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SHRM > HR Expertise: People > Flashcards

HR Expertise: People Flashcards

1
Q

Three main factors of project management

A
  • Cost of the project – the total amount of money spent on the project including raw materials, supplies, human capital, and other expenditures.
  • Time spent on the project – total amount of time spent by employees to complete the project tasks
  • Scope of the project – refers to the requirements needed to complete the project in an appropriate fashion.
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2
Q

Lean Six Sigma

A

Project management method for increasing speed and improving efficiency while solving problems, minimizing costs, and maximizing profits.

Most often used in manufacturing

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3
Q

Lean Six Sigma: activities identified as waste (8)

A
  1. Defects
  2. Overproduction
  3. Waiting
  4. Non-utilized talent
  5. Transportation
  6. Inventory
  7. Motion
  8. Extra processing
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4
Q

Lean Six Sigma: Five Basic Phases

A
  1. Identify general problems with efficiency (production line speed has decreased after a change to the product)
  2. Map and measure current steps in a given process to gather data (carefully observe the production line, and note how the people and equipment perform)
  3. Analyze the data and identify specific issue(s) (Conclude that a better conveyor belt is needed to move the heavier product faster)
  4. Improve and standardize processes to solve the issue(s). (Purchase and install the new conveyor belt)
  5. Implement controls and procedures to maintain results (document the conveyor belt purchased so that it can be easily reordered as necessary).
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5
Q

Agile

A

a software development methodology that is known for developing code in small chunks in a collaborative, team-oriented environment.

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6
Q

Critical Chain

A

A form of project management that reduces the likelihood of the project’s completion being delayed.

Project is scheduled backward with buffer time added.

This form of project management is also known for identifying and mitigating bottlenecks, which helps expedite project completion

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7
Q

Five phases of project management

A
  1. Initiating - grouped activities that define the charter, team, working rules, new phases, and project authorization
  2. Planning - activities that create the project scope, objectives, and project work breakdown and schedule
  3. Executing - activities that perform the planned work in the project
  4. Monitoring - processes that oversee the use of time, resources, quality, and change management.
  5. Closing - processes used to complete phases or the project itself.
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8
Q

Systems thinking

A

the discipline of seeing things as interrelated instead of looking at each in isolation

Opposite of linear thinking

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9
Q

Input-process-output (IPO) model

A

involves putting information or resources into a process to achieve a result.

Example:
- Input: collecting resumes
- Process: screening them
- Output: scheduling interviews

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10
Q

Gantt Chart

A

Date and time0based bar chart, frequently used in project management

Structure:
- Date across the top
- Task along the side
- Bar = anticipated time for completing each task
- Diamonds = milestones

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11
Q

Critical Path analysis

A

project management scheduling and planning tool that allows project managers to track project goals and make sure course corrections as needed.

Shows project managers and stakeholders the minimum amount of time required to finish a project.

Pinpoints:
- Which tasks must be finished on schedule for the project to meet its overall deadline.

  • Which tasks can be deferred to catch up on the more critical tasks
  • Which tasks are sequential (need to be completed in a certain order)
  • Which tasks are parallel (can be done at any point or after a certain milestone has been met).

Illustrated using:
- Circles – events in the project
- Arrows – actions and time required to finish tasks

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12
Q

Project Evaluation and Review Technique (PERT)

A

Method used to determine how much time is required to complete a specific project.

Breaks larger projects into smaller tasks and organizes smaller tasks into a chart.

Type of CPA

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13
Q

Work Breakdown Structure (WBS)

A

Method for breaking a project down into a series of separate smaller tasks.

Based on the 100% rule

Usually depicted in a tree chart

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14
Q

Mission Statement

A

Intended to define only the broad mission an organization is attempting to carry out on a daily basis.

A declaration of the reason an organization exists.

Determines standards, values, strategies, and other organizational aspects.

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15
Q

Vision Statement

A

Intended to define the specific goals an organization hopes to achieve in the future.

Declaration of the goals the organization wishes to achieve at some future point.

Important in designing and implementing the strategies necessary to meet those goals.

