Exam 8: Designing Pay Levels, mix, and Pay Structures

All of the following are examples of potential anomalies except _____.

The process of multiplying survey data by some factor judged to reflect the difference between a survey benchmark job and a company job is called _____.

Market pricers match a small percentage of their jobs with market data.

How is a relevant labor market defined?

Smaller pay ranges may reduce the opportunities for promotion.

Explain the difference between standard deviation and quartiles and percentiles.

_____ measures competitors' use of performance-based pay.

Identifying pay survey participants by company name is considered price fixing under the Sherman Act.

A frequency distribution must by constructed to calculate a median.

A pure market pricing strategy tends to ignore internal alignment.

Which of the following statements is true regarding broad bands?

The process of multiplying survey data by a factor reflecting the difference between a survey and a company job is called survey leveling.

Which of the following statements is true about market pricers?

The _____ minimizes distortion of the central tendency caused by outliers.

A survey conducted in January,2007 found the median pay effective January 1,2007,for a clerk was $20,000 and the forecast rate of wage increases in the market for 2007 was 5% and another 5% for 2008.An employer choosing to follow a lead/lag policy for the 2008 plan year will need to _____.

Market lines may be constructed by either freehand drawing or linear regression.

The first step in setting competitive pay and designing a pay structure is _____.

If the purpose of a survey is to price the entire structure,then benchmark jobs can be selected to include the entire job structure.

Paying jobs of different functions different rates within a pay band is called ____.

The final major decision in pay-level determination is _____.