Exam 11: Establishing Strategic Pay Plans

Richard was recently offered a position as vice president of marketing at a national retail chain. As a top executive at the firm, Richard will most likely be compensated with all of the following EXCEPT ________.

An advantage of the job classification method is that the objective nature of the system makes it easy to write the class and grade descriptions.

Which of the following sets basic labor standards for employees working on any government contract that amounts to more than $10,000?

What are the advantages for employers of claiming that someone doing work for them is an independent contractor rather than an employee? What generally makes a worker classified as an "independent contractor"?

What is the primary purpose of offering an executive stock options in a compensation package?

Which of the following is LEAST likely a benefit of using competency based pay?

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?

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

The Equal Pay Act states that employees of one sex may not be paid wages at a rate lower than that paid to employees of the opposite sex for doing roughly equivalent work.

Which of the following is NOT one of the typical methods used by job evaluation committees to determine the worth of a job?

Because the minimum wage is set by the Fair Labor Standards Act, there is no variation from state to state in the minimum wage paid to hourly workers.

When using the job evaluation method of job classification, raters categorize jobs into groups of similar jobs called ________.

Which of the following jobs is most likely categorized as nonexempt from the overtime pay provisions of the Fair Labor Standards Act?

The purpose of the wage curve is to ________.

Which act regulates vesting rights and portability rights?

Which form of equity refers to the fairness of a job's pay rate in comparison to other jobs within the same company?

In the broadest sense, comparable worth may mean comparing jobs that are very dissimilar such as nursing to fire fighting.

What are the five main elements of a competency-based pay plan?

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

Jason is an information systems technician in a town in North Carolina with a population of 100,000. He receives an annual salary of $35,000. He recently found out that a nearby town with a similar population pays people in the same position $40,000 annually. With which form of equity is Jason most concerned?