a. attracting and hiring good employees b. keeping turnover to nearly zero c. encourage skill development d. motivate high job performance, Whenemployee performance is easily measured and the organization's performance isfairly stable over time, the most effective type of compensation is to offer_____. One common approach used by about two-thirds of technology companies is the salary grade structure. This website uses cookies to ensure you get the best experience on our website. A benchmark. A lead policy may force the employer to increase wages of current employees too, to avoid internal misalignment and murmuring. Partner overview. Your company might be paying at market one month and below market a few months later. answer choices. There are two phases in benchmarking - data collection and analysis. profits is that level at which the ___ of the last hire is equal to the ___ for that hire a/ demand factor; supply factor b. marginal output; market price c. incremental output; marginal output d. marginal revenue; wage rate, Considering the third assumption of labor market theory, although some firms find lowering the job requirements and hiring less-skilled workers a better choice than raising wages, this choice incurs: a. lower marginal productivity b. increased training costs c. decreased marginal output d. higher recruitment costs, The assumption of the upward sloping supply curve may not hold when ____ a. wages are low b. wages are high c. unemployment is low d. unemployment is high, If company A raises its pay rate one dollar per hour to additional workers and competitors immediately match the increase, what is the most likely result? For example, suppose it takes 30 minutes to produce your product. Site Map | Survey Data Policy | Email Preferences | Legal | Privacy Statement | Cookie Notice | Do Not Sell or Share My Personal Information | Cookie Preferences A) Fair Labor Standards Act B) Title VII of the Civil Rights Act C) Equal Pay Act D) Taft-Hartley Act, According to the Fair Labor Standards Act, what rate of normal pay would a covered employee receive for working more than 40 hours in a workweek? Wage rate has been the main issue negotiated by unions in collective bargaining. a. cost of the company b. remuneration c. compensation d. pay level, Pay level decisions have a significant impact on expenses. She earns $10 an hour (or $400 for a 40-hour week). (2pts) A. job ranking B. point-factor C. factor comparison D. job hierarchy An employer choosing to followa lead/lag policy for the 2008 plan year will need to _____. True or false? True/False. Course Hero is not sponsored or endorsed by any college or university. What type of rewards and compensation was Christine Taylor trying to establish? Equity Services, Careers ___ would be most concerned about executive pay. These can be jobs that are unique to your company; they can also be positions that don't accurately match other comparable jobs in the surveys. Unfortunately, not all kinds of jobs are benchmarked. Financial benefits like employer-paid insurance and vacations are not a part of employee compensation. Next, she will compare all other jobs in the organization to the benchmark jobs to determine where each one fits in the rankings. Which form of equity is most relevant to Audrey's situation? to focus attention on the problem and provide a benchmark for determining the relative success of any programs aimed at redressing a pending labor shortage or surplus. The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. Three-quarters of surveyed recruiters choose in-person interviews as the most effective interview mode. A) ranking method B) point method C) job grading method D) job classification method, Which job evaluation method is used by most modern employers? Which of the following is not a policy in the pay model? Chapter 7 Quizlet.docx - Course Hero Provide product information, technical support, and customer service. Chapter 5 questions Flashcards | Chegg.com 120 seconds. The midpoint is generally considered the target pay level for a job. B) ask incumbents to fill out a questionnaire. Common bases for modern pay structures include all but which of the following? Most organizations use a market-pricing approach when determining compensation for professional employees such as engineers and scientists. The degree to which pay influences individual and aggregate motivation among the employees at any point in time is referred to as: In Japanese companies, the concept of teate is consistent with which of the following? What should the company do about the compensable factor "scope of responsibility" that is measured by the number of subordinates? True or false? True or false? The company was using the _____ method of job matching Other things being equal, the higher the pay level, the higher the: a. margins b. labor costs c. return on investments d. fixed cost, Which of the following is not a reason a company might pay base wages above market competitors? ____ is to increasing variable pay as innovator is to market-based pay. A key issue in comparable worth is whether women should be paid equal wages for jobs that are truly equal to men's or just comparable to men's jobs. When operating margins are slim, those funds may simply not be available. A) education B) union intervention