Exam 11: Establishing Strategic Pay Plans

The purpose of the wage curve is to ________.

External equity refers to how fair the job's pay rate is,when compared to other jobs within the same company.

Financial benefits like employer-paid insurance and vacations are not a part of employee compensation.

In most cases,the majority of the voting members on a job evaluation committee are ________.

Which of the following is NOT a type of direct financial payment?

Which of the following terms refers to a series of steps or levels within a pay grade?

Competency-based pay systems offer employers more flexibility but are less efficient than traditional job evaluation methods.

The primary advantage of broadbanding is that it provides greater flexibility into employee assignments.

Which of the following issues would LEAST likely be negotiated by unions?

Homelife,a national chain of high-end furniture stores,employs nearly 800 workers.In the past few years,the company's market share has dropped significantly,and employee turnover has increased.Upper management is considering the implementation of a new compensation policy in its efforts to turn the company around.Historically,the company has paid all employees similarly with some variation for seniority but no distinction between high and low performers. Which of the following,if true,best supports the argument that Homelife executives should primarily address internal equity issues when developing a new compensation plan?

________ means collapsing salary grades and ranges into just a few wide levels ,each of which contains a relatively wide range of jobs and salary levels.

Which of the following terms refers to the ownership employees build up in their pension plans should their employment with a firm end prior to retirement?

The point method of job evaluation is the most frequently used job evaluation method,but it is also associated with lawsuits involving comparable worth.In a brief essay,explain the point method of job evaluation and why it is problematic for firms in regards to comparable worth.

Which of the following is NOT one of the forms of equity related to compensation issues?

Which act regulates vesting rights and portability rights?

A company using competency-based pay compensates employees for all of the following EXCEPT ________.

Which of the following terms refers to a systematic comparison done in order to determine the worth of one job relative to another?

Explain the equity theory of motivation.What are the four forms of equity?

Wage rate has been the main issue negotiated by unions in collective bargaining.

Indirect payments that contribute to an employee's compensation include variable pay like commissions and bonuses.