does compensation matter? correct answers -recent failed companies had labor costs higher than competition without corresponding in efficiency, quality, and customer service
-successful companies had high pay
-incentive plans reward people
-how people are paid affects their behavior
some peop...
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does compensation matter? correct answers -recent failed companies had labor costs higher than
competition without corresponding in efficiency, quality, and customer service
-successful companies had high pay
-incentive plans reward people
-how people are paid affects their behavior
some people see pay as a measure of justice correct answers male/female earning differentials
incentive pay correct answers -pay influences individual and aggregate motivation among the
employees we have at any point in time
cost of living adjustment (cola) correct answers made on the basis of changes in what other
employers are paying for the same work, changes in living costs, or changes in experience or
skill
merit increases correct answers given as increments to base pay and are based on recent past
performance
merit payments correct answers based on an assessment (rating) of recent past performance made
(with or without a formal performance evaluation)
merit bonuses (short-term incentives) correct answers based on a performance rating, but unlike
merit increases, are paid in the form of a lump sum rather than becoming a permanent part of the
base salary
incentives correct answers -performance measures in a formula-based way
-must be re-earned each pay period
incentives and sometimes merit bonuses are frequently referred to as correct answers variable
pay
long term incentives correct answers -focus employee efforts on multi year results
-typically in the form of stock ownership or else options to buy stock at a fixed price
, internal alignment correct answers -comparisons among jobs or skill levels inside a single
organization
-pay relationships among different jobs/skills/competencies
work flow correct answers goods and services are delivered to the customer
external competitiveness correct answers pay comparisons with competitors
employee contributions correct answers an important policy decision because it directly affects
employees' attitudes and work behaviors
team incentives correct answers offer higher pay is warranted by team performance
managing compensation correct answers rather than focusing on only one dimension of the pay
strategy, all dimension of the pay strategy
compensation strategy correct answers Embedding compensation strategy within the broader HR
strategy affects results; does not operate alone; part of the overall HR perspective
job-based structure correct answers relies on the work content - tasks, behaviors, responsibilities
person-based structure correct answers focuses on employee; skills, knowledge, or competencies
the employee possesses, whether or not they are hard in the employee's particular job
procedural justice correct answers the procedures for determining the pay structure
distributive justice correct answers the results of those procedures - the pay structure itself
an internal pay structure can be defined by correct answers -the number of levels of work
-the pay differentials between the levels
-the criteria or bases used to determine those levels and differentials
hierarchical structure correct answers -many levels
-person/job
-close fit
-individual performers
-based on performance
-opportunities for promotion
egalitarian structure correct answers -few levels of pay
-small differentials
-person/job
-loose fit
-teams
-equal treatment
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