BUSI 342 EXAM 2 LATEST/Verified Answer/ Updated/All correct/Score 100%

Principle of hiring - Develop competitive human resources or hire individuals who are already developed from somewhere else Characteristics of a high performance employee - Modesty, commitment to self development, willingness to express ideas, a fixation on customers, and clear use of language Succession planning - Future focused practice of identifying the knowledges, skills, and abilities’ to perform certain functions and then developing a plan to prepare multiple individuals to potentially perform those functions Oldest on-the-job development technique - Coaching Types of leadership development - Classroom programs, assessments, modeling, coaching, job assignments, management mentoring Performance Management - Series of activities designed to ensures that the organization gets the performance it needs from its employees What Performance Management should do 1. Make clear what the organization expects 2. document performance for personnel records 3. identify areas of success and needed development 4. provide performance information to employees Performance Appraisal - Process of determining how well employees do their jobs relative to a standard and communicating that information to them Why are performance appraisals important? - Can highlight and address many work-related issues, and by communication a positive roadmap to employees, poor performance can often be improved. Can help justify promotions, pay raises, and terminations Tools for performance appraisal- Category scaling methods, graphic raring scales, comparative methods, narrative methods, goal setting and management by objectives Extrinsic awards - Rewards that are external to the individual Intrinsic rewards - Rewards that are internal to the individual Types of direct compensation - Base Pay ( wages and salary) - Variable Pay (bonuses) - Incentives & Equity rewards What is FLSA - Fair Labor Standards Act; focuses on major areas like Minimum wage, limits on the use of child labor, exempt and non-exempt statuses, overtime, special pay Nonexempt employees - Employees who must be paid overtime Exempt employees - Employees who hold positions for which they are not paid overtime Expectancy theory - States that an employees motivation is based on the probability that his or her efforts will lead to an expected level of performance that is linked to a valued reward Equity theory - States that an individuals judge the fairness in compensation by comparing their inputs and outcomes against the inputs and outcomes of referent others Compensation strategies - Pay above market rate, pay at market rate, pay below market rate Pay Grade - Groupings of individual jobs that have approximately the same value to the organization. Can be set using job evaluation points or market banding. Market banding - Groups jobs into pay grades based on similar market to survey amounts Market line - Graph line that shows the relationship between job value as determined by job evaluation points and job value as determined by pay survey rates