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Chapter 9, HRIR questions with 100% correct answers already passed $12.99   Add to cart

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Chapter 9, HRIR questions with 100% correct answers already passed

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Chapter 9, HRIR questions with 100% correct answers already passed

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  • September 11, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • HRIR
  • HRIR
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BravelRadon
Chapter 9, HRIR

compensation system - correct answer ✔✔which tie rewards to the achievement of company objectives

- incentivize worker enhancing motivation and job satisfaction



total compensation model - correct answer ✔✔- has become dominant in the compensation field

- includes everything the company provides in exchange for working including wages, variable pay, perks
and on site amenities



Components of total compensation system - correct answer ✔✔- compensation, benefits, social
interaction, security, status/recognition, work variety, workload, authority, advancement, feedback, work
conditions



internal equity - correct answer ✔✔that pay be related to the relative worth of jobs within a company



External Equity - correct answer ✔✔involves paying workers at a rate perceived to be fair compared to
what the market pays



Objectives Sought Through Effective Compensation Management - correct answer ✔✔-acquire qualified
personnel--compensation needs to be high enough to attract employees

-retain present employees

reward desired behavior

-control costs

-comply with legal regulations



4 Phases of Compensation Management - correct answer ✔✔1- compensation philosophy

2- job analysis

3- pricing jobs

4- matching employees to pay

, Phase 1- establishing compensation philosophy - correct answer ✔✔- guiding principle for how the org
manages compensation

-a strong compensation philosophy ties into org mission, operating strategies

-determined by HR in conjunction with management



Phase 2- reviewing job analysis - correct answer ✔✔- to determine fair pay for jobs, the second step is to
understand the elements of the job and skills needed for the job

-compensation specialists review the job analysis data and compare jobs for internal equity



Phase 3- pricing jobs - correct answer ✔✔-is to price the worth of each job. Three approaches include
job evaluation, market pricing, skill based evaluation



job evaluation - correct answer ✔✔are systematic procedures to determine the relative worth or value
of jobs. and determine which jobs should be paid more than others



- can be done by job ranking, job grading, or point systems



Market-based pay structures - correct answer ✔✔compensate people relative to the market value of
their job, regardless of their level in the organization



skill based pay - correct answer ✔✔- paying employees based on skills or knowledge

-greatest advantage is flexibility of workforce



Phase 4: Matching Employees to Pay - correct answer ✔✔includes integrating the data on pricing jobs
obtained from evaluations, market pricing and or skill based approached

-involves establishing the appropriate pay level for each job



individual incentive plans - correct answer ✔✔reward individual performance on a real-time basis

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