Exam (elaborations)
BUSMHR 3100 - Exam 3
- Module
- BUSMHR 3100
- Institution
- BUSMHR 3100
BUSMHR 3100 - Exam 3
[Show more]
Seller
Follow
Content preview
BUSMHR 3100 - Exam 3Incentive Pay - ANS-Forms of pay linked to an employee's performance as an
individual, group member, or organization member
Pay for Individual Performance - ANS-1.) Piecework rates
2.) Standard hour plans
3.) Merit pay
4.) Individual bonuses
5.) Sales commissions
Piecework Rate - ANS-A wage based on the amount workers produce
Straights Piecework Plan - ANS-Incentive pay in which the employer pays the same
rate per piece, no matter how much the worker produces
Differential Piece Rates - ANS-Incentive pay - the piece rate is high when a greater
amount is produced
Standard Hour Plan - ANS-An incentive plan that pays workers extra for work done in
less than a present "standard time"
Merit Pay - ANS-A system of linking pay increases to ratings on a performance scale
Gainsharing - ANS-Group incentive program that measures improvements in
productivity and effectiveness and distributes a portion of each to employees
Types of Pay for Organizational Performance - ANS-1.) Profit sharing
2.) Stock options
3.) Employee stock ownership plans (ESOP)
Profit Sharing - ANS-Incentive pay in which payments are a percentage of the
organization's profits and do not become part of the employees' base salary
Is it clear that profit sharing helps an organization perform better? - ANS-No
Stock Options - ANS-Rights to buy certain number of shares of stock at a specified
price - granted to executives
, Employee Stock Ownership Plans (ESOP) - ANS-Arrangement in which the
organization distributes shares of stock to all its employees by placing it in a trust - most
common form of ownership*
Balanced Scorecard - ANS-A combination of performance measures directed toward
the company's long and short term goals and used as the basis for awarding incentive
pay
Categories of Balanced Scorecard - ANS-1.) Financial
2.) Customer
3.) Internal
4.) Learning and growing
Short-term Incentives - ANS-Bonuses based on ROI, year profits, or other measures
related to organizations goals
Long-term Incentives - ANS-Include stock options and stock purchase plans
Social Security - ANS-Employers and employees share social security cost through a
payroll tax. The percentage is set by law.
Unemployment Insurance - ANS-Federally mandated program administered by states to
minimize unemployment hardships
Unemployment Insurance determined by? - ANS-Size of unemployment tax imposed on
each employer depends on the employer's experience rating
Unemployment Insurance Requirements - ANS-1.) Previously employed
2.) Available for work
3.) Actively seeking work
4.) Not previously discharged
Workers' Compensation - ANS-State programs that provide benefits to workers who
suffer work-related injuries or illness, or to their survivors (no-fault liability)
Major categories of workers' compensation benefits: - ANS-1.) Disability income
2.) Medical care
3.) Death benefits
4.) Rehabilitative benefits
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller denicetho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.16. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76669 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now