CORRECT DETAILED SOLUTIONS GRADED
A+ LATEST EXAM
An effective performance system will need to have more frequent payouts in the
--CORRECT ANSWER--Beginning of the rollout
Absolute Level --CORRECT ANSWER--The reward can be defined.
Uses examples or definitions of typical behaviors to define each point along the
scale --CORRECT ANSWER--Anchored rating scale
Bad data challenge --CORRECT ANSWER--Exists because the data a company
obtains about market rates may not be an accurate representation of the market.
It is often difficult to fully understand the quality of the data obtained from
various sources, or how best to integrate this information, which adds error to
any reward system based on that data.
Benchmark competitors --CORRECT ANSWER--A selection of primary
organizations that exemplify the labor and product/service markets in which the
organization competes.
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,Benchmark jobs --CORRECT ANSWER--Jobs that are representative of the
type, content, and level of jobs in the organization.
Benefit Benchmark Survey --CORRECT ANSWER--A tool that helps
organizations better understand how employee benefits may impact their ability
to attract and retain qualified employees.
Benefit level strategy --CORRECT ANSWER--Refers to the level of each
benefit type provided as well as the overall company expenditure.
Benefit mix strategy --CORRECT ANSWER--Refers to the particular
combination of benefit types that an organization offers.
Job and pay form-specific reward strategies allows for: --CORRECT
ANSWER--Maximum customization as the organization positions its pay
relative to the market differently for different jobs and pay forms
As a general rule, base pay strategies rarely lead the market by more than --
CORRECT ANSWER--10%
The benefits of incorporating individual-based pay into the total rewards system
--CORRECT ANSWER--Allows the organization to build human capital
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,What represents the most straightforward way to compare company or
individual pay rates to the market pay rates? --CORRECT ANSWER--
Percentages
A variable distance scale uses: --CORRECT ANSWER--Different point
distances between each level in the scale
All compensable factors are probably not equally valuable to the organization. -
-CORRECT ANSWER--True
Which statistical analysis will produce a value-reward line? --CORRECT
ANSWER--Regression
Blue-collar workers are always --CORRECT ANSWER--Non-exempt
EPO stands for --CORRECT ANSWER--Exclusive Provider Organization
Broadbanding --CORRECT ANSWER--Entails the use of a few broad bands (or
grades) to organize work for pay purposes.
Capability based pay --CORRECT ANSWER--When a reward system explicitly
attempts to vary rewards based upon capabilities of the employees. Types
include Skill-based pay, Competency-based pay, and Seniority-based pay.
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, Central tendency --CORRECT ANSWER--Describes what's typical for a set of
data, usually measured by the arithmetic mean, median, or mode.
Centralized approach --CORRECT ANSWER--The Human Resources
department makes all decisions relating to pay strategy, as well as specific
reward decisions.
Centralized Global rewards strategy --CORRECT ANSWER--Organizations
attempt to have a single set of policies that are determined by the organization
and utilized at all locations.
Classification approach --CORRECT ANSWER--Uses logical categories and
descriptions to organize jobs.
Co-pay policy --CORRECT ANSWER--A policy that requires employees to
pay a set amount for each time any service is used.
Compa-ratio --CORRECT ANSWER--A ratio frequently used to measure the
conformity of pay rates to the pay plan.
Compensable factor --CORRECT ANSWER--Job elements or criteria that
identify what the organization values for purposes of job evaluation. Idenifying
compensable factors is step one in the Point factor Approach.
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