Compensation & Benefits Overview
30 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is one of the purposes of a compensation package?

  • To discourage individual performance
  • To decrease employee satisfaction
  • To attract the best employees for the job (correct)
  • To reduce the number of employees in the organization

    • How can compensation be used to improve morale and satisfaction among employees?

  • By decreasing health-care benefits
  • By discouraging employees from working at their peak performance
  • By rewarding individual or team performance (correct)
  • By reducing the pay scale for all employees

    • What impact can fairly compensated, motivated employees have on an organization?

  • They can reduce customer service quality
  • They can hinder organizational growth and expansion
  • They can add to the bottom line and facilitate organizational growth and expansion (correct)
  • They can increase employee turnover

    • What is an important consideration when developing a compensation package?

    <p>Ensuring the pay scale reflects the importance of various job titles</p> Signup and view all the answers

    From an employee's perspective, what is a key factor in a fair wage?

    <p>Meeting or exceeding industry standards for wages</p> Signup and view all the answers

    Why should the compensation package be competitive enough to motivate people to stay with the organization?

    <p>To retain talented employees and motivate them to stay</p> Signup and view all the answers

    What is the process of determining the relative worth of jobs to determine pay structure?

    <p>Job Evaluation Systems</p> Signup and view all the answers

    Which type of compensation philosophy is to pay the going rate for a particular job, within a particular market based on research and salary studies?

    <p>Market compensation policy</p> Signup and view all the answers

    In which type of job evaluation system, individual jobs are compared with every other job, based on a ranking system, and an overall score is given for each job?

    <p>Paired Comparison</p> Signup and view all the answers

    Which type of organization chooses a compensation philosophy that will determine the going rate and add a percentage to that rate, such as 5 percent?

    <p>Market plus philosophy</p> Signup and view all the answers

    What is the balance of salary and other rewards, such as bonuses, should be part of your compensation package referred to as?

    <p>Compensation Strategy</p> Signup and view all the answers

    Should there be a specific pay scale for each position in the organization, or should salaries be negotiated on an individual basis is an example of:

    <p>Pay Scale Philosophy</p> Signup and view all the answers

    What is the percentage of organizations that have a written, documented compensation policy?

    <p>62%</p> Signup and view all the answers

    Which type of job evaluation system determines the value of a job by calculating the total points assigned to it?

    <p>Point-factor system</p> Signup and view all the answers

    What should be part of your compensation package based on the balance of salary and other rewards?

    <p>Compensation Strategy</p> Signup and view all the answers

    What is defined as the process of determining the relative worth of jobs to determine pay structure?

    <p>Job Evaluation Systems</p> Signup and view all the answers

    What is the primary purpose of a compensation package?

    <p>To attract the best people for the job</p> Signup and view all the answers

    How can compensation be used to improve morale, motivation, and satisfaction among employees?

    <p>By rewarding individual or team performance</p> Signup and view all the answers

    What should the pay scale reflect within an organization?

    <p>The importance of various job titles within the organization</p> Signup and view all the answers

    What impact can fairly compensated, motivated employees have on an organization?

    <p>Improved customer service due to happier employees</p> Signup and view all the answers

    Which factor determines the value of a job by calculating the total points assigned to it?

    <p>Job evaluation system using a point factor method</p> Signup and view all the answers

    Why should the compensation package be competitive enough to motivate people to stay with the organization?

    <p>To attract the best people for the job</p> Signup and view all the answers

    What factor determines if pay is equitable and fair among employees?

    <p>Point-factor system</p> Signup and view all the answers

    Which type of organization chooses a compensation philosophy that will determine the going rate and add a percentage to that rate, such as 5 percent?

    <p>Market plus philosophy</p> Signup and view all the answers

    In which type of job evaluation system, individual jobs are compared with every other job, based on a ranking system, and an overall score is given for each job?

    <p>Paired Comparison</p> Signup and view all the answers

    What balance of salary and other rewards, such as bonuses, should be part of a compensation package referred to as?

    <p>Total Rewards Strategy</p> Signup and view all the answers

    What is an important consideration when developing a compensation package?

    <p>Labor market changes</p> Signup and view all the answers

    What percentage of organizations have a written, documented compensation policy?

    <p>62%</p> Signup and view all the answers

    What process determines the relative worth of jobs to determine pay structure?

    <p>Job Evaluation Systems</p> Signup and view all the answers

    Which type of compensation philosophy pays a particular percentage less than the market?

    <p>Market minus philosophy</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser