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BUSMHR 3100 - Exam 3
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BUSMHR 3100 - Exam 3
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BUSMHR 3100 - Exam 3Incentive Pay - ANS-Forms of pay linked to an employee's performance as an
individual, group member, or organization member
Pay for Individual Performance - ANS-1.) Piecework rates
2.) Standard hour plans
3.) Merit pay
4.) Individual bonuses
5.) Sales commissions
Piecework Rate - ANS-A wage based on the amount workers produce
Straights Piecework Plan - ANS-Incentive pay in which the employer pays the same
rate per piece, no matter how much the worker produces
Differential Piece Rates - ANS-Incentive pay - the piece rate is high when a greater
amount is produced
Standard Hour Plan - ANS-An incentive plan that pays workers extra for work done in
less than a present "standard time"
Merit Pay - ANS-A system of linking pay increases to ratings on a performance scale
Gainsharing - ANS-Group incentive program that measures improvements in
productivity and effectiveness and distributes a portion of each to employees
Types of Pay for Organizational Performance - ANS-1.) Profit sharing
2.) Stock options
3.) Employee stock ownership plans (ESOP)
Profit Sharing - ANS-Incentive pay in which payments are a percentage of the
organization's profits and do not become part of the employees' base salary
Is it clear that profit sharing helps an organization perform better? - ANS-No
Stock Options - ANS-Rights to buy certain number of shares of stock at a specified
price - granted to executives
, Employee Stock Ownership Plans (ESOP) - ANS-Arrangement in which the
organization distributes shares of stock to all its employees by placing it in a trust - most
common form of ownership*
Balanced Scorecard - ANS-A combination of performance measures directed toward
the company's long and short term goals and used as the basis for awarding incentive
pay
Categories of Balanced Scorecard - ANS-1.) Financial
2.) Customer
3.) Internal
4.) Learning and growing
Short-term Incentives - ANS-Bonuses based on ROI, year profits, or other measures
related to organizations goals
Long-term Incentives - ANS-Include stock options and stock purchase plans
Social Security - ANS-Employers and employees share social security cost through a
payroll tax. The percentage is set by law.
Unemployment Insurance - ANS-Federally mandated program administered by states to
minimize unemployment hardships
Unemployment Insurance determined by? - ANS-Size of unemployment tax imposed on
each employer depends on the employer's experience rating
Unemployment Insurance Requirements - ANS-1.) Previously employed
2.) Available for work
3.) Actively seeking work
4.) Not previously discharged
Workers' Compensation - ANS-State programs that provide benefits to workers who
suffer work-related injuries or illness, or to their survivors (no-fault liability)
Major categories of workers' compensation benefits: - ANS-1.) Disability income
2.) Medical care
3.) Death benefits
4.) Rehabilitative benefits
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