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16
Q

Strategies identified by Michael Porter to maintain a competitive edge (3)

A
  1. Cost leadership
  2. Differentiation
  3. Focus
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17
Q

Cost leadership

A

Michael Porter strategy to maintain a competitive edge

Being the low-cost manufacturer or servicer

(Southwest Airlines, Walmart)

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18
Q

Differentiation

A

Michael Porter strategy to maintain a competitive edge

Having a unique service or product in a large market

(Apple, Porsche)

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19
Q

Focus

A

Michael Porter strategy to maintain a competitive edge

Having a unique service or product in a niche market

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20
Q

Michael Porter’s Five Forces Model of Competition

A
  1. Suppliers
  2. Buyers
  3. Rival firms
  4. Substitute products
  5. Potential entrants
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21
Q

Michael Porter’s Five Forces Model of Competition: Suppliers

A

organizations depend on the availability of suppliers to provide materials

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22
Q

Michael Porter’s Five Forces Model of Competition: Buyers

A

buyers can be powerful if they purchase large quantities of a firm’s goods, are one of the firm’s few potential customers, or have the ability to buy the firm.

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23
Q

Michael Porter’s Five Forces Model of Competition: rival firms

A

competition is stimulated when one more companies identify an opportunity to improve market position or a need to differentiate against mutually competitive pressure

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24
Q

Michael Porter’s Five Forces Model of Competition: substitute products

A

organizations compete against other businesses that sell similar, substitute products or services, which places a limit on the process organizations can charge.

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25
Q

Michael Porter’s Five Forces Model of Competition: potential entrants

A

new entrants can threaten existing companies by providing additional production capacity and shifting the market supply, resulting in less demand and price cuts.

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26
Q

6 steps in a SWOT Analysis

A
  1. Define the organization’s mission and objectives
  2. Analyze the external environment for prospective opportunities or threats
  3. Analyze the organization’s resources for internal strengths or weaknesses
  4. Combine both the external and internal analysis and formulate a stable strategy
  5. Establish trust in leadership and encourage involvement from all levels of the organization to implement the new strategy
  6. Evaluate and monitor organizational results to preserve the competitive advantage
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27
Q

PESTLE Analysis

A

Political – changes made by the government can affect a business in the form of tariffs, tax policy, and fiscal policy

Economic – changes to inflation, interest rates, and foreign exchange rates

Social – cultural trends affect consumer purchases

Technological – technology used in a business

Legal – external laws and internal policies

Environmental – climate, weather, and geographic location

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28
Q

Industry Analysis

A

A process in which a company figures out how it ranks among its competitors so that it can find a way to differentiate to gain a competitive advantage.

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29
Q

Scenario Planning

A

Makes assumptions about what the future will look like, anticipates how the future will affect the company, and creates a strategic plan to address that impact.

Subjective

Not meant to be a stand-alone strategic planning method

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30
Q

Scenario Planning process

A
  1. Forecast upcoming major societal, political, economic, and technological shifts
  2. Choose two of the most pertinent driving forces to work with
  3. Create a conceivable range of potential situations it may face based on the selected driving forces
  4. Assess potential impacts of those situations and create a new business strategy that accounts for them.
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31
Q

Growth-Share Matrix

A

Long-term planning tool used to evaluate a company’s products/services to determine if the company should continue investing in them.

Graph:
- X axis: market share
- Y axis: market growth

Four quadrants:
- Stars: Top left, high market share/high growth
- Question marks: top right, low market share/high growth
- Dogs: lower right, low market share/low growth
- Cash cows: lower left, high market share/low growth

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32
Q

Five Strategic Planning Analysis Frameworks

A
  1. SWOT Analysis
  2. PESTLE Analysis
  3. Industry Analysis
  4. Scenario Planning
  5. Growth-Share Matrix
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33
Q

Three main products of a job analysis

A
  1. Job competencies
  2. Job specifications
  3. Job description
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34
Q

Job competencies

A

A detailed list of all broad skills and traits (such as leadership ability) needed for a particular position.

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35
Q

Job specifications

A

Are details descriptions of all specific qualifications (such as experience or education) an individual must have to perform the role.