C) federal legislation D) competency-based pay. It is likely that workers act in accordance with reservation wage theory with respect to both wages and benefits. For example, Accountant is a benchmark job. True or false? By definition, benchmark jobs are those with a clear and consistent definition in the relevant labor market, for which reliable market data could be collected. A) Comparable worth B) Job evaluation C) Broad banding D) Job grading, Which of the following terms refers to the requirement to pay men and women equal wages for jobs of roughly equivalent value to the employer? Special circumstances might allow you to pay a prospective employee high above or below the norm, for the most part, youll want to establish a base salary grade range that limits the amount paid for a job. a.True b.False. Typical data collected for job analysis would include all but which of the following? In a labor market, the market rate is where the lines for labor demand and labor supply cross. This measure of compensation may overstate competitors' pay. True or false? True/False. True or false? She has identified benchmark jobs, analyzed and rank-ordered them. C) Job description>Job evaluation>Job structure. As you can see from the diagram, the company midpoint, represented by the horizontal line, stays the same throughout the compensation planning year. True or false? What Is a Benchmark Job? Marginal revenues is measurable and used by managers to determine both pay levels and how many employees to hire. Signaling theory applies to both the demand and supply side. Both pay level and pay mix decisions focus on two objectives: (1) control costs and increase revenues and (2) attract and retain employees. Candidate experience and recruitment marketing platform, By signing up for our service, you agree to our. Performing administrative tasks, including assisting with patient intake, answering phone calls and scheduling patient appointments. PDF How to Perform Compensation Benchmarking and Set Salary Ranges - Payscale Participate in weekly sales team conference calls. Which of the following would not be used as a criterion pay structure? One company may aim to pay at market, but uses high paying companies as their benchmark. True or false? The U.S. federal government's pay structure is based upon ______ job evaluation system. The second major decision in job evaluation is to: The first major decision in job evaluation is to: Which of the following is not a factor indicating a pay structure is aligned? Another company may aim to pay at market, but actually pays less because they compare themselves against lower paying firms. If it is below the market the whole year, it is considered a lag-lag strategy. a. base pay is the same b. benefits costs are the same c. the pay mix differs d. the pay mix is the same, Which of the following is an example of a quoted-price? A) stock options B) pension plans C) sales commissions D) supplemental life insurance, What is the purpose of offering an executive stock options in a compensation package? In_____ theory, incentive pay is motivating if it helps an employee gain a senseof achievement, recognition or approval. A) Fair Labor Standards Act overtime requirements don't apply B) Federal income taxes are charged at a reduced rate, a) fair labor standards act overtime requirements don't apply, In most cases, which of the following occupations is NOT exempt from the overtime provisions of the Fair Labor Standards Act? Corporate Governance A group of tasks performed by one person is a(n) _____. We're ready to tackle your biggest talent & rewards challenges. A) strategic management B) performance pay plan C) aligned reward strategy D) workers' compensation package, Which is the LEAST likely way that an employer would address a cost-of-living differential? The range is set so the floor is the rate below which we dont pay and the ceiling is the rate above which we dont pay. The Equal Pay Act focuses on three compensable factorsknow-how, problem solving, and accountability. a. they align pay structures with the business strategy b. their pay structures are unique and difficult to imitate c. they assume that little value is added through internal alignment d. they emphasize pay structures based on unique technology or the way work is organized, they assume that little value is added through internal alignment. True or false? A) grades B) job metric C) benchmark job D) human resource metric, Which of the following terms refers to a systematic comparison done in order to determine the worth of one job relative to another? A) wage rates B) income security C) health care benefits D) cost-of-living adjustments, Which of the following issues would LEAST likely be negotiated by unions? The low-stress way to find your next benchmark job opportunity is on SimplyHired. An Office Coordinator is an entry-level office role that is responsible for maintaining pleasant and consistent daily operations of the clinic. So, non-benchmark jobs need more effort to fill. A) classes B) sections C) grades D) cohorts, Which job evaluation method is a quantitative technique involving the identification of several compensable factors and the degree to which each of these factors is present in the job? A) Americans with Disabilities Act B) Labor