2
Hospitality Human Resources Final Exam with accurate || || || || || || ||
detailed solutions ||
Compensation: - ✔✔amount of money/other items of value given in exchange for work
|| || || || || || || || || || || || ||
performed
Compensation Package: - ✔✔sum total of the money/other valuable items given in
|| || || || || || || || || || || ||
exchange for work performed || || ||
Extrinsic Rewards: - ✔✔financial/non-financial compensation granted to a worker by other
|| || || || || || || || || || ||
(usually employer)
||
Intrinsic Rewards: - ✔✔self-initiated compensation, EX. pride in work/sense of
|| || || || || || || || || ||
accomplishment/enjoying being on a team || || || ||
Compensation Management: - ✔✔process of administrating an organization's
|| || || || || || || ||
extrinsic/intrinsic reward system || ||
When Developing A Compensation System One Needs: - ✔✔-categorizing of jobs
|| || || || || || || || || ||
-comparison of employee pay to local labor market|| || || || || || ||
-management of internal pay equity || || || ||
-linkage of pay to job performance
|| || || || ||
-maintenance of open communications || || ||
Categorizing of Jobs Needs: - ✔✔pay range: lower & upper limit of hourly wages or salary
|| || || || || || || || || || || || || || || ||
paid for a specific job
|| || || ||
, 2
Comparison of Employee Pay to Local Labor Market Needs: - ✔✔local wage rate: prevailing
|| || || || || || || || || || || || || ||
pay range for distinct job categories in a specific community/labor market
|| || || || || || || || || ||
salary survey:comprehensive review of local wage rates/pay ranges paid for one or more
|| || || || || || || || || || || || ||
individual job categories || ||
Linkage of Pay to Job Performance Needs: - ✔✔merit pay system: compensation program
|| || || || || || || || || || || || ||
that links increases in pay to measurable job performance. the workers who perform better
|| || || || || || || || || || || || || ||
receive proportionally larger percentage pay increases
|| || || || ||
Occupational Employment Statistics (OES): - ✔✔produces employment/wage estimates for
|| || || || || || || || ||
over 800 occupations annually, can be nationally/by state/metropolitan &
|| || || || || || || || ||
nonmetropolitan/by industry ||
Legal Aspects of Compensation Management Goes Through: - ✔✔federal/state/local
|| || || || || || || || ||
legislation
Federal Legislation Deals With: - ✔✔minimum wage: least amount of wages that employees
|| || || || || || || || || || || ||
covered by FSLA/state law may be paid by their employer
|| || || || || || || || || ||
Local Legislation Deals With: - ✔✔living wage: minimum hourly wage necessary for a
|| || || || || || || || || || || || ||
person to achieve some subjectively-defined standard of living
|| || || || || || ||
Direct Financial Compensation for Hospitality Employees Typically Consists of: - ✔✔-
|| || || || || || || || || ||
salaries
-wages
-incentives/bonuses
-tips
Salary: - ✔✔pay calculated on a weekly/monthly/annual basis rather than a hourly rate
|| || || || || || || || || || || ||
Hospitality Human Resources Final Exam with accurate || || || || || || ||
detailed solutions ||
Compensation: - ✔✔amount of money/other items of value given in exchange for work
|| || || || || || || || || || || || ||
performed
Compensation Package: - ✔✔sum total of the money/other valuable items given in
|| || || || || || || || || || || ||
exchange for work performed || || ||
Extrinsic Rewards: - ✔✔financial/non-financial compensation granted to a worker by other
|| || || || || || || || || || ||
(usually employer)
||
Intrinsic Rewards: - ✔✔self-initiated compensation, EX. pride in work/sense of
|| || || || || || || || || ||
accomplishment/enjoying being on a team || || || ||
Compensation Management: - ✔✔process of administrating an organization's
|| || || || || || || ||
extrinsic/intrinsic reward system || ||
When Developing A Compensation System One Needs: - ✔✔-categorizing of jobs
|| || || || || || || || || ||
-comparison of employee pay to local labor market|| || || || || || ||
-management of internal pay equity || || || ||
-linkage of pay to job performance
|| || || || ||
-maintenance of open communications || || ||
Categorizing of Jobs Needs: - ✔✔pay range: lower & upper limit of hourly wages or salary
|| || || || || || || || || || || || || || || ||
paid for a specific job
|| || || ||
, 2
Comparison of Employee Pay to Local Labor Market Needs: - ✔✔local wage rate: prevailing
|| || || || || || || || || || || || || ||
pay range for distinct job categories in a specific community/labor market
|| || || || || || || || || ||
salary survey:comprehensive review of local wage rates/pay ranges paid for one or more
|| || || || || || || || || || || || ||
individual job categories || ||
Linkage of Pay to Job Performance Needs: - ✔✔merit pay system: compensation program
|| || || || || || || || || || || || ||
that links increases in pay to measurable job performance. the workers who perform better
|| || || || || || || || || || || || || ||
receive proportionally larger percentage pay increases
|| || || || ||
Occupational Employment Statistics (OES): - ✔✔produces employment/wage estimates for
|| || || || || || || || ||
over 800 occupations annually, can be nationally/by state/metropolitan &
|| || || || || || || || ||
nonmetropolitan/by industry ||
Legal Aspects of Compensation Management Goes Through: - ✔✔federal/state/local
|| || || || || || || || ||
legislation
Federal Legislation Deals With: - ✔✔minimum wage: least amount of wages that employees
|| || || || || || || || || || || ||
covered by FSLA/state law may be paid by their employer
|| || || || || || || || || ||
Local Legislation Deals With: - ✔✔living wage: minimum hourly wage necessary for a
|| || || || || || || || || || || || ||
person to achieve some subjectively-defined standard of living
|| || || || || || ||
Direct Financial Compensation for Hospitality Employees Typically Consists of: - ✔✔-
|| || || || || || || || || ||
salaries
-wages
-incentives/bonuses
-tips
Salary: - ✔✔pay calculated on a weekly/monthly/annual basis rather than a hourly rate
|| || || || || || || || || || || ||
