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Compensation 'Quiz' > Compensation 'Quiz' > Flashcards

Compensation 'Quiz' Flashcards

1
Q

Organizations Top 10 Desired Candidate Qualities

A

1.Professionalism
2. Critical Thinking
3. Communication skills + presentation skills (thinking on your feet)
4. Ability to listen and respond
5. Inquisitive-ness
6. Ability to function well in a team
7. Resiliency + adaptability
8. Passion for making money
9. Decision Making
10. Technical Skills

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2
Q

3 Rules to Making Goals

A

Difficult, specific, attainable

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3
Q

Efficacy Wage Theory

A

The idea that increasing wages can lead to increased labour productivity because workers feel more motivated to work with higher pay.

Nyberg: “Talks about how if you pay more than the rest of the market, you will attract higher performers + lower turnover rates + your workers will be more motivated”

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4
Q

What is comp?

A

What you want to accomplish and how you get people to do it.

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5
Q

What is validity?

A

Am I measuring what I want to be measuring?

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6
Q

What is reliability?

A

Will I get the same results every time?

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7
Q

Culture, recognition, and who is on your team is all a ____?

A

reward

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8
Q

Internal Alignment

A

Refers to the pay relationships among different jobs/skills/competencies within a single organization.

How to differentiate jobs in pay (How are jobs structured in line with one another)

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9
Q

What three things are job evaluations based off of?

A

Job content, skills required, and value added

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10
Q

Equity Theory

A

Theory of motivation that suggests that employee motivation at work is driven largely by their sense of fairness. Nyberg defined it as “I compare myself to people like me and I get upset if they are paid more than me”

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11
Q

Intrinsic Motivation

A

Actions driven by internal rewards -Doing something because it’s interesting or enjoyable

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12
Q

Extrinsic motivation

A

Motivation that is driven by external rewards (motivation that come from outside oneself)

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13
Q

Why do we need three points in all useful regressions?

A

Better defines the line and ensures that it is a good representation of relation between variables. (Defines the relationship between X and Y better)

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14
Q

What is job evaluation?

A

Process of systematically determining the relative worth of the jobs to create a job structure for the organization

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15
Q

What is job analysis?

A

Systematic process of collecting information related to the nature of a specific job

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16
Q

What is performance management?

A

A set of management and analytical processes that enable the management of an organization’s performance to achieve goals

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17
Q

What is a job description?

A

Explains the tasks, duties, functions, and responsibilities of a position

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18
Q

Employees are are least partially _______ motivated? (Extrinsic or Intrinsic)

A

Extrinsic

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19
Q

Talent is ____?

A

Mobile

20
Q

Why are performance management systems important?

A
  1. Differentiates performance
  2. Provides performance feedback for performance improvement
  3. Provides guidance for compensation
21
Q

What three questions should we ask in regard to performance management?

A
  1. What are we trying to accomplish?
  2. What methods are available to achieve those goals?
  3. What will keep us from being successful?
22
Q

What is 360-feedback?

A

A feedback process where not just your superior but your peers and direct reports and sometimes even customers evaluate you.

23
Q

What does a balance scorecard do?

A

Combines individual and organizational goals

24
Q

What are the 7 traditional uses of performance management?

A
  1. Motivation
  2. Performance Feedback
  3. Compensation/Rewards
  4. Performance Improvement
  5. Talent Decisions (staffing)
  6. Legal documentation
  7. Coaching for development

((the three most common are feedback, comp, and performance improvement))

25
Q

What is calibration and why is it important?

A

Getting everyone to agree on what specific ratings mean - allows for consistency and clarity when giving rating

26
Q

What is external competitiveness of pay?

A

How and what pay competitors are using

27
Q

What is the key to success between employees and managers?

A

communication

28
Q

What is the first step in designing compensation?

A

Know the business strategy!
- Where do we compete?
-What unique value do we bring?
- What resources/ capabilities do we utilize?
-How do we sustain our unique values?

29
Q

Job-Based Pay Structure

A

Focuses one the work content (tasks, behaviors, roles, and responsibilities)

30
Q

Person-based Pay Structure

A

Focused on KSAOs (knowledge, skills, abilities, and other characteristics) of the employee in role (detailed, customized)

31
Q

What will be affected by pay level and structure decisions (5 things)?

A

-Operating expenses
-Applicant pool (size and quality)
-Turnover
-Union Status
-Organizational Climate

32
Q

What are the actions of Performance Management?

A

-Goal setting and follow-up
-Measurement
-Actions

33
Q

What methods are available for Performance Management?

A

-Performance Appraisal: key: what are we comparing to?
-Electronic document
-Balance Scorecard – combines individual and organizational goals
-360 degree review – more as a developmental tool
-Self Review – adv so manager can see how well communicating (Insight into where ee thinks they are and easier to deliver message from mgr.)

34
Q

What criteria is used to determine grades and differences in a compensation plan?

A

-content
-value added

35
Q

What are some benefits of Pay Transparency?

A
  • no secrecy
    -harder to discriminate
    -may build trust/loyalty
36
Q

What are the 6 steps in a job analysis?

A

1.Develop preliminary job information.
2.Conduct initial tour of work site.
3.Conduct interviews.
4.Conduct second tour of work site.
5.Consolidate job information.
6.Verify job descriptions.

37
Q

What factors influence competitiveness?

A

-Organizational goals and strategies
-Labor market conditions
-Economic conditions
-Industry practices

38
Q

Market Competitiveness

A

Refers to the overall level of competitiveness in the labor market, determined by factors such as supply and demand for labor, economic conditions, and industry practices.

39
Q

External Competitiveness

A

Refers to the comparability of the compensation package offered by an organization to those offered by other organizations in the same labor market.

40
Q

Internal Competitiveness

A

Refers to the fairness and equity of the compensation system within an organization, based on factors such as job responsibilities, skills, and performance.

41
Q

What are the 3 comp ways to motivate human capital resources?

A

-Salary level
-PFP (Pay for Performance) proportion
-Organization level where PFP targets are provided

42
Q

What are the 3 comp ways to motivate human capital resources?

A

-Salary level
-PFP (Pay for Performance) proportion
-Organization level where PFP targets are provided

43
Q

What are sorting effects of pay?

A

Sorting is the degree to which employees select organizations based on the pay type provided by the organization. Influences composition of workforce (via attraction, selection, and attrition)

44
Q

What is Agency Theory?

A

Assumes that managers can choose between offering incentives or monitoring behavior to elicit high performance.

45
Q

What is pay form/mix?

A

The pay mix that makes up the total compensation (base, short term incentives etc)

46
Q

What is Pay Level?

A

total pay per employee relative to competitors (Total pay, including base pay, bonuses, benefits, stock holdings, etc.)

47
Q

What is Tournament Theory?

A

If you have higher pay at the top, everyone works hard bc they want to be there

Compensation 'Quiz' (1 decks)

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