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Chapter 9, HRIR questions with 100% correct answers already passed
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Chapter 9, HRIR questions with 100% correct answers already passed
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Chapter 9, HRIRcompensation system - correct answer ✔✔which tie rewards to the achievement of company objectives
- incentivize worker enhancing motivation and job satisfaction
total compensation model - correct answer ✔✔- has become dominant in the compensation field
- includes everything the company provides in exchange for working including wages, variable pay, perks
and on site amenities
Components of total compensation system - correct answer ✔✔- compensation, benefits, social
interaction, security, status/recognition, work variety, workload, authority, advancement, feedback, work
conditions
internal equity - correct answer ✔✔that pay be related to the relative worth of jobs within a company
External Equity - correct answer ✔✔involves paying workers at a rate perceived to be fair compared to
what the market pays
Objectives Sought Through Effective Compensation Management - correct answer ✔✔-acquire qualified
personnel--compensation needs to be high enough to attract employees
-retain present employees
reward desired behavior
-control costs
-comply with legal regulations
4 Phases of Compensation Management - correct answer ✔✔1- compensation philosophy
2- job analysis
3- pricing jobs
4- matching employees to pay
, Phase 1- establishing compensation philosophy - correct answer ✔✔- guiding principle for how the org
manages compensation
-a strong compensation philosophy ties into org mission, operating strategies
-determined by HR in conjunction with management
Phase 2- reviewing job analysis - correct answer ✔✔- to determine fair pay for jobs, the second step is to
understand the elements of the job and skills needed for the job
-compensation specialists review the job analysis data and compare jobs for internal equity
Phase 3- pricing jobs - correct answer ✔✔-is to price the worth of each job. Three approaches include
job evaluation, market pricing, skill based evaluation
job evaluation - correct answer ✔✔are systematic procedures to determine the relative worth or value
of jobs. and determine which jobs should be paid more than others
- can be done by job ranking, job grading, or point systems
Market-based pay structures - correct answer ✔✔compensate people relative to the market value of
their job, regardless of their level in the organization
skill based pay - correct answer ✔✔- paying employees based on skills or knowledge
-greatest advantage is flexibility of workforce
Phase 4: Matching Employees to Pay - correct answer ✔✔includes integrating the data on pricing jobs
obtained from evaluations, market pricing and or skill based approached
-involves establishing the appropriate pay level for each job
individual incentive plans - correct answer ✔✔reward individual performance on a real-time basis
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