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HRIR 3021 - Exam 3 questions with correct answers graded A+
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HRIR 3021 - Exam 3 questions with correct answers graded A+
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HRIR 3021 - Exam 3Explain the meaning of total rewards and how/why people perceive their value differently. (Refer back to
our class activity of choosing different jobs based on your needs, values and interests, etc.) - correct
answer ✔✔The idea of "total rewards" expands the view that compensation is more than just a
paycheck and traditional benefits• Includes anything and everything employees value and the employer
is willing and able to offer• What people value is different• For the applicant/employee it is often about
tradeoffs (e.g. money for time)• Your stage in life makes a difference• The total package counts!
Identify the kinds of decisions involved in establishing a pay structure. - correct answer ✔✔Two aspects
of pay structure:
Job structure: The relevant pay for different jobs within the organization
Pay level: The average amount (including wages, salaries, and bonuses) the organization pays for a
particular job
Pay Structure: The pay policy resulting from job structure and pay-level decisions. --
Pay Ranges
Market research + job evaluation = pay ranges.Pay ranges are a range of permissible pay for a job or
grade of jobs with a minimum, a midpoint and a maximum.
See slide 3 & 4 on Chapter 12 Lecture 1 PP
Summarize legal requirements for pay policies. - correct answer ✔✔4 requirements - see page 374 of
chapter 12 or LO 12-2
Equal pay for equal work-Minimum wage(Fair Labor Standards Act (FLSA): Federal law that establishes a
minimum wage and requirements for overtime pay and child labor.) -Overtime pay (Exempt Employees:
, Managers, outside salespeople, and other employees not covered by the FLSA requirement for overtime.
Nonexempt Employees: employees covered by the FLSA requirements for overtime pay) -Restrictions on
child labor
Discuss forces that influence decisions about pay (economy, labor market, etc.) - correct answer ✔✔-
Labor market conditions
-Professions and education -Product markets
-Economy, inflation (CPI)
-Collective bargaining
-Geography (pay differentials)
-Competition
-Legislation
See LO 12-3
Describe how employees evaluate the fairness of a pay structure (equity theory) - correct answer
✔✔See LO 12-4
Employees evaluate their pay relative to the pay of other employees.
Equity Theory
What I put into my job: time, effort, ability, loyalty, tolerance, flexibility, commitment
What I get from my job: pay, bonus, perks, benefits, security, job titles, reputation, praise, enjoyment,
development
To restore under-rewarded equity you could:
Ask for a raise
Reduce contributions
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