HRM 307 - Compensation Administration Quiz

<p>Merit pay</p> Signup and view all the answers

<p>Direct financial compensation</p> Signup and view all the answers

<p>Cost of living adjustments</p> Signup and view all the answers

<p>To link pay to the depth or breadth of an employee's relevant skills and knowledge.</p> Signup and view all the answers

<p>The pay relationships among organizations and the organization's pay relative to its competitors.</p> Signup and view all the answers

<p>Pay level refers to the average of the rates paid by an employer, while pay forms refer to the types of payments that make up total compensation.</p> Signup and view all the answers

<p>A policy where an organization pays above the market rates to attract and retain top talent.</p> Signup and view all the answers

<p>To collect and analyze data about the compensation paid by other employers.</p> Signup and view all the answers

<p>An organization that is able to attract, optimize, and retain the best employee talent over the long term.</p> Signup and view all the answers

<p>To reward employees for exceptional performance</p> Signup and view all the answers

<p>The increase is based on a 1-5 performance rating scale</p> Signup and view all the answers

<p>Lump sum bonuses do not increase the employee's base pay</p> Signup and view all the answers

<p>Individual incentive plans reward employees for meeting specific performance objectives</p> Signup and view all the answers

<p>Lump sum bonuses are more cost-effective for the organization</p> Signup and view all the answers

<p>To recognize and reward exceptional individual performance</p> Signup and view all the answers