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Questions and Answers
What is one of the primary objectives of wage and salary administration?
What is one of the primary objectives of wage and salary administration?
- To increase the number of hires
- To reduce payroll costs (correct)
- To minimize employee turnover rates
- To motivate top talented employees (correct)
How do competitive salaries impact skilled workers?
How do competitive salaries impact skilled workers?
- They encourage job-hopping.
- They create a sense of complacency.
- They reduce competition among employees.
- They attract high-caliber professionals. (correct)
What motivates skilled workers to strive for excellence in their roles?
What motivates skilled workers to strive for excellence in their roles?
- Lack of job security
- Pressure from management
- Merit-based increases and company profit sharing (correct)
- Non-monetary recognition
What role do bonuses tied to company success metrics play in wage administration?
What role do bonuses tied to company success metrics play in wage administration?
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Which of the following is NOT a benefit of offering competitive salary packages?
Which of the following is NOT a benefit of offering competitive salary packages?
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Study Notes
Wage and Salary Administration Objectives
- Aims to motivate talented employees through competitive compensation packages.
- Competitive salaries serve as a key factor in attracting skilled professionals.
Importance of Competitive Salaries
- High-caliber professionals are incentivized to deliver optimal performance.
- Fair reward systems enhance employee motivation and job satisfaction.
Merit-Based Incentives
- Merit-based increases and bonuses are effective in encouraging exceptional performance.
- Tying rewards to company success metrics fosters a culture of excellence within the organization.
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