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UARK MGMT 2103 Exam 3 Questions with Solutions
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UARK MGMT 2103 Exam 3
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UARK MGMT 2103 Exam 3Internal factors affecting compensation - answer-compensation strategy of organization
-worth of job
-employees relative worth
-employers ability to pay
External Factors affecting the compensation - answer-conditions of the labor market
-area pay rates
-cost of living
-collective bargaining
-legal requirements
Market Pay Surveys - answer-a form of benchmarking
-how much are our competitors paying, and is there any reason we should be different?
Benchmarking - answerprocedure by which an organization compares its own practices
against the competition
Key Jobs - answerbenchmark jobs that have relatively stable content and are common
to many organizations so that market-pay-survey data can be obtained
Non-key Jobs - answerunique to organizations and cannot be directly valued or
compared through the use of market surveys
Job Evaluation - answeradministrative procedure used to measure internal job worth
-method for matching salary with a job
Point System - answerA quantitative job evaluation procedure that determines the
relative value of a job by the total points assigned to it.
How an organization uses the point method - answerJob evaluators often apply a
weighting scheme to account for
differing importance of compensable factors to the organization
Market-Survey Approach - answer-emphasizes external comparisons
-bases pay on market surveys that cover as many key jobs as possible
Pay Policy Line - answermathematical expression that describes the relationship
between a job's pay and its job evaluation points
, Pay Grades - answergrouping jobs of similar worth or content together for pay
administrative purposes
Broadbanding - answercollapses many traditional salary grades into a few wide salary
bands
Stock Options - answer-right to buy company stock at discounted price (not obligatory)
-CEO pay varies with performance of stock market
Stock Grants - answerstock given to employees as compensation/ part of compensation
Equal Pay Act of 1963 - answerMen and women in the same firm who do "equal work"
must be
paid equally
-equal in terms of skill, effort, responsibility, and working conditions
Comparable Worth (Pay Equity) - answerA public policy that advocates remedies for
any undervaluation of
women's jobs
Fair Labor Standards Act of 1938 - answerestablished minimum wage and overtime pay
rate
Hourly work - answerpayed on an hourly basis
Salary work - answercompensation is computed on the basis of weekly,
biweekly, or monthly pay periods.
Exempt work - answer- those employees (executive, professional,
administrative and outside sales, as well as certain "computer
employees") not covered by the FLSA and not eligible for
overtime pay
Nonexempt work - answeremployees that are covered under FLSA; includes most
hourly jobs
Reinforcement Theory - answera response followed by a reward is more likely to recur
in the future
Expectancy Theory - answerMotivation is fostered when an employee believes these 3
things:
-their effort will result in performance (expectancy)
-performance will result in outcomes (instrumentality)
-those outcomes will be valuable (valence)
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