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UARK MGMT 2103 quiz 2 (Sadeghi) Questions and Answers
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UARK MGMT 2103 quiz 2 (Sadeghi)
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UARK MGMT 2103 quiz 2 (Sadeghi)Five Forces Framework - answer identifies the five most common threats faced by firms
in their local competitive environments and the conditions under which these threats are
more or less likely to be present
(suppliers, human capital, customers, new entrants)
Pay structure - answer focus on the job (or group of jobs) NOT the individual; relative
pay of different jobs
Motivating with pay - answer focus on individual
employer's view on pay structure - answer critical in attaining strategic goals, pay
impacts employee attitudes and behavior, employee compensation is a significant
organizational cost
employee's view on pay structure - answer pay affects overall standard of living, level of
pay and fairness compared with others' pay are important
Internal factors affecting pay mix - answer compensation strategy of organization, worth
of job, employee's relative worth, employer's ability to pay
external factors affecting pay mix - answer conditions of the labor market, area pay
rates, cost of living, collective bargaining, legal requirements
pay level - answeraverage pay for jobs in an organization
job structure - answerrelative pay of jobs (range of pay often expresses by salary
grades)
pay policies - answerattached to jobs, not individuals
Employee perception of fairness is based on... - answercomparison to others
perceptions impact behavior (in 3 ways) - answermotivation, effort, counterproductive
behavior
competitive markets impact pay decisions
T/F? - answertrue
, product market competition - answersets "ceiling" for pay level; what can i afford to pay
labor in order to make a product that is competitive in the marketplace in quality and
price?
labor market competition - answersets "floor" for pay level; what must i pay in order to
compete in the labor market against other organizations that hire similar employees?
Two components of Labor Costs - answeraverage cost per employee, staffing level
average cost per employee (labor cost component) - answersalary/wages, health
insurance, social security, unemployment compensation
staffing level (labor cost component) - answernumber of employees
Treating employees as a resource... - answeruses an investment model approach
(higher investment in pay drive valuable returns)
treating employees as a cost... - answercan result in making pay decisions that are non-
competitive (low employee commitment, lower productivity, turnover)
pay decisions are __________ with a broad range of options - answerdiscretionary ( up
to the individual)
efficiency wage theory - answerwages influence worker productivity
compensation benchmarking - answerorganization compares its compensation
practices against the competition
pay surveys - answersurveys of compensation paid to employees by other employers in
a particular geographic area, industry, or occupational group
pay surveys- need to first decide.... - answerwhich employers to include in the survey,
which jobs to include in the survey, focus on product or labor marketing comparisons (if
multiple surveys are used)
product market comparisons valuable when... - answerlabor costs are a large share of
total costs, product demand is elastic, labor supply is inelastic, employee skills are
specific to the product market
labor market comparisons valuable when... - answerattracting and retaining employees
is difficult, costs of recruiting are high
rate ranges - answerdifferent employees in the same job will have different pay rates
(minimum, maximum, mid-point determined by market surveys)
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