Management Relations Act C) Family and Medical Leave Act D) Age Discrimination in Employment Act, Bonnie needs to take time off to care for her mother. B) Offshoring is limited to low-skill jobs. "To maintain good citizenship as a company" and "To make a fair profit on current operations" are examples of ___. A) pay metric B) pay range C) wage class D) wage curve, Richard was offered to be vice president of marketing. QUESTION 13 A seller with voidable title can transfer good title to a good faith purchaser for value. What is the most commonly used method in the United States? Egalitarian pay structures have all but which of the following characteristics? In a labor market, the demand side focuses on the actions of the employers. B) What is the relevant labor market? C) refers to firms that copy innovative practices adopted by other organizations. All of the following except ______ are bases for judging job analysis. The 75th percentile was sought by 10% of companies in 2015 and fell to just 6% in 2017. The left side of this chart shows executive targets. Trying to measure an ROI for any compensation strategy implies that: C) people are "human capital," similar to other factors of production. A) strategic compensation B) comparable worth C) broad banding D) job grading, Which of the following job evaluation methods is associated with almost every comparable worth lawsuit? A benchmark job helps gather and analyze the labor market in a company - and within the industry from a wider perspective. These illustrate ____ pay policy choices. The pay for the job of accountant in London, Los Angeles, and Berlin is likely to be different due to: Organization factors that shape internal pay structures include all but ____. Academic Alignment. According to efficiency-wage theory, paying higher wages than competitors lowers labor costs due to more efficient workers. Some companies may title the job Bookkeeper or Financial Planner. Whenan organization's performance has regular and large swings and individualperformance is unclear and hard to measure, the most effective compensation mixis to offer _____. Which theory predicts individual performance will be maximized when the pay differentials between job levels is large? Chapter 5: Design Philosophy and Considerations, Is it Time to Ditch Your Salary Structure for Market Pricing? _____theory contends that success-sharing plans will be motivating but at-risk planswill be de-motivating. As a top executive, Richard will be compensated with EXCEPT ______. FOR EDUCATORS. The market reference approach is certainly more precise, but it also requires more time for analysis and system maintenance. A) portability B) equity C) vesting D) shares, Which of the following laws has the LEAST amount of influence on compensation decisions? Only 2% of companies say they aim to pay at the 75th percentile. True or false? Employee Rewards The role non-HR managers pay in making pay decisions is called ____. Survey data showed the job assembler averaged $10 per hour and the job of assembly supervisor at $22 per hour. pay level an employer can pay a. government legislation b. the product market c. the labor market d. labor market competitors, Which of the following factors do not affect an employer's ability to pay high wages? In summary, while it sounds great to say we want to pay at market, we must recognize that pay can mean many different things and is not limited to salary alone. a. expectancy theory b. equity theory and agency theory c. maslow's theory and herzberg's theory d. goal setting. B) tasks that cannot be reassigned to other workers, B) modify the format of their job descriptions. True or false? An advantage of conventional job analysis interviews and questionnaires is _____. Applying the job evaluation process to pay survey jobs to assess the degree of match between survey jobs and benchmark jobs is called the _____ approach. True or false? Benchmark jobs are also called core jobs or standard jobs. FOR EDUCATORS. One reason is that each company defines the market differently. Full-time. Which of the following is not a test of whether a pay strategy is a source of competitive advantage? a. add $2,000 to base pay b. multiply the salary by 105% c. multiply the salary by 105% and then by another 5% d. multiply the salary by 110%, multiply the salary by 105% and then by another 5%, A market pay line __ a. reflects an organization's internal alignment policy b. links a company's benchmark jobs with market rates paid by competitors c. provides an accurate prediction of an organization's entry level pay rates d. compares an organization's min. This is an example of which strategic compensation choice? Pay ranges for top-level management positions are commonly larger than those other professional and mid-level managerial positions. True or false? New benchmark careers are added daily on SimplyHired.com. Salary data available to employees via the internet are reliable and accurate as other more traditional surveys. Identify new sales opportunities and develop strategies to capture them. Below the executive ranks, shown on the right half of the chart, 85% of companies reported following the median pay target in the trend survey conducted in 2017. MGMT 434 Compensation Ch 5 Flashcards | Quizlet However, recruiters have