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36
Q

Job description

A

Detailed written breakdown of all tasks that a worker in that role must complete as the job competencies and job specifications required to be qualified for that role.

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37
Q

Fair Credit Reporting Act

A

Requires that employers not only notify applicants that they administer background checks, but applicants must also sign a written release consenting that the employer may receive their personal information. Applicants must also have the opportunity to contest or explain adverse results before officially being turned down for employment.

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38
Q

Elements of an Offer Letter

A

Invitation of employment to candidate

No legal commitment

Includes:
 Start date
 Position title
 Position duties
 Whom to report to
 Work location
 Hours
 Salary
 Benefits or waiting periods
 At-will employment statement – disclaimer of indefinite period of employment subject to termination with or without cause

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39
Q

Elements of a Written Employment Contract

A

Legally binding – will include legal language to determine the length and terms of employment

Usually specified a start/end date
 Sometimes there could be a shorter time period so both the employer and the employee could determine fit

Restrictive covenants – protect the employer
 E.g. non-compete or non-solicitation agreements

Severance Agreements

Dispute resolutions

Change of Control

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40
Q

Two basic principles of selection

A

Past behaviors

Reliable & valid data

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41
Q

Two types of pre-employment tests

A

aptitude test

In-box test

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42
Q

Aptitude Test

A

An examination designed to determine if an individual has the basic knowledge to perform the tasks associated with a particular position.

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43
Q

In-Box Test (In-Basket Test)

A

The individual must determine the appropriate way to handle particular problems.

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44
Q

Assessment Center

A

A standardized system of tests designed to gauge candidates’ knowledge, skills, abilities, and behaviors in relation to the position for which they are being considered.

May include:
o Interviews
o Psychological tests
o Simulations of scenarios typical to the role

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45
Q

Three main types of validity

A

construct, content, criterion

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46
Q

Construct Validity

A

Assesses the specific traits shown to indicate success for a particular position. It must test for specific characteristics shown to be indicators of job performance.

Is the test measuring what it claims to test?

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47
Q

Content Validity

A

Assesses the skills and knowledge necessary to perform the tasks associated with a particular position.

Relates to the questions. How do the questions help to create the construct?

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48
Q

Criterion Validity

A

Used to predict how an individual will behave in the workplace based on written or verbal test scores

Two types:

  1. Concurrent validity – indicates that the individual currently possesses the desired trait or will behave in the desired fashion.
    * E.g. a test might be considered valid if test scores indicate the individual remains calm in stressful situations, as indicated by a stressful situation the organization places the individual into at the time of the test.
  2. Predictive validity – indicates that the individual will possess the desired trait or will behave in the desired fashion at some point in the future.
49
Q

Time to fill

A

Total days elapsed since job posted / number of hires

50
Q

Cost per hire

A

(External costs + Internal costs) / Number of hires

51
Q

Types of Organizational Culture (5)

A
  1. Authoritarian
  2. Mechanistic
  3. Participative
  4. Learning
  5. High Performance
52
Q

Authoritarian Org Culture

A

Extremely focused on efficiency and productivity.
* Employees product out of fear or anticipation of rewards
* Characterized by micromanagement
* Can be appropriate during times of uncertainty (when one strong leader takes the helm and makes all of the decisions)
* Can result in low morale as employees have zero input, autonomy, or ability to be creative

53
Q

Mechanistic Org Culture

A

Characterized by organization, specialization, and strong guidance from leadership.
* Focused on productivity (well-oiled machine)
* Decision making can be bogged down by an overly bureaucratic structure
* Can result in low morale - does not foster collaboration or creativity

54
Q

Participative Org Culture

A

Features open communication and shared power.
* Democratic decision-making (employees may have the opportunity to voice opinions, give input, or take ownership of decisions completely).
* Characterized by training, collaboration, empathy, and empowerment
* Morale may be high
* Could be hard to get anything accomplished quickly

55
Q

Learning Org Culture

A

Aims to use knowledge, abilities, and innovation to adapt to an ever-changing business environment.
* Characterized by creativity, initiative, experimentation, and collaboration
* Lots of resources for training and development
* Failure is not feared
* Encourages employees to solve problems and improve workflows whenever they see an opportunity to do so.

