Final Exam Review ADMN2230

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Questions and Answers

What is the primary focus of Equity Theory in the context of compensation?

Linking performance to employee rewards

Establishing fixed salary structures

Ensuring employees are satisfied with their job roles

Comparing individual efforts and rewards with peers (correct)

Which of the following is NOT an internal factor that determines compensation?

Company policies

Job evaluation

Market rates (correct)

Organizational structure

What is a key characteristic of Individual Incentive Plans?

Rewards based on teamwork

Compensation tied to the performance of individual employees (correct)

Linking company-wide success to personal rewards

Dependent on external market criteria

Timeliness in rewards is crucial for which of the following?

Maximizing employee motivation and engagement Signup and view all the answers

Which of the following best describes a flexible benefits plan?

Allows employees to create custom benefit packages Signup and view all the answers

What is a characteristic of Enterprise-Level Incentive Plans?

Implement organization-wide rewards for collective success Signup and view all the answers

Which of the following is an example of a mandatory benefit?

Workers' compensation Signup and view all the answers

What is one of the requirements for a successful incentive plan?

Fair and equitable distribution of rewards Signup and view all the answers

What is one of the primary duties of employers to ensure workplace safety?

Provide necessary safety training Signup and view all the answers

Which law primarily focuses on establishing minimum wage and overtime regulations?

Fair Labor Standards Act Signup and view all the answers

What is a key responsibility of supervisors in workplace safety?

Enforcing safety policies Signup and view all the answers

During which step in the unionization process do employees formally express their desire to unionize?

Initial Interest Signup and view all the answers

What phase of the collective bargaining process involves both parties preparing their proposals?

Preparation Signup and view all the answers

Which type of issues do Joint Health and Safety Committees primarily address?

Safety issues and workplace policies Signup and view all the answers

Which of the following is NOT a part of managerial ethics in employee relations?

Maximizing profits at any cost Signup and view all the answers

What is the main purpose for employees forming unions?

To enhance job security and wages Signup and view all the answers

Study Notes

Compensation Theories and Factors (Chapter 9)

Equity Theory: Employees compare their efforts and rewards to others in similar roles. Perceived unfairness can lead to dissatisfaction and decreased performance. Equitable compensation is crucial for motivation.
Expectancy Theory: Employees are motivated when efforts are linked to desired outcomes. Clear connections between performance and rewards (like higher effort leading to higher compensation) are essential.
Internal Compensation Factors: Company policies, job evaluation, organizational structure, and budget.
External Compensation Factors: Market rates, labor supply/demand, industry standards, and legal constraints (e.g., minimum wage).

Incentive Plans (Chapter 10)

Individual Incentive Plans: Rewards based on individual performance (e.g., commissions, bonuses).
Team Incentive Plans: Rewards for team or department achievements (e.g., profit-sharing within teams).
Enterprise-Level Incentive Plans: Organization-wide programs rewarding overall business success (e.g., stock options, company-wide profit sharing).
Successful Incentive Plan Requirements: Clear goals, transparent reward-performance links, fairness, timeliness, alignment with company goals/culture.

Benefit Plans (Chapter 11)

Mandatory Benefits: Legally required benefits (e.g., unemployment insurance, social security, workers' compensation).
Discretionary Benefits: Optional benefits provided by employers (e.g., health insurance, paid time off, retirement plans).
Flexible Benefit Plan: Allows employees to choose benefits based on their needs. Advantages include tailored benefits, increased employee satisfaction, and potential cost-effectiveness.

Health and Safety at Work (Chapter 12)

Employer Responsibilities: Safe work environments, risk assessments, and safety training.
Worker Responsibilities: Following safety protocols, reporting hazards, and using protective equipment.
Supervisor Responsibilities: Enforcing safety policies, monitoring practices, and ensuring worker compliance.
Joint Health & Safety Committees: Represent management and workers to identify and resolve safety issues, improving workplace safety policies, and ensuring compliance.

Employment Laws and Managerial Ethics (Chapter 13)

Fair Labor Standards Act (FLSA): Establishes minimum wage, overtime, and child labor regulations.
Occupational Safety and Health Act (OSHA): Ensures safe and healthy working conditions through standards and enforcement.
Title VII of the Civil Rights Act: Prohibits employment discrimination based on race, color, religion, sex, or national origin.
Managerial Ethics: Fair, ethical, and legal conduct in employee relations, including fair treatment, transparency in decisions, and accountability.

Unions and Collective Bargaining (Chapter 14)

Reasons for Unionization: Better working conditions, higher wages, benefits, job security, and a collective voice in negotiations with management.
Union Formation Steps: Initial employee interest, building support, petitioning for election, the election itself, and certification of the union as the representative.
Collective Bargaining Process Phases: Preparation, negotiation, agreement, implementation, and evaluation/renewal.

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Description

Explore the key concepts of compensation theories such as Equity Theory and Expectancy Theory, along with internal and external factors affecting compensation. This quiz also covers various incentive plans, including individual and team-based rewards, crucial for motivating employees in the workplace.