ADM 2337 - Final Review || Possible Questions Accurately
Answered.
What is Base Pay vs Variable Pay correct answers Base pay is guaranteed pay (salary, wage, etc.)
whereas Variable Pay is determined by employee performance (commission, reaching goals,
targets, etc.)
What 3 things make up Total Compensation correct answers 1. Base Pay
2. Pay Incentives
3. Benefits
What are some External factors affecting compensation? correct answers Labour Market
Area Wage Rates
Cost of Living
Collective Bargaining
What are some pros and cons of Variable Pay correct answers Pro - Motivate Employees
Pro/Con - Competition
Con - Recency Error
What are individual types of incentive pay correct answers Piecework Rates
Standard Hour Plans
Merit Raises
Bonuses
Sales Commissions
Recognition Programs
What are organizational types of incentive pay correct answers Profit Sharing
, Stock ownership
Scanlon Plan
Gainsharing
What is a piecework rate incentive? correct answers Employee paid based on how many units
they produce or how many times an action is performed
What is gainsharing? correct answers A portion of company gains are distributed between
employees
Why are benefits important? correct answers Some are required by law, help employees
overcome financial challenges, provide access to services that support employees (boost morale)
How does equity theory apply to compensation? correct answers Demonstrates the perceived
fairness of salary differences within the org and vs the same job at other orgs
How does expectancy theory apply to compensation? correct answers Demonstrates how much
people value the outcome of more effort (Valence), and how much they believe that a certain
performance level will result in that outcome (Instrumentality)
Who is responsible for health and safety of workers? correct answers Employers, Owners,
Contractors, Supervisors, Workers, and JHSC
What is SAFER behaviour? correct answers Speak
Act
Focus
Engage
Recognize
Answered.
What is Base Pay vs Variable Pay correct answers Base pay is guaranteed pay (salary, wage, etc.)
whereas Variable Pay is determined by employee performance (commission, reaching goals,
targets, etc.)
What 3 things make up Total Compensation correct answers 1. Base Pay
2. Pay Incentives
3. Benefits
What are some External factors affecting compensation? correct answers Labour Market
Area Wage Rates
Cost of Living
Collective Bargaining
What are some pros and cons of Variable Pay correct answers Pro - Motivate Employees
Pro/Con - Competition
Con - Recency Error
What are individual types of incentive pay correct answers Piecework Rates
Standard Hour Plans
Merit Raises
Bonuses
Sales Commissions
Recognition Programs
What are organizational types of incentive pay correct answers Profit Sharing
, Stock ownership
Scanlon Plan
Gainsharing
What is a piecework rate incentive? correct answers Employee paid based on how many units
they produce or how many times an action is performed
What is gainsharing? correct answers A portion of company gains are distributed between
employees
Why are benefits important? correct answers Some are required by law, help employees
overcome financial challenges, provide access to services that support employees (boost morale)
How does equity theory apply to compensation? correct answers Demonstrates the perceived
fairness of salary differences within the org and vs the same job at other orgs
How does expectancy theory apply to compensation? correct answers Demonstrates how much
people value the outcome of more effort (Valence), and how much they believe that a certain
performance level will result in that outcome (Instrumentality)
Who is responsible for health and safety of workers? correct answers Employers, Owners,
Contractors, Supervisors, Workers, and JHSC
What is SAFER behaviour? correct answers Speak
Act
Focus
Engage
Recognize
