MGMT1135 Week 6 Test Questions with Correct Answers
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Course
MGMT1135
Institution
MGMT1135
MGMT1135 Week 6 Test Questions with Correct Answers
What to pay: establish pay structure, consider 2 things - Answer- internal (worth of job to org) and external (external competitiveness of org pay relative to others) equity
how to pay: rewarding through variable programs, what are these prog...
MGMT1135 Week 6 Test Questions
with Correct Answers
What to pay: establish pay structure, consider 2 things - Answer- internal (worth of job
to org) and external (external competitiveness of org pay relative to others) equity
how to pay: rewarding through variable programs, what are these programs? - Answer-
piece rate plans
employee share/stock ownership plans
profit sharing
merit-based pay
bonuses
define variable pay programs - Answer- pay plan where a portion of an employee's
salary is allocated based on indiv/org performance
benefits of variable pay programs - Answer- - Fluctuation turns part of fixed labour costs
into variable cost --> reducing expenses when performance declines
- When pay tied to performance acknowledges commitment and retains high performers
piece rate pay - Answer- paid a fixed sum for each unit of production completed
merit based pay - Answer- pay for indiv performance based on performance appraisal
ratings
bonuses - Answer- rewarding employees for recent performance
profit sharing - Answer- org wide program distributing compensation based on a formula
designed around a company's profitability
employee share ownership plans - Answer- A reward system that encourages
employees to buy at below market prices company shares
what are flexible benefits? - Answer- individualise rewards so employee can choose
compensation packages best suited to their needs
non-cash recognition can benefit engagement and effective
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