HRMN 3420 final exam study guide 2024 with Complete Solutions

HRMN 3420 final exam study guide 2024 with Complete Solutions define diversity - Answer- refers to who is represented in the workforce. it is all the differences that define who we are--gender, age, ethnicity, diversity of thought define equity - Answer- accounts for specific disadvantage and obstacles that certain groups or individuals may experience on the path to obtaining th same outcome define inclusion - Answer- refers to how the workforce experiences the workplace and the degree to which organizations embrace all employees and enable them to make meaningful contributions what are the four layers of diversity - Answer- 1. organizational dimensions 2. eternal dimensions 3. internal dimensions 4. core dimensions what is the organizational dimension - Answer- largely defined and influenced by the group or organization in which we work examples of organizational dimensions - Answer- seniority/years of service, union affiliation, job classification, functional level/classification, management what is the external dimensions - Answer- largely within our control and are choices formed by environmental, social and cultural factors and experiences examples of external dimensions - Answer- marital status, economic status, faith and spirituality, education, appearance dress, geographic location, social status, parental status, recreational habits what is the internal dimensions - Answer- largely out of our control but have a powerful impact on behaviors and attitudes examples of the internal dimension - Answer- gender, physical ability, race, nationality/ethnicity, sexual orientation, age what is the core dimension - Answer- how we think and communicate what are lagging indicators - Answer- achieve gender and minority representation goals (30% women, 50% salaried women, 30% US salaried women) what are leading indicators - Answer- - improve employee engagement - improve retention of diverse salaried talent - ensure employees develop and demonstrate inclusion and collaboration - ensure diverse talent included in talent pools for succession purposes of an employee compensation philosophy - Answer- 1. identify how the pay programs and strategies support the organization's business strategy 2. attract people to join the organization 3. motivate employees to perform at the best of their competencies, abilities and skill sets 4. retain key talent and reward high-performing employees 5. define how the organization plans to pay and reward competitively, based on business conditions, competition and ability to pay what are the three types of compensation - Answer- 1. base pay -- wages and salaries 2. variable pay -- gainsharing, incentives, commissions, bonus plans 3. differential pay -- holiday pay, weekend pay, hazard pay what does the minimum represent in a salary structure - Answer- entry level; typically 75% of midpoint what does the midpoint represent in a salary structure - Answer- 100 compa-ratio; represents the market rate for a job what does the maximum represent in a salary structure - Answer- represents the cap on a job's value; long tenure or subject matter expert; typically around 124% of midpoint; don't pay above this level--use lump sums instead