MGT 336 Midterm || with 100% Errorless Solutions.
Benchmark Conversion/Survey Lending correct answers Differences are quantified when job
content does not sufficiently match survey jobs
What info to collect on survey correct answers - Org Data
- Total comp data
Interpret survey results and construct market line correct answers - Verify data
- Statistical analysis
- Update survey data
Quartiles and percentages correct answers Order all data points from lowest to highest then
convert to percentages
Two parts of the total pay model merged correct answers Internally aligned structure (H)
External competitive data (V)
Two aspects of pay structure correct answers -Pay policy line
- Pay ranges
Adjusting pay structure correct answers Job structure orders jobs on basis of internal factors
(reflected in eval or skill certification)
Pay structure anchored by org's external competitive position (reflected in pay policy line)
Reconciling differences in pay structure correct answers May entail review of
- job analysis
- evaluation of the job
- market data
Business strategy correct answers -little value added through internal alignment
- unique aspects deemphasized
-fairness presumed to be reflected by market rates
Compensation objectives correct answers -Guide the design of the pay system
- Serve as standards for judging success of pay system
Management (4 Policy choices) correct answers Focus- right people get right pay for achieving
the right objectives in the right way
Strategic choices correct answers Strategy= fundamental direction that org chooses
, Strategic perspective correct answers focuses on those compensation choices that help org gain
and sustain competitive advantage
HR systems will be most effective when correct answers Employee ability is developed through
selective hiring and training and development
Support HR Strategy correct answers Compensation system motivates EEs
Roles allow EEs to be involved in decisions
Step 1: Assess Total Comp Implications correct answers - Understand the business
- Comp dynamics can be assessed globally
- HR Strategy: pay as supporting player or catalyst for change
Step 1 cont'd correct answers - Culture/values
- Social/ political context
- Affects comp choices
- Lobbying also part of comp strategies
- EE preferences
- Choice
- Disapproval from IRS
- Requires meeting codes and regs
- Union
What shapes internal structures correct answers - Econ pressures
- Gov't policies, laws, and regulations
- External stakeholders
- Cultures and customs
- Org strategy
- Org human capital
- Org work design
- Internal labor market
- HR Policies
- Temp work suppliers
- Outsourcing specialists
- Delayering
- EE acceptance
- Pay structure changes
Overall HR Policies (how # of levels effect structure) correct answers If org has more levels it
can offer more promotions but may be smaller pay difference between levels
More frequent promotions offer a sense of "career" progress to EEs
Internal Labor markets correct answers Combining external and org factors
Refers to rules and procedures that:
- determine pay for dif jobs within single org
- allocate EEs among dif jobs
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