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Strategic Compensation in Canada 7th Edition By Parbudyal Singh, Richard Long (Test Bank) $17.49
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Strategic Compensation in Canada 7th Edition By Parbudyal Singh, Richard Long (Test Bank)

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Strategic Compensation in Canada, 7e Parbudyal Singh, Richard Long (Test Bank) Strategic Compensation in Canada, 7e Parbudyal Singh, Richard Long (Test Bank)

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  • August 7, 2023
  • 128
  • 2023/2024
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Chapter 1 1. Chapter 01 -001 There is no one best compensation system that fits all firms. *a. True b. False 2. Chapter 01 -002 An effective compensation system is important to most organizations because it can mean the difference between company success and failure. *a. True b. False 3. Chapter 01 -003 The main similarity between extrinsic rewards and intrinsic rewards is that they both satisfy so -called higher order needs such as survival and security. a. True *b. False 4. Chapter 01 -004 A reward strategy is the plan for the mix of rewards to be provided to organization members along with the means through which they will be provided. *a. True b. False 5. Chapter 01 -005 Compensation strategy includes the â €œhow” and “how much” in terms of compensation to be paid. *a. True b. False (Strategic Compensation in Canada, 7e Parbudyal Singh, Richard Long)
(Test Bank, Correct Answer are marked with*) 7. Chapter 01 -007 A compensation system has two components: base pay and performance pay. a. True *b. False 8. Chapter 01 -008 The optimal compensation system is one that adds the most value to t he organization, after considering all its costs. *a. True b. False 9. Chapter 01 -009 There is often one so -called best compensation system that applies to a broad spectrum of organizations. a. True *b. False 10. Chapter 01 -010 According to t he "Road Map to Effective Compensation," the first step is formulating your reward and compensation strategy. a. True *b. False 11. Chapter 01 -011 Which of the following statements is supported by evidence in the textbook? a. Canadian f irms spend 50 to 80 percent of their capital budgets on compensation. b. Properly designed compensation systems usually promote unproductive behaviour. c. Reward systems should be static and rarely reviewed. *d. Canadian firms spend 40 to 70 percent of their operating budgets on compensation. 12. Chapter 01 -012 Which of the following statements most accurately describes extrinsic rewards? a. They focus on factors inherent in the work itself -the job content . b. They satisfy higher -order human needs . *c. They include monetary and nonmonetary rewards and come from the job context . d. They involve skill variety, task identity, task significance, autonomy, and feedback. 13. Chapter 01 -013 Jackson, a service manager, loves his job. He particularly appreciates the level of autonomy his job provides. From a rewards perspective, which kind of reward appears to be motivating Jackson? a. Extrinsic b. Incentives *c. Intrinsic d. Compensation 14. Chapter 01 -014 Compensation means different things to differen t stakeholders. For shareholders, what is an important consideration? a. take-home pay of employees b. effectiveness of the compensation system in attracting employees *c. financial value of the compensation system to the firm’s bottom lin e d. fairn ess of the compensation system 15. Chapter 01 -015 As a small business owner committed to the total rewards approach to compensation, what do you need to establish before you start to develop your compensation system? a. a reward system b. an incenti ve program c. a compensation strategy *d. a reward strategy 16. Chapter 01 -016 Which item is considered part of a compensation system? *a. performance pay b. flexible work schedules c. positive organizational culture d. work/life prog rams 17. Chapter 01 -017 Which of the following best describes the term â €œreward strategyâ €? a. the means through which performance bonuses are paid *b. the mix of rewards provided to organization members c. the means for recognizing outstanding a chievement d. the means for identifying the key contextual variables for an organization 18. Chapter 01 -018 An owner of an enterprise asks you to describe the major components of a compensation system. What would you exclude from your description? a. base sala ry b. performance pay c. employee benefits *d. flexible work schedules and some element of job autonomy 19. Chapter 01 -019 Which of the following best explains intrinsic rewards? a. Intrinsic rewards focus on increasing an employeeâ €™s financial p osition. *b. Intrinsic rewards are provided by job content. c. Intrinsic rewards provide security and employee services. d. Intrinsic rewards relate to bonuses based on performance.

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