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MGMT 2103 - Chapter 7. Pay Structure Decision. VOCAB QUIZ Questions and Answers 2024
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MGMT 2103 - Chapter 7. Pay Structure Decision. VOCAB QUIZ
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MGMT 2103 - Chapter 7. Pay StructureDecision. VOCAB QUIZ
Internal factors affecting pay mix - answer Employer’s Compensation Strategy
- Establishes the internal wage relationship among jobs and skill levels
- Sets organization compensation policy to lead, lag, or match competitors' pay.
- Rewards employee performance
- Guides administrative decisions concerning elements of the pay system such as
overtime premiums, payment periods, and short-term or long-term incentives.
External factors affecting pay mix - answer- Conditions of the labor market.
- Area pay rates
- Cost of living
- Collective bargaining
- Legal Requirements
Worth of a job - answer-Establishing the internal wage relationship among jobs and skill
levels
Employee's relative worth - answer-Rewarding individual employee performance
Labor market conditions - answer-Availability and quality of potential employees is
affected by economic conditions, government regulations and policies, and the
presence of unions.
Consumer Price Index (CPI) - answer•A Bureau of Labor Statistics measure of the
average change in prices over time in a fixed "market basket" of goods and services
Real wages - answerare increases larger than rises in the consumer price index; that is,
the real earning power of wages
Pay Structure - answerrelative pay of different jobs (job structure) & how much they are
paid (pay level)
Pay level - answerThe average pay, including wages, salaries, and bonuses, or jobs in
an organization
Job structure - answerrelative pay of jobs (range of pay often expressed by salary
grades).
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