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Exam 10: Managing Compensation

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Question 61

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The benefits portion of an employee's pay averages 42% of the total compensation package.

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Question 62

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Rose works for a home interiors company.She hostesses several parties a week and sells various kinds of home decorations.She receives a commission on all that she sells.Rose receives:

A) fixed compensation.
B) membership-contingent compensation.
C) performance-contingent compensation.
D) risk sharing rewards.

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Question 63

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The stockholders are concerned about the cost of perquisites.Management wants maximum flexibility to move people among jobs without having to adjust their compensation.Management also wants more joint-task accomplishment and better cooperation among employees.A(n) ________ compensation system will reinforce all these goals.

A membership-contingent compensation system pays employees:

Skill-based pay assumes that workers should be paid according to how flexible or capable they are at performing multiple tasks.

Garden of the Gods' (GOTG) employees are compensated according to their organizational level,with upper-level managers receiving more compensation than lower-level managers.GOTG uses a(n) ________ pay system.

An employee who is covered by the provisions of the FLSA is referred to as a(n)________.

Both the MAA and the Hay Guide Chart Profile Method share:

In order to tie job evaluation data and external wage/salary data together,a company needs to:

Companies that emphasize monetary rewards are primarily associated with:

A job hierarchy lists jobs in order of their importance to an organization.

A job hierarchy in a compensation plan is primarily built on:

An individual-centered compensation system:

A performance-contingent compensation system bases pay upon:

If a company uses a committee to sort job descriptions into grades without using a point system,the company is most likely using a ________ system for its job evaluation.

In building a job-based compensation plan,the job evaluation process is designed to assess the:

Additional Case 10.2 O'Donnell International is updating its job-based compensation system with a primary goal of achieving internal equity. Sean is responsible for gathering and organizing information concerning the tasks and duties of specific jobs. Susie is to determine the prerequisites for the successful accomplishment of each job analyzed. Jeff will work with three line managers to determine the compensable factors for specific lower-level jobs. The HR director, the president, and two VPs will review the information on management jobs in order to determine the compensable factors in each before putting all jobs at the firm into a job hierarchy. -Refer to Additional Case 10.2.Which of the following,if true,best supports the use of market data rather than internal job evaluations to determine the value of jobs at O'Donnell?

Job banding entails replacing narrowly defined job descriptions with broad categories of related jobs.

In the opening case in Chapter 10,an experienced computer programmer complains that the starting salary for new hires at Sigma,Inc.is 15% more than his current salary.Dr.Smith's answer reveals that Sigma's compensation system is built on a(n) ________ compensation model.

Variable compensation takes a variety of forms,including: