek to encourage in attempting to create a lowest-cost competitive strategy?

A) an employee long-term focus B) unpredictable employee behavior C) high concern for the quantity of output D) high concern for the quality of output Dif. Seepage Ref: 17 17) This group is directly involved in producing goods and delivering services for a company. A) staff employees B) line employees C) managers D) executives Dif. Page Ref: 18 18) These describe the terms of employment that are set between management and union bargaining representatives.

A) employee relationship agreements B) collective bargaining agreements C) Joint employment agreements D) workplace requisite agreements Dif. 1 page Ref: 20 19) This type of pay is often given to employees upon involuntary termination, and in mom cases also includes continued medical insurance under the company’s policy. A) resignation pay B) sympathy pay C) continued employment pay D) severance pay Dif. Page Ref: 20 20) Which of these is a company sponsored program that provides income to workers throughout their retirement?

A) pension plans B) severance plans C) loyalty plans D) longevity plans 21) This is a way in which companies often trim their payroll responsibilities by encouraging higher paid workers with more seniority to voluntarily leave the company earlier than previously planned. A) resignation plans C) early retirement programs D) employee expenditure plans 22) What US federal law established a national minimum wage for employees involved in commerce (rather than Just those employed by companies working for the US government), as well as prohibit most employment of minors in oppressive child labor?

A) The Equal Pay Act of 1963 B) The Civil Rights Act of 1964 C) The Fair Labor Standards Act of 1938 D) The Family and Medical Leave Act of 1993 Dif. Page Ref: 21 23) These ordered sets of Jobs make it easy for compensation managers to give a clear relative value for all Jobs within a company. A) externally consistent compensation systems B) internally consistent compensation systems C) market-wide consistent compensation systems D) comparably consistent compensation systems Dif. Page Ref: 22 24) What is a systematic process for gathering, documenting, and analyzing information in order to describe Jobs? A) Job evaluation B) internal consistency C) Job analysis D) strategic analysis Dif. Page Ref: 22 25) What do compensation managers use to recognize differences in the relative net worth of Jobs and to establish pay differentials based upon management priorities? A) Job evaluation 26) These compensation systems go a long way in attracting and retaining the most lifted employees, and are based upon market surveys and compensation surveys.

A) internally consistent compensation systems B) market-competitive pay systems C) Job evaluation compensation systems D) externally consistent compensation systems 27) This allows business professionals to determine where they currently stand in the market based on both the external market context and internal factors. A) market analysis B) comparative analysis C) 360 degree analysis 28) What represents the pay rate differences for Jobs and employee contributions of unequal worth to a company? A) merit pay B) incentive pay

C) retention pay D) pay structures 29) These build upon pay grades, and include maximum, minimum, and mid-point pay rates for Jobs in particular pay grades. A) pay ranges B) pay slopes C) piece rates D) pay determinants 30) Which of the following are stakeholders within a company? A) line employees B) executives C) unions Dif. 1 page Ref: 23 31) compensation refers to the mental state of employees as a result of their performance on the Job. Answer: Intrinsic Dif Page Ref: 5 32) refers to the degree in which an employee receives clear and direct information regarding his or her Job performance and outcomes.

Answer: Feedback Dif 1 Page Ref: 6 33) pay systems reward employees with base pay raises according to their length of service on the Job. Answer: Seniority 34) practices replaced inefficient production methods with efficient production methods, thus promoting labor cost control. Answer: Scientific management Dif page Ref: 11 35) decisions are made in order to support the fulfillment of strategic decisions. Answer: Tactical 36) Strategic management involves distinguishing between and in attempting to achieve company goals, thus making strategic management an inexact process. Answer: threats and opportunities Dif. Page Ref: 13 37) Competitive is the use of company resources (such as capital, technology, and human resources) to promote and sustain competitive advantage. Answer: strategy Dif Page Ref: 14 38) Human resource professionals are employees, because they exist to provide support services for line employees. Answer: staff 39) Companies that are implementing plans generally increase the amount of classroom and on-the-Job training, as these types of plans make training necessary rather than optional. Answer: pay-for-knowledge 40) Employment occurs when an employee’s agreement to perform work is need, be it voluntarily or involuntarily.

Answer: termination 41) Explain the Job characteristics theory. How does it tie in with intrinsic compensation? Answer: According to the Job characteristics theory, employees experience enhanced psychological states when their Jobs rate high on five core Job dimensions. First, skill variety refers to the degree to which the Job requires an employee to perform different tasks that involve the use of a number of different skills, abilities, and talents. Second, task identity refers to the degree to which the Job requires completion of a whole and identifiable piece of work.

Third, task significance refers to the degree to which the Job has a substantial impact on the lives or work of other people. Fourth, autonomy refers to the amount of freedom, independence, and discretion the employee enjoys in determining how to do the Job. Finally, feedback gives the employee clear information about how he or she is performing on the Job. Because intrinsic compensation reflects an employee’s psychological mind-set that results from performing his or her Job, a Job that rates on many of these dimensions will mean that an employee is experiencing high intrinsic compensation. ) Explain the link between compensation and recruitment and selection. Answer: As with other HER functions, compensation can be used to advance other aspects of an organization. In order to attract top-notch applicants to an organization, a lucrative compensation package can serve as a good marketing tool. Communicating the positive aspects of core and fringe compensation programs can spark a Job candidate’s interest. Further, companies may offer such inducements as a one-time signing bonus to entice a quality applicant. 43) What is a constituency? How does it affect the HER department? Answer: The HER department does not exist in isolation.

Rather, it must respond too variety of parties, each with their own interests. In fact, the success of an HER department may depend on how well it serves various constituencies. Constituencies can include employees, line managers, executives, unions, the U. S. Government, and customers. Each of these groups expects certain actions by the HER department, rates these actions according to their own standards, and tries to set up goals or present constraints within their realm of understanding. As a result, the HER department plays the role of a Juggler trying to meet often-competing goals presented by multiple constituencies.

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