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MGT 367 > Exam 3 - Review > Flashcards

Exam 3 - Review Flashcards

1
Q

Performance appraisal

What are the 2 purposes

A
  1. Adminstristal (Personal Decisions)

2. Developmental (Career Planning)

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2
Q

◦ 3 different types of PA methods

A

Access the extent of one individual to possess an important trait or characteristic that is important to the job or the organization. Criticism: it pays too much about the person instead of what they do.

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3
Q
  1. Behavioral methods
A

Behaviorally anchored rating scale (BARS)

• Behavioral observation scale (BOS)

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4
Q
  1. Results methods
A

Focusing on Management by objective - goals

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5
Q

Pros of Trait Methods

A
  • inexpensive

* easy to use

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6
Q

Cons of Trait Methods

A

• Poor for
feedback
• Potential for
Errors

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7
Q

Pros of Behavioral Methods

A

• useful for providing
feedback
• accepted by employees
• ok for rewards/promotion

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8
Q

Cons of Behavioral Methods

A
  • time consuming

* costly

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9
Q

Pros of Results Methods

A 
• objective
• accepted by
employees
• encourage goal
settings
• ok for promotions/
rewards
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10
Q

Cons of Results Methods

A

• may be impacted by
circumstances beyond
employees controlled
• Possibly to falsify results

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11
Q

Common rater related errors

Error of central tendency

A

Error of central tendency: rate everyone around average of scale

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12
Q

Leniency or strictness error

A

Leniency or strictness error ◦Managers give out unusually high measures for average performance
◦Managers give out unusually low measures for average performance

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13
Q

Similar-to-me errors

A

Similar-to-me errors
◦give out high measures because of similar things in common (commonalities)
◦for example if they support the same team
◦younger version of me

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14
Q

Recency error

A

Recency error
◦It only focuses on the recent performance rather than the whole time
◦For example, if it looks for annual performance (recency error) the managers will only look at 4 months before the measure is due

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15
Q

Contrast Errors

A

Contrast Errors
◦comparison between two persons
◦Comparison is keyword
◦comparison between two employees rather than comparing performance measure with employee

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16
Q

◦Halo error

A

◦Halo error

‣ Raters will rate on the positive aspect rather than focusing on all performance measure

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17
Q

Horns error

A

Horns error
‣ The managers will rate more on the negative aspects based on one or two things rather than focusing on all the performance measure.

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18
Q

All these are considered as unconditional errors
How to minimizes these errors
[help]

A
  • more specific rating formats
  • hold raters accountable for accuracy
  • Performance appraisal training: understand errors
  • Frame of reference training: understand standards
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19
Q

◦ Intentional errors

A

◦ Intentional errors

‣ By politics

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20
Q

Performance review session

A

Pink sheet

Look over

21
Q

Deficiency

A

‣ Something is missing
‣ Criterion deficiency:
‣ Aspects of actual performance that are not measured

22
Q

Contamination

Criterion contamination

A

Criterion contamination

Elements that affect the appraisal measures that are not part of the actual performance

23
Q

Three types of Different Job Evaluation

A
  1. Job ranking
  2. Job classification
  3. Point system
24
Q

Job ranking

A

Job ranking
Your find the most important jobs according to the firm and pay those jobs more. You determine the worth of the job and use market surveys to develop a pay structure system

25
Q

Job classification

A

Job classification
You create different classifications of grades. Each grade has a description of the job, knowledge, etc. You than compare the job to the description you made to determine pay. Essentially you have a predetermined pay

26
Q

Point system

A

Point system

A system where you have rank compensable factors with weights to see what job is most important to the firm

27
Q

Pay system
Objectives of pay system
(4)

A
  1. Strategic
  2. Attractive
  3. Equitable
  4. Motivating
  5. Complies with law and regulations
28
Q

Motivation

A

Expectancy theory
The employees effort are rewarded to increase performance
The rewards needs to be VALUABLE

29
Q

Broad banding

A

Broad banding

Gives the managers more flexibility in rewarding someone

30
Q

Comparative worth vs equal pay

Comparative worth

A

Pay for the same job

Regarding the worth of the job

31
Q

Equal pay

A

Pay for the equal work

Men and women working on them same job should be paid they same

32
Q

FLSA stands for

A

Fair Labor Standards Act

33
Q

FLSA

A

needs more notes

34
Q

Federal minimum wage

A

Federal minimum wage

$7.25

35
Q

Nevada minimum wage with insurance

A

Nevada minimum wage with insurance

$7.25

36
Q

Nevada minimum wage without insurance

A

Nevada minimum wage without insurance

$8.25

37
Q

5 Different classifications of exempt employees

A
  1. executives
  2. administrators
  3. professionals
  4. outside sales people,
  5. computer employees
38
Q

Benefits
Mandatory
5 benefits

A 
Benefits 
Mandatory 
5 benefits 
1. Social Security
2. Unemployment insurance 
3. Worker’s compensation 
Paid for getting hurt at the job
Not required to get paid for leaves.
4. Leaves without pay 
5. Consolidated Omnibus Budget Reconciliation Act (COBRA)
39
Q

Discretionary benefits

A
  1. Health Insurance
  2. Child care
  3. Wellness programs
  4. Life and long-term care insurance
  5. Payment for time not worked
  6. Pension plans
40
Q

Pension plans

[need more notes]

A

Pension plans
[need more notes]
Not required by law
However, it’s a great benefit to give your employees as it’ll attract talented individuals to your company which will contribute more than the average person.

41
Q

Pension plans
Regulated by ERISA -
Employee Retirement income security act [ERISA]
What do they do (2)?

A

Pension plans
Regulated by ERISA -
Employee Retirement income security act [ERISA]
What they do
1. Regulate private sector pension plans
2. Sets minimum amount for investing

42
Q

Are pensions required by law?

A

NOT REQUIRED

43
Q

Vesting

A

The point in time when pension monies set aside by a company become the actual property of that individual

44
Q

Noncontributing,

Contributory;

A

Noncontributing, includes employer
Company will be the sole contributor to your pension account
Contributory; both employer and employee (joint)
Employee and company will contribute to your pension account

45
Q

Defined benefits:

Defined contribution:

A

Defined benefits: guarantee amount (percentage of your retired salary)
Traditional type of pension plans
The specific amount when you are going to retire is predetermined based on certain parameters
Defined contribution: how they are going to define how they are going to make their contributions. It’s less predictable
Getting more and more popular as an incentive
401k is an example of a contribution
Cash or stocks
You do not know how much you are going to get when you retired
401k is tax deferred

46
Q

Flexible benefits programs

Advantages

A

Flexible benefits programs
Advantages
‣ Accommodate difference in employee needs
‣ Prevent waste of benefits
Employees gain better understanding of benefits

47
Q

Flexible benefits programs

Disadvantages

A 
Flexible benefits programs	
Disadvantages
‣ Difficult to design and administer
‣ High Administrative cost
Possible blame on employer for poor employee choices
48
Q

Job evaluation

A

Job evaluation

Evaluating the relative worth of the job

MGT 367 (26 decks)

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