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Compensation > Final > Flashcards

Final Flashcards

1
Q

What is aging the data

A

the process of adjusting compensation data to bring it up to date with the time period in which the new compensation will take effect.

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2
Q

average employee earnings

A

total compensation divided by the number of full time equivalent employees

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3
Q

base pay structure

A

the structure of pay grades and pay ranges, along with the criteria for movement within pay ranges, that applies to base pay

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4
Q

behaviour observation scales (BOS)

A

appraisal method under which appraisers rate the frequency of occurrence of different employee behaviors

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5
Q

behaviourally anchored rating (BARS)

A

appraisal method that provides specific descriptors for each point on the rating scale

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6
Q

broadbanding

A

the practice of reducing the number of pay grades by creating large or “fat” grades, sometimes known as “bands”

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7
Q

central tendency error

A

occurs when appraisers rate all employees as “average: in everything

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8
Q

classification/grading job evaluation method

A

the use of generic grade descriptions for various classes of jobs to assign pay grades to specific jobs.

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9
Q

compa-ratio

A

a measure of distribution employees within their pay range calculated by dividing the mean base pay by the midpoint of the pay range

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10
Q

compensable factors

A

characteristics of jobs that are valued by the organization and differentiate jobs from one another

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11
Q

compensating differential

A

a higher compensation level offered by an employer because of undesirable aspects of the employment

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12
Q

compensation cost ratio

A

the ratio of total compensation costs to total costs or to revenues

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13
Q

contrast effect

A

the tendency for a set of performance appraisals to be influenced upward by the presence of a very low performance or downward by the presence of a very high performer

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14
Q

defined benefit plans

A

pension plans that provide retirement income based on a proportion of the employees pay at the time of retirement.

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15
Q

defined contribution plan

A

pension plans that provide retirement income based on the accrued value of employer and employee contributions to the plan

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16
Q

fixed benefit system

A

an employee benefit plan that provides a standard set of benefits to all those covered by the plan

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17
Q

flexible benefit system

A

an employee benefit plan that allows employees to allocate employer provided credits to purchase the benefits of most value to them

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18
Q

graphic rating scale

A

an appraisal method in which appraisers use a numerical scale to rate employees on a series of characteristics

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19
Q

halo error

A

occurs when appraisers rate an individual either high or low on all characteristics because one characteristic is either high or low

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20
Q

job analysis

A

the process of collecting information on which job descriptions are based

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21
Q

job description

A

a summary of the duties, responsibilities, and reporting relationships pertaining to a particular job

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22
Q

key job matching

A

including jobs on a compensation survey that are well understood and numerous in the labour market, and asking respondents to supply compensation information for those jobs

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23
Q

management by objective (MBO)

A

an approach to management that involves setting employee goals and providing feedback on goal accomplishment

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24
Q

market line

A

a regression line that relates job evaluation points to market pay in dollars for the benchmark jobs

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25
Q

paired comparison job evaluation method

A

every job is compared with every other job, providing a basis for a ranking of jobs

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26
Q

pay grade

A

a grouping of jobs of similar value to the organization, typically grouped by point totals

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27
Q

pay policy line

A

the intended pay policy for the organization, generated by adjusting the market line for the intended pay level strategy of the organization`

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28
Q

pay range

A

the minimum and maximum pay rates (in dollars) for jobs in a particular pay grade

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29
Q

performance management

A

method for improving employee performance based on goal - setting, feedback, encouragement and support, and rewards for success

30
Q

ranking job evaluation method

A

the relative values of different jobs are determined by knowledgeable individuals

31
Q

what does the position analysis questionaire focus on

A

behaviors that make up the job

32
Q

what are two methods of job evaluation

A

ranking/paired comparisons and classification/grading

33
Q

a job description serves several purposes what are these

A

providing guaindce in the selection and recruitment process

34
Q

what are the four main methods of conducting job analysis

A

interviews, observation, questionnaires, and functional job analysis

35
Q

Must you go through the pay equity process in ontario

A

not if your firm has no female job classes

36
Q

what practices can be used to ahieve job equity

A
  • all positions in a job class will receive adjustments in dollar terms
  • each female job class met receive a yearly adjustment until pay equity is achieved
  • inequitable female job classes with the lowest job rate must receive a greater adjustment
37
Q

what is the term generally used to describe employees who are below the pay ranges for their jobs

