Exam 11: Strategic Pay Plans

In a recent study conducted by Towers Watson, what is the most important factor in retaining employees?

What is the graphic description of the relationship between the value of the job and the average wage paid for this job?

What is the cornerstone of executive compensation?

Dominique has just been hired as the HR manager for a small but growing manufacturing company. Up until now, pay rates have been determined at the time of hire and are loosely based on "market" pay rates. Dominique has already noticed that some employees don't think the rates of pay are fair. How should Dominique go about establishing pay rates that are both externally and internally equitable? In your answer, indicate the issues that may arise if this is not done.

Dylan is designing a compensation program for his company's sales force that will provide a base rate plus commission for sales over and above a minimum target. The company also provides a generous dental and medical program. He feels this will motivate the sales force to maximize their efforts and sales as well as be loyal to the company and not look for work at other companies. What has Dylan formally created?

What is the term for reducing the number of salary grades and ranges into just a few wide levels?

What is the term for a rate of pay that is above the pay range maximum?

Jeffrey is the newly hired HR professional who is responsible for evaluating compensation practices at the company. To determine if there are issues with internal equity, he has chosen to conduct a job evaluation according to the method popularized by the Hay consulting firm. Which of the following are the compensable factors he uses to evaluate jobs?

Up to how many weeks does the Employment Insurance Act provide benefits to workers unemployed through no fault of their own?

An advantage of using rate ranges for each pay grade is that it allows for which of the following?

"Total rewards" refers the monetary component of compensation.

Brenda begins working at a retail gift store. She thinks older workers who have been at the store for years are lazy and that she does far more work than they do. Upon learning how much more they are paid than her, Brenda speaks to the manager about receiving a pay increase and is unhappy to be denied since pay increases are based on years of service. What is Brenda's unhappiness based on?

What is another way to categorize jobs when undertaking the job classification method, other than using class descriptions?

What does employee compensation encompass?

What are "pay-for-knowledge" systems also known as?

Rate or pay ranges are a series of steps or levels of pay within a pay grade. What are the ranges usually based on?

What is engagement with respect to the impact of rewards?

Once a job evaluation method has been used to determine the relative worth of each job, the job evaluation committee can turn to the task of assigning pay rates to each job. However, what will the committee want to first group jobs into?

Which of the following do unions believe will be the best able to judge the relative value of a job?

Pay equity laws were enacted in response to which of the following?