compensation and rewards

Question 1

5 types of job evaluations

Answer 1

Job ranking system
-jobs are ranked in order of importance
paired comparison
-compare jobs against all other jobs
classification system
-each job is classified and grouped
point-factor system
- calculating the compensable factors
hay profile method
-specific point factor systems

Question 2

Pay grading levels

Answer 2

salary scales
delayering and banding - cuts down the number of pay levels
going rate model - pay what ever it takes
management fit model - managers takes decision about paygrade

Question 3

equity theory

Answer 3

people compare their own compensation to another’s compensation and if the other one earn 40 then you hsould aswell

Question 4

expectancy theory

Answer 4

will put in as much work as they expect to recieve

Question 5

reinforcement theory

Answer 5

if high performance is followed by some rewards, desired behavior will occur in the future