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Human Resource Management - Final Exam/88 Questions and Answers
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Human Resource Management - FinalExam/88 Questions and Answers
Pay level - -the compensation decision concerning how much to pay
employees relative to what they could earn doing the same job elsewhere;
external equity, internal equity
- External equity - -employee perceptions of fairness based on how much
they are paid relative to people working in other organizations; determined
using pay surveys
- Pay survey - -gathering information to learn how much employees are
being paid by other organizations
- Internal equity - -employee perceptions of fairness based on how much
they are paid relative to others working in the same organization;
determined using point systems
- Point system - -a process of assigning numerical values to each job in
order to compare the value of contributions within and across organizations
- Meet-the-market strategy - -a compensation decision to pay employees an
amount similar to what they can make working for other organizations
- Lead-the-market strategy - -a compensation decision to pay employees an
amount above what they might earn working for another organization
- Lag-the-market strategy - -a compensation decision to pay employees an
amount below what they might earn working for another organization
- Transactional commitment - -a sense of obligation to an organization that
is created primarily by financial incentives; Bargain Laborer, Free Agent
- Relational commitment - -a sense of loyalty to an organization that is
based not only on financial incentives but also on social ties; Loyal Soldier,
Committed Expert
- Uniform rewards - -a reward system that minimizes differences among
workers and offers similar compensation to all employees; Bargain Laborer,
Loyal Soldier
- Variable rewards - -a reward system that pays some employees
substantially more than others in order to emphasize differences between
high and low performers; Free Agent, Committed Expert
, - Reinforcement theory - -a psychological theory suggesting that people are
motivated by antecedents (environmental cues) and consequents (rewards
and punishment); pay-for-performance
- Pay-for-performance - -compensation practices that use differences in
employee performance to determine differences in pay
- Goal-setting theory - -a psychological theory suggesting that an
individual's conscious choices explain motivation
- Justice theory - -a psychological theory suggesting that motivation is
driven by beliefs about fairness
- Equity theory - -a justice perspective suggesting that people determine
the fairness of their pay by comparing what they give to and receive from
the organization with what others give and receive; distributive justice,
procedural justice
- Distributive justice - -perceptions of fairness based on the outcomes (such
as pay) received from an organization
- Procedural justice - -perceptions of fairness based on the processes used
to allocate outcomes such as pay
- Expectancy theory - -a psychological theory suggesting that people are
motivated by a combination of three beliefs: valence, instrumentality, and
expectancy
- Valence - -the value that an individual places on a reward being offered
- Instrumentality - -the belief in the likelihood that the reward will actually
be given contingent on high performance
- Expectancy - -an individual's belief that he or she can do what is
necessary to achieve high performance
- Agency theory - -an economic theory that uses differences in the interests
of principals (owners) and agents (employees) to describe reactions to
compensation
- Fair Labor Standards Act (FLSA) - -federal legislation that governs
compensation practices and helps ensure fair treatment of employees;
exempt employees, nonexempt employees
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