Exam 9: Managing Compensation

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Which of the following is a relatively new job evaluation system?

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Which term refers to the concept of equal pay for work of equal value?

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The employment standards acts set minimum requirements with respect to wages, hours of work, and overtime.

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Scenario 9.2 Calendars "R" Us Ltd. is a small firm that manufactures yearly calendars with a specific focus on middle and high schools in Alberta. They started operations back in 2006 with just 12 employees, two machines, and a small warehouse that served as an office and production and storage facilities. Today, Calendars "R" Us has roughly 60 employees and supplies its calendars to most middle and high schools in Alberta. When employees join they are paid based on their relationship with the owners. Given the rapid growth in its staff complement, and the arbitrary way in which it normally compensates employees, payroll has proven to be quite a challenge for the company as management looks to expand into other provinces. -Refer to Scenario 9.2. Which of the following is a useful and cost-effective way for Calendars 'R" Us to find information on wage and salary trends in similar industries?

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What's a key objective of wage and salary surveys?

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The jobs that are included in wage and salary surveys are referred to as "key jobs."

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Explain competency-based pay, including its advantages and disadvantages.

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Broadbanding refers to collapsing many traditional salary grades into a few wide salary bands.

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One theory of motivation is based on the proposition that employees would exert greater work effort if they have reason to anticipate it (their effort) will result in a valued reward. What is this theory?

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Competency-based pay systems represent a fundamental change in the attitude of management regarding how work should be organized and how employees should be paid for their work efforts.

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Which of the following issues does job evaluation helps to address?

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ABC Corporation uses a job evaluation system that links the value of jobs directly with the goals of the organization. Which job evaluation system is most likely being used by ABC Corporation?

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What do job evaluations help to ensure?

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Which of the following describes a job evaluation method?

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Compensable factors include skills, effort, responsibilities, and working conditions.

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Assume Microsoft wants to link its overall organizational strategy to its wage and benefit policies in the strategic plan. How can the company best do this?

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What is the scope of the impacts of collective bargaining agreements?

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Labour market conditions have little impact on wage rates paid to employees.

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The job classification system is commonly used by smaller employers.

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Briefly explain the different job evaluation systems.

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