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Exam (elaborations)

MGT 336 Midterm || A+ Guaranteed.

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  • MGT 336
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  • MGT 336

4 parts of compensation correct answers 1. financial returns 2. tangible services 3. benefits employees receive 4. employment relationship total compensation correct answers cash compensation -base -merit/cost of living -short-term incentives -long-term incentives benefits -income pro...

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  • August 25, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 336
  • MGT 336
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FullyFocus
MGT 336 Midterm || A+ Guaranteed.
4 parts of compensation correct answers 1. financial returns
2. tangible services
3. benefits employees receive
4. employment relationship

total compensation correct answers cash compensation
-base
-merit/cost of living
-short-term incentives
-long-term incentives

benefits
-income protection
-work/life balance
-allowances

relational returns correct answers recognition & status
employment security
challenging work
learning opportunities

pay model building blocks correct answers 1. the compensation objectives
2. the policies that form the foundation of the compensation system
3. the techniques that make up the compensation system

compensation objectives correct answers efficiency
fairness
compliance
ethics

policy choices correct answers 1. internal alignment
2. external competitiveness
3. employee contributions
4. management

internal alignment correct answers often called internal equity, refers to the pay relationships
among different jobs/skills/competencies within a single organization

four steps in developing a total compensation strategy correct answers 1. Assess total
compensation implications
2. map a total compensation strategy
3. implement strategy
4. reassess

, three tests of competitive advantage correct answers 1. is it aligned?
2. does it differentiate?
3. does it add value?

three aspects of alignment correct answers 1. align with the business strategy
2. align externally with the economic and sociopolitical conditions
3. align internally within the overall HR system

virtuous circle correct answers upward momentum and continuous improvement

vicious circle correct answers downward momentum and continuous difficulties

pay structure correct answers refers to the array of pay rates for different work or skills within a
single organization
the number of levels, the differentials in pay between the levels, and the criteria used to
determine those differences describe the structure

work flow correct answers refers to the process by which goods and services are delivered to the
customer

use value correct answers reflects the value of goods or services an employee produces in a job

exchange value correct answers whatever wage the employer and employee agree on for a job

job-based structure correct answers relies on the work content - tasks, behaviors, responsibilities

procedural justice correct answers the procedures for determining the pay structure

person-based structure correct answers shifts the focus to the employee: the skills, knowledge, or
competencies the employee possesses, whether or not they are used in the employee's particular
job

distributive justice correct answers the results of procedures - the pay structure itself

hierarchical structure correct answers many levels, large differentials, person or job criteria,
close fit, individual performers, performance, opportunities for promotion

egalitarian structure correct answers fewer levels, small differentials, person or job criteria, loose
fit, teams, equal treatment, cooperation

five major decisions in designing a job analysis correct answers 1. why are we performing job
analysis?
2. what information do we need?
3. how should we collect it?
4. who should be involved?
5. how useful are the results?

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