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SOMS 1000 Ch 8

QuestionAnswer
Total rewards refers to all forms of pay or other compensation going to employees arising from their employment. Direct pay is in the form of work experience, vacations, paid insurance, and wages.
Pay is a critical component in total rewards. However, there are number of factors that contribute to determining a pay rate, including which of the following? Human Rights Act and Pay Equity Act, compensation policies of the employer, Canadian labour code, and internal/external pay equity.
The Revlex Company did a salary survey, and the results showed that 10 of its key positions had lower wages than similar positions at key competitors. What is the problem faced with the company? external inequity.
Determining pay rates is a five-step process. One of the steps in the process requires conducting a salary survey. What is the step that immediately follows this? Pricing pay grades.
A company decided to conduct a job evaluation that required it to rank each job relative to all other jobs based on an assessment of overall job difficulty. What is the job evaluation method used by the company? ranking method
Point method goes through this process to conduct job evaluation determine job clusters, collect job information, select and define compensable factors, define factor degrees, determine factor weights, assign points, write job evaluation manual, and rate the jobs.
There are a number of methods used for the purpose of job evaluation. The most complex job evaluation method is factor comparison method.
Pay equity requires that equal wages be paid for jobs of equal values to the employer as determined by gender-neutral job evaluation techniques. To avoid pay equity problems, it is important to use a job analysis questionnaire, regularly update job descriptions, regularly review pay systems and monitor pay equity legislation.
Developing a compensation plan to pay executive, managerial, and professional employees is similar in many respects to developing a plan for other employees. The five elements in a manager’s compensation package are salary, benefits, short-term and long term incentives, perks.
Biomedical Inc. is a leading research organization that employs more than 100 top research scientists. The company has plans to collapse its existing salary grades and ranges into just a few wide salary ranges that overlap substantially. This is called broadbanding.
Jane is a production worker at an apparel manufacturer. She cuts 200 pieces of cloth a day that are then used to produce of a garment. She is paid $0.05 for each correctly cut piece. What kind of incentive plan is jane paid under? piecework
Most employers award their managers and executives a bonus or incentive because the role that managers play in determining divisional and corporate profitability. A short term incentive used to reward managers and executives is annual bonus.
Sales commissions, if implemented, can have positive as well as negative outcomes. What is the negative outcome that results for a sales commission plan? Wide variances between people.
Many employers have incentive plans in which virtually all employees can participate. The following are some organization-wide incentive plans that can be used profit-sharing, gainsharing, ESOPs.
There is a growing awareness that demonstrating appreciation of employees’ achievements is more important than ever. The number one reason why employees leave an organization is lack of recognition.
Job evaluation a formal and systematic comparison of jobs within a firm to determine the worth of one job relative to another and eventually results in a job hierarchy.
Created by: nicholehowson
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