adapted. .css-30w4xf{display:none;}@media screen and (min-width: 48em){.css-30w4xf{display:inherit;}}Sign In / Create Account.css-1edzhxc{display:inherit;}@media screen and (min-width: 48em){.css-1edzhxc{display:none;}}Sign In / Sign Up, .css-as7amh{font-size:var(--chakra-fontSizes-sm);font-weight:var(--chakra-fontWeights-semibold);line-height:var(--chakra-lineHeights-base);display:inline-block;}All 2157, .css-lvyu5j{margin-right:10px;}BenchMark Physical Therapy.css-1t92pv{margin-right:20px;color:var(--chakra-colors-neutral-700);white-space:nowrap;}Aiken, SC.css-epvm6{white-space:nowrap;}3.4 .css-c4tn3a{height:16px;color:var(--chakra-colors-yellow-500);max-width:12px;display:inline-block;}. Benchmark Exam Review | Other Quiz - Quizizz Aside from benchmarks, there are also platforms like Talenteria that can help boost your recruitment processes. Companies also balance a variety of reward opportunities based on their overall strategy. a. equity b. expectancy and agency c. herzberg's two-factor d. agency, Accordingto expectancy theory, effort level depends on which of these factors? Where is the most effective place to insert this sentence. Human capital theory assumes that people are paid at the value of their marginal product. A salary benchmark job is defined as a job that is widespread across many industries. True or false? Quiz 6 Flashcards | Chegg.com Indirect payments that contribute to an employee's compensation include variable pay like commissions and bonuses. That figure increased to 78% of companies in 2017. Talented individuals have a higher marginal value in larger organizations. The issue of how much and what forms of pay are our competitors using is part of which objective of total compensation strategy? After some research you find that ___ produce(s) the largest and most reliable performance increases. Enough is a relative term too, both in terms of amount and timing. What is a Benchmark Job? | HRZone pay surveys True or false? The ______ method of job evaluation uses compensable factors. Job evaluations are used to determine the pay scale of all employees in an organization from hourly workers to the CEO. When employees can see the relationships between their work, the work of others, and the organization's objectives, this is called: B) work performed in a job and how it gets done. True/False. That sounds simple, but it is not because market prices fluctuate throughout the year while your target pay (salary range midpoint) is usually fixed during the year. True or false? A) internal B) distributive C) individual D) procedural, Audrey is a lawyer and learned that another lawyer who joined the firm at the same time earns a lower salary. If a company moves its midpoints higher to leapfrog the market as part of their market analysis, it will begin the next year as a market leader again. In business, benchmarking is a process used to measure the quality and performance of your company's products, services, and processes. One example is a company choosing to put both quality and design engineering jobs in the same pay grade even if the market data suggests that product design employees typically earn more. Practice of creating a set of pay ranges that can be used throughout the organization, Practice of using specific survey data for each job to determine the "going rate" for the position. A book listing the previous year's pay of all employees is part of Whole Foods "No-secrets" philosophy. True or false. A group of benchmark jobs, taken together, contains the entire range of compensable factors and is accepted in the external labor market for setting wages. According to the Text, if women had the same education, experience, and union coverage as men and also worked in the same industries and occupations, they would be expected to earn about ____ of what men earn. 15, 30 c. 30, 40 d. 40, 60, Size of pay differentials between grades should __ a. be based upon differentials in market surveys b. be approximately 15 percent c. support career movement through the pay structure d. be between 10 and 25 percent, support career movement through the pay structure, Which of the following statements is true regarding broad bands? ____ refers to comparisons among jobs or skills inside a single organization. _____involves identifying what is important to a person and offering it to them inexchange for some desired behavior. Since the average rates change when people enter or exit the job market or receive salary increases, the market really is a moving target. A) What is the ranking of each job? 2003-2023 Chegg Inc. All rights reserved. All personal information is collected and used in accordance with our privacy statement. The survey responses, research, and worksheets or forms must be analyzed so that the company can develop an outline of all the essential aspects of a particular position. He earns a 5% commission for every sale he makes. Figure B: A company might lead the market in pay one month and lag it in another. A frequency distribution must be constructed to calculate a median. This approach makes communications easier and works well when many jobs are paid about the same or when market data is scarce. There is evidence that a relatively poor performing team member's performance will improve under a(n) ____ pay structure. When there is