Exam 7: Building Market-Competitive Compensation Systems

________ allow compensation professionals to describe the distribution of data based on four groupings.

Which of the following surveys are tools used by employers to determine the pay levels needed to recruit highly qualified employees?

________ is defined as an in-depth examination of the external and internal environmental factors that are likely to have the greatest impact on the future of the company.

Which of the following are the three measures of dispersion?

If the means salary for B42DA,Inc.,is $30,000 and the median salary is $32,000,what would Yolanda's salary of $165,000 be considered?

In regression,what does it mean when the R² = 1?

Suppose that a compensation professional would like to calculate the median salary.He orders four salaries as follows: $20,000,$22,000,$24,000,$26,000.What is the median salary for this data set?

This BLS survey provides the quarterly measure of changes in labor and compensation costs and is used as the principle economic indicator for the Federal Reserve.

Explain the three reasons why companies often choose not to develop their own compensation surveys rather than use established surveys.

Elaborate on the link between a company's pay level policy and its strategic mandate.

Compensation surveys are typically focused on which two factors?

Jose Escobar conducts a survey of salaries at ERL Enterprises and finds that 50% of the workers fall below the market pay average of $32,000.In which quartile do the workers at ERL Enterprises fall?

Companies pursuing a differentiation strategy are most likely to use which pay level policy?

Market match policies are generally set to which quartile in the salary survey?

________ represent the fields of potentially qualified candidates for particular jobs.

Compensation professionals in XYZ Company use regression analysis to determine the pay rates of its marketing professionals.There are 4 different marketing job titles in XYZ Company.Compensation professionals use job evaluation points assigned to each marketing job title and a salary survey data.In other words,they regress job evaluation points on the salary data.What does it mean when the R² value of this regression turns out to be 0.85?

The market ________ policy most closely follows the typical market pay rates because companies pay according to the market pay line.

Which of the following are reference points against which jobs within the company are judged?

The NCS provided incidence and extensive data on which two types of compensation benefits?

The ________ is the middle value in an ordered sequence of numerical data.