MGMT 443 Exam 3 compensation management, employee benefits, international HR management Exam Questions and Answers
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Course
Mgmt
Institution
Mgmt
-cumulative, half of questions from previous exams
-class has 5 point curve
Compensation System - Answer-anything that an employee may value and desire and that the employer is willing and able to offer in exchange
Direct Compensation components - all rewards that can be classified as moneta...
MGMT 443 Exam 3 compensation
management, employee benefits,
international HR management Exam
Questions and Answers
exam 3 - Answer--60 questions
-1 bonus ?
-cumulative, half of questions from previous exams
-class has 5 point curve
Compensation Management - Answer-
Compensation System - Answer-anything that an employee may value and desire and
that the employer is willing and able to offer in exchange
Direct Compensation components - all rewards that can be classified as monetary and
in-kind payments --> incentive pay and deferred pay
Non compensation components /indirect - all rewards other than monetary and in-kind
payments --> protection programs, pay for time not worked, services
Types of compensation - Answer--base pay: hourly or salary
-wage and salary add-ons: OT, shift differential, premium pay
-incentive pay: "variable pay"/ "pay for performance"
-benefits: indirect compensation that provides something of value to employee
Fair Labor Standards Act of 1938 (FLSA) - Answer--min. wage, OT issues, child labor
rules
-employees w/specific duties are exempt
-14-15 year olds cannot work > 3 hours on school day, 18 hours in a school week, 8
hours on a non-school day, 40 hours in a non-school week
-16-17 year olds cannot be employed in hazardous jobs, but work hours are unrestricted
pay bands - Answer--set and rank jobs by experience, education, responsibility
-ASSIGNED PAY GRADES should correlate with salary range for the position with a
min. and max.
-RATE RANGE = min, max, midpoint of salaries for jobs within the same pay band
job pricing - Answer--researching and establishing rate ranges for each grade
-MIDPOINT = actual rate of pay a qualified employee should be paid between min and
max
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