A

green-circled

38
Q

What kind of questions would a job evaluation process address

A
  • who conducts the job evaluations
  • what appeal mechanisms are to be established
  • how should the job evaluation results be applied
39
Q

which term is used to describe key characteristics of jobs that are valued by organizations and differentiate jobs from one another

A

compensable factors

40
Q

what is not a valid reason to re-evaluate jobs

A

a new performance system is implemented

41
Q

what job evaluation method has historically been popular with government civil service organizations

A

classification/grading

42
Q

what job evaluation method is intended mainly for management and executive jobs

A

Hay Plan

43
Q

what do job specifications focus on

A

employee qualifications

44
Q

one of the shortcomings associated with job analysis in dynamic work environments is the potential for obsolete data to be used for a variety of human resource decisions. what proactive steps would you recommend to an organization facing this issue

A

update job descriptions systematically

45
Q

which job evaluation method is like sorting books among a series of carefully labelled shelves in a bookcase

A

classification

46
Q

Carlos decides to use a time and motion study to gather information about a particular job. what kind of job analysis method is Carlos using

A

observations

47
Q

which evaluation method uses questionnaires to capture time spent on certain actives and the importance of those actives to the successful completion of the job

A

statistical/policy capturing

48
Q

which process is looked upon as the process of gathering data and information about the characteristics required for specific jobs

A

job analysis

49
Q

Joel who was above the pay range was forced to take a substantial pay cut. he has decided to challenge his employers in the courts. what will he likely claim

A

constructive dismissal

50
Q

XYZ. Inc uses a group of judges to examine its job descriptions and determine the value of these jobs to the organization. what job evaluation method is xyz inc. using

A

ranking method

51
Q

which job analysis method is used for organizations that are being created or when new jobs are introduced?

A

functional job analysis

52
Q

because your company is newly created, you do not have any job descriptions. which method of job analysis will you need to use?

A

functional

53
Q

which process is used to determine the relative importance of the employees job to the organization and the placing of those jobs in the same hierarchy level

A

job evaluation

54
Q

what are the two methods for deriving factor weightings

A

statistical analysis and expert judgement

55
Q

what does reliability of the job evaluation system mean

A

that the system will produce the same results even if different evaluators are used.

56
Q

what does the final step in developing a job evaluation system using a point method require

A

that the job hierarchy scheme meet certain criteria, including validity and market fit.

57
Q

do job evaluations help to establish internal equity

A

yes

58
Q

T or F? the primary drawback associated with using the point method of job evaluation is that it provides an illusion of a scientific process when in fact the method relies significantly on the judgement of evaluators in selecting appropriate weights

A

true

59
Q

true or false? one possible solution to excessive pay scare overlaps is to ensure that the maximum pay in a lower scale is less than the midpoint of the next higher pay scale.

A

true

60
Q

in calibrating job evaluation results with the market, we select “key” organizational jobs for market comparisons. what are these “key” jobs called

A

benchmark jobs

61
Q

what is a negative consequence of clustering jobs into pay grades

A

there may be pressure to reclassify borderline jobs or to promote people to get more money

62
Q

what does the market line determine

A

the relationship of job evaluation results to market pay rates

63
Q

after plotting a regression (market line), you determine that the slope is very steep. what possible conclusion can you make from observing the slope of the regression line

A

there is not sufficient spread in job evaluation points between low-value and high-value jobs

64
Q

what does the correlation coefficient of the market pay line tell you

A

“goodness of fit” between the job evaluation points and market pay

65
Q

under the point method scheme of job evaluation, what is the main characteristic that distinguishes one job from another thereby making a job more valuable to an organization.

A

point score of the jobs

66
Q

the textbook identifies four possible pitfalls associated with the point method of job evaluation. which category of pitfalls would include a situation whereby the factor is poorly defined, creating a situation in which the evaluator is not clear what the factor is designed to pick up?

A

inconsistent construct

67
Q

what does a -1 (negative one) correlation coefficient mean?

A

there is an inverse relationship between job evaluation points score and pay levels

68
Q

which practice is a threat to the integrity of the job evaluation system?

A

excessive overlaps between pay ranges

69
Q

after reviewing pay ranges for your organization, you realize a significant number of pay ranges do not overlap or do not connect. for example the maximum of the pay range for pay grade number 2 is $50,000 and the minimum range for pay grade number 3 is $60,000 . what is a potential root cause of this issue?

A

ranges are too narrow and/or there are not enough pay grades

70
Q

how is the comps-ratio calculated

A

by taking the average pay of all employees holding a particular job title and then dividing this by the midpoint of the pay range for that job.

Compensation (2 decks)

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