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Exam (elaborations)

MGT 336 MIDTERM || WITH ERRORLESS SOLUTIONS 100%.

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  • Course
  • MGT 336
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  • MGT 336

does compensation matter? correct answers -recent failed companies had labor costs higher than competition without corresponding in efficiency, quality, and customer service -successful companies had high pay -incentive plans reward people -how people are paid affects their behavior some peop...

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  • August 25, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 336
  • MGT 336
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FullyFocus
MGT 336 MIDTERM || WITH ERRORLESS SOLUTIONS
100%.
does compensation matter? correct answers -recent failed companies had labor costs higher than
competition without corresponding in efficiency, quality, and customer service
-successful companies had high pay
-incentive plans reward people
-how people are paid affects their behavior

some people see pay as a measure of justice correct answers male/female earning differentials

incentive pay correct answers -pay influences individual and aggregate motivation among the
employees we have at any point in time

cost of living adjustment (cola) correct answers made on the basis of changes in what other
employers are paying for the same work, changes in living costs, or changes in experience or
skill

merit increases correct answers given as increments to base pay and are based on recent past
performance

merit payments correct answers based on an assessment (rating) of recent past performance made
(with or without a formal performance evaluation)

merit bonuses (short-term incentives) correct answers based on a performance rating, but unlike
merit increases, are paid in the form of a lump sum rather than becoming a permanent part of the
base salary

incentives correct answers -performance measures in a formula-based way
-must be re-earned each pay period

incentives explicitly try to influence ________ behavior whereas merit recognizes/rewards
_________ behavior correct answers -future;past

incentives and sometimes merit bonuses are frequently referred to as correct answers variable
pay

long term incentives correct answers -focus employee efforts on multi year results
-typically in the form of stock ownership or else options to buy stock at a fixed price

pay model internal alignment correct answers -work analysis, descriptions, evaluations, internal
structure

pay model competitiveness correct answers -market definitions, surveys, policy lines, pay
structure

, internal alignment correct answers -comparisons among jobs or skill levels inside a single
organization
-pay relationships among different jobs/skills/competencies

work flow correct answers goods and services are delivered to the customer

external competitiveness correct answers pay comparisons with competitors

employee contributions correct answers an important policy decision because it directly affects
employees' attitudes and work behaviors

team incentives correct answers offer higher pay is warranted by team performance

managing compensation correct answers rather than focusing on only one dimension of the pay
strategy, all dimension of the pay strategy

compensation strategy correct answers Embedding compensation strategy within the broader HR
strategy affects results; does not operate alone; part of the overall HR perspective

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

person-based structure correct answers focuses on employee; skills, knowledge, or competencies
the employee possesses, whether or not they are hard in the employee's particular job

procedural justice correct answers the procedures for determining the pay structure

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

an internal pay structure can be defined by correct answers -the number of levels of work
-the pay differentials between the levels
-the criteria or bases used to determine those levels and differentials

hierarchical structure correct answers -many levels
-person/job
-close fit
-individual performers
-based on performance
-opportunities for promotion

egalitarian structure correct answers -few levels of pay
-small differentials
-person/job
-loose fit
-teams
-equal treatment

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