Compensation & Benefits Overview

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What is one of the purposes of a compensation package?

To attract the best people for the job

How can a compensation package contribute to organizational growth and expansion?

By facilitating employee satisfaction and motivation

What is one way in which pay systems can be utilized?

To reward individual or team performance

Why should a compensation package be competitive enough?

To attract the best people for the job Signup and view all the answers

What is an important consideration when developing a compensation package?

Reflecting the importance of various job titles within the organization Signup and view all the answers

What is the impact of having fairly compensated, motivated employees?

Adds to the bottom line of the organization Signup and view all the answers

What is the purpose of a job evaluation system?

To determine the relative worth of jobs and establish pay structure Signup and view all the answers

What is the main difference between a market compensation policy and a market plus philosophy?

Market compensation policy pays the going rate, while market plus philosophy adds a percentage to the going rate Signup and view all the answers

What is the purpose of a paired comparison job evaluation system?

To compare individual jobs with every other job based on a ranking system Signup and view all the answers

What does a point-factor system use to determine the value of a job?

Compensable factors such as leadership ability and specific responsibilities Signup and view all the answers

What is the purpose of compensable factors in a point-factor system?

To assign points to specific job-related attributes Signup and view all the answers

What is the purpose of implementing a compensation strategy?

To ensure pay is equitable and fair among employees Signup and view all the answers

What is the primary focus of internal pay factors?

Determining the relative worth of jobs within the organization Signup and view all the answers

What is the purpose of a job classification system?

To classify and group jobs based on knowledge and skills required for the job. Signup and view all the answers

What does an organization using a market minus philosophy do?

Pays less than the going rate for a particular job Signup and view all the answers

What determines the value of a job in a market compensation policy?

Market research and salary studies Signup and view all the answers

What is the main purpose of employee orientation?

To help employees understand company policies and their role Signup and view all the answers

What is the role of a mentor in the training process?

To guide and support the new employee Signup and view all the answers

What are the 4 steps for effective training mentioned in the text?

In-house training, job-specific areas, external training, and mentorship Signup and view all the answers

What is the purpose of assigning a mentor to a new employee?

To guide and support the new employee Signup and view all the answers

What does employee training and development aim to help employees with?

Developing personal and organization skills, knowledge, and abilities Signup and view all the answers

What is the two-fold importance of employee orientation?

To understand company policies and reduce start-up costs Signup and view all the answers

What is the purpose of employee orientation in some companies?

To introduce employees to company policies, procedures, and staff Signup and view all the answers

Which type of training might include teaching someone how to use a CRM system in a sales position?

Technical Training Signup and view all the answers

What does in-house training typically involve?

Various learning opportunities developed by the organization Signup and view all the answers

Who usually delivers external training?

An external instructor Signup and view all the answers

What is the role of a mentor in employee development?

To guide the employee through processes Signup and view all the answers

What is the primary focus of technical or technology training?

Teaching new employees how to use a computer system Signup and view all the answers

What does quality training aim to familiarize employees with?

Preventing non-quality items Signup and view all the answers

What type of training includes learning opportunities such as product training and ethics training?

In-House Training Signup and view all the answers

What is an example of external training?

Sending an employee to a seminar Signup and view all the answers

What is a characteristic of mentoring?

Mentors guiding someone through processes Signup and view all the answers

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