Human Resource Management - Final Exam With
Complete Solutions Latest Update
Pay level - correct answers 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 - correct answers employee perceptions of fairness based on how
much they are paid relative to people working in other organizations; determined
using pay surveys
Pay survey - correct answers gathering information to learn how much employees
are being paid by other organizations
Internal equity - correct answers 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 - correct answers 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 - correct answers a compensation decision to pay
employees an amount similar to what they can make working for other
organizations
, Lead-the-market strategy - correct answers a compensation decision to pay
employees an amount above what they might earn working for another
organization
Lag-the-market strategy - correct answers a compensation decision to pay
employees an amount below what they might earn working for another
organization
Transactional commitment - correct answers a sense of obligation to an
organization that is created primarily by financial incentives; Bargain Laborer, Free
Agent
Relational commitment - correct answers 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 - correct answers a reward system that minimizes differences
among workers and offers similar compensation to all employees; Bargain Laborer,
Loyal Soldier
Variable rewards - correct answers 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
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