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UARK MGMT 2103 - Exam 2 MILLS Questions and Answers Fully Solved
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UARK MGMT 2103 - Exam 2 MILLSInternal Equity - answer in the same firm
-job structure: primary factor when making internal comparisons
External Equity - answer in another firm
-pay level: primary factor when making external comparisons
Market Pay Surveys - answer provides information on going rates of pay among
competing organizations
-3 Issues to Consider:
1. Which employers should be included in the survey?
2. What jobs are included in the survey?
3. If multiple surveys are used, how are all the rates of pay weighted and combined?
Benchmarking - answer comparing an organizations practices against those of the
competition
Key Jobs - answerbenchmark jobs, used in pay surveys, that have relatively stable
content and are common to many organizations
Non-Key Jobs - answerjobs that are unique to organizations and that cannot be directly
valued or compared through the use of market surveys
Job Evaluation - answera method for matching a salary with a job; administrative
procedure used to measure internal job worth
Point System of Job Evaluation - answerquantitative job evaluation that determines the
relative value of a job by the total points assigned to it
-permits jobs to be evaluated on the basis of compensable factors (experience,
education, complexity..) that constitute a job
Pay Policy Line - answerequation that describes the relationship between a job's pay
and its job evaluation points
Pay Grades - answerjobs of similar worth or content grouped together for pay
administration purposes
Pay Structure: Pros - answer-More Grades: job differences more closely relate to pay
differences
-Fewer Grades: fewer, broader grades (broadbanding) increases simplicity and equality
, Pay Structure: Cons - answer-More Grades: job evaluations are costly, time consuming,
and create seemingly artificial distinctions
-Fewer Grades: decreased opportunity for promotion and weaker budgetary control
Broadbanding as it Relates to Compensation? - answerhaving extremely wide salary
bands
-encourages the development of broad employee skills because non-managerial jobs
are appropriately valued and skill development is rewarded
100% difference between minimum and maximum salaries
Executive Compensation Packages - answer-Base Salary:
-Executive Short-Term iIncentive - annual bonuses based on the pay for-performance
strategy
-Executive Long-Term Incentives: right to buy company stock at discounted price
(executive pay varies with performance of stock market)
-Stock Grants: stock given to employees as compensation/part of compensation
-Executive Benefits: health insurance, life insurance, retirement plans, paid vacations,
payment of mortgage interest
-Executive Perquisites/Perks
Equal Pay Act of 1963 - answermen and women in the same firm who do "equal work"
must be paid equally
-equal in terms of skill, responsibility, and working conditions (requires a job analysis)
-if these factors differ, pay can be unequal (differences in training, shift, and seniority)
Fair Labor Standards Act of 1938 - answerestablished minimum wage and overtime pay
rate (overtime includes work that an employee is expected to do)
Salary - answercompensation is computed on the basis of weekly, biweekly, or monthly
pay periods
Exempt - answerthose employees (executive, professional, administrative and outside
sales, as well as certain "computer employees") not covered by the FLSA and not
eligible for overtime pay
Non-Exempt - answeremployees that are covered under FLSA; includes most hourly
jobs
Reinforcement Theory - answertheory that states high employee performance followed
by a monetary reward will make future high performance more likely
Expectancy Theory - answertheory that says motivation is a function of valence,
instrumentality and expectancy
-effort will result in performance -> expectancy
-performance will result in outcomes -> instrumentality
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