an unusual level of turnover in a job, an employer is likely to conduct a market survey. a. office and clerical workers b. scientists c. managers d. executives, Which of the following jobs would most likely fall into a fuzzy market? All of the following are advantages of the ranking method of job evaluation except: A) rankings are easy to defend and justify. Question 5 Top 4 Methods of Job Evaluation (explained with diagram) The most widely used point method job evaluation is the: Which of the following is not a generic compensable factor used to determine equal work in the Equal Pay Act? Which of the following are related to greater performance when the work flow depends on individual contributors? Challenges to market reference points include establishing pay levels for non-benchmark jobs and determining a plan of action when market data goes down from one period to another. True or false? A) internal B) individual C) procedural, Which form of equity refers to the perceived fairness of the processes used to make decisions regarding the allocation of pay? Views of job evaluation include all except _____. Chapter 11: Mini Case. Benchmark Job definition Also known as key jobs, benchmark jobs are positions that remain consistent across the industry in terms of salary, responsibilities, seniority and can therefore be compared from organisation to organisation. Exam 3-Chapter 11 Flashcards | Chegg.com True or false? If the purpose of a survey is to price the entire structure, then benchmark jobs can be selected to include the entire job structure. The following statement is an example of ______ of job evaluation. Describe what is meant by Inchoate Crimes?and discuss/explain and give examples ofAttempt, Conspiracy & Solicitation as it relates to Inchoate Crimes? Regression smooths large amounts of data while minimizing variations. This describes the ______ method of job evaluation. Smaller pay ranges may reduce the opportunities for promotion. True or false? We offer flexible hours with a Full Time and Part Time position available. Possesses expert knowledge of telephone system and capable of teaching others. True or false? 2,275 jobs. What is the minimum amount that Jill earned last week? A) Americans with Disabilities Act B) Title VII of the Civil Rights Act C) Social Security Act D) Equal Pay Act, Which act regulates vesting rights and portability rights? 52 Questions Show answers. Surveys can be done in different ways, and so you can survey in your own way. The breadth of work is likely to be narrowest in: The number of job evaluation plans an organization uses depends upon the: A) level of detail to make pay decisions. The product market sets the floor on the min. Companies also balance a variety of reward opportunities based on their overall strategy. A) managers B) employees C) HR specialists D) union representatives, Which of the following is NOT one of the typical methods used by job evaluation committees to determine the worth of a job? The Rewards Solutions practice at Aon and other Aon group companies will use your personal information to contact you from time to time about other products, services and events that we feel may be of interest to you. True/False. Benchmark job definition. True/False. Empty and clean all kitchen garbage barrels. a. higher labor costs for company A, but not more workers b. company A will hire the needed workers at the higher wage rate c. competitors will lose employees to company A d. company A will hire quality workers, higher labor costs for company A, but not more workers, Which theory supports the idea that coal mining should be paid more than office clerical work? Employers prefer to give time off in lieu of overtime pay because they only have to grant the same number of hours off as the employee worked overtime, while overtime pay is calculated at 150% of normal pay. a. labor costs area a large share of total costs b. employee skills are specific to the product market c. product demand is responsive to price changes d. the supply of labor is responsive to changes in pay, the supply of labor is responsive to changes in pay, The pay policy associated with increased productivity is the ____ policy a. lead b. match c. hybrid d. employer of choice, A pay policy most likely to reduce pay dissatisfaction is _____ a. lead b. employer of choice c. hybrid d. match, The most common pay policy is _____ a. lead b. lag c. hybrid d. match, All of the following are advantages of a lead pay policy except ____ a. reduced training time b. reduced turnover c. reduced absenteeism d. higher financial performance, Among pay-mix alternatives, base pay is largest in ____ a. work-life balance b. security or commitment c. performance driven d. market match, The pay-mix component in which benefits is likely to be largest is _____ a. work-life balance b. security or commitment c. performance driven d. market watch, Which of the following is not a consequence of level of competitiveness of total compensation? A) increased employee understanding of the process. C) Focusing on employee contributions vs other objectives is a best practice. Global Benefits Portability rights refer to an employee's ability to transfer his or her vested rights from one organization to another.

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