56
Q

High Performance Org Culture

A

Promotes goal achievement by setting clear objectives, clearly spelling out employee responsibilities, encouraging continuous development, and fostering trust.
* Characterized by innovation, collaboration, communication, leadership support, and accountability
* Promotes employee wellness so that workers can continue to operate at their best.

57
Q

Four key elements of an organizational culture

A
  1. Norms – not always defined or obvious but often inferred by specific situations (e.g. punctuality and professionalism)
  2. Values – Collective beliefs, ideals, and feelings of the members of an organization construct
  3. Artifacts – tangible traits that portray core beliefs such as behaviors, language, and symbols
  4. Assumptions – reveal the basis of how people think.
58
Q

Six steps to modifying organizational culture

A
  1. Conduct a culture audit by performing interviews to identify current values and beliefs.
  2. Assess the need for change by evaluating whether the current culture is appropriate for the company’s size and mission. Determine whether it solves or creates problems for the firm.
  3. Unfreeze the current culture. This often happens during times of extreme events, such as the loss of a partner, a merger, or the announcement of drastic operational or technological changes. Modifications to the culture are often most successful when the need is well communicated, and organizational members believe the changes are important.
  4. Encourage support from the leadership team; they establish the code of conduct and are the culture elite of an organization
  5. Implement an intervention strategy that might include frequent communications, revised training policies, revised rewards programs, restructuring or defining new roles, team-building and involvement activities, or even announcing a new slogan or mission statement.
  6. Monitor and evaluate the transitional change process over an extended period of time.
59
Q

Retention Rate

A

(number of employees who were employed for entire measurement period / number of the employees at start of measurement period) x 100

60
Q

Turnover Rate

A

(number of employees who left during the measurement period / average number of employees during the measurement period) x 100

61
Q

Equity theory

A

Individuals tend to feel satisfied and report fair conditions when they perceive a state of equity.

62
Q

Six methods that individuals may utilize to reduce inequality

A
  1. Altering inputs, such as time effort, hard work, loyalty, commitment, and trust
  2. Altering outcomes, such as salary, benefits, recognition, and achievement
  3. Cognitively manipulating inputs or outcomes by rationalizing or self-justification
  4. Distorting the inputs or outcomes of others
  5. Changing objects of comparison
  6. Leaving the field
63
Q

Job Enrichment

A

Involves redesigning roles so that they have more meaning, are less monotonous, and are more challenging to employees. It provides employees with greater opportunity for autonomy, responsibility, recognition, achievement, and advancement.

Makes current responsibilities more interesting.

64
Q

Job Enlargement

A

Adding more duties to the role that are at the same level of difficulty as the employee’s current tasks.

65
Q

Four main organizational goals of performance appraisals

A
  1. Guide human resource decisions – performance data is required for supporting and justifying promotion or termination decisions.
  2. Reward and motivate employees – pay rate, status, and recognition should be based on performance
  3. Promote personal development – performance feedback will help employees identify strengths and improve weaknesses.
  4. Identify training needs – a well-designed appraisal process establishes necessary skills and abilities for each role and identifies individuals, areas, or departments that could benefit from additional training.
66
Q

Four key elements to an employee’s performance appraisal

A
  1. Progress toward goals set at the last appraisal meeting
  2. Completion of normal job duties
  3. Organizational behaviors, such as cooperation, innovation, motivation, and attitude
  4. Any notable achievements
67
Q

Three performance appraisal methods

A
  • Self-Appraisals – Most beneficial when used for personal development and identifying training needs but less beneficial when they are used as a basis for the formal evaluation process.
  • Supervisor appraisals – typically required as at least one major component of the overall performance appraisal process.
  • 360 Degree Appraisal – considers feedback from everyone the employee interacts with (managers, peers, clients, and subordinates)
68
Q

Three ranking techniques of appraisal

A
  1. Straight ranking – involves listing all employees in order with number one being the best, number two being second best, etc.
  2. Alternate ranking – entails choosing the best and worst from a list of all employees, removing these names from the list, and repeating until there are no names left.
  3. Paired comparison – consists of evaluating only two employees at a time, deciding which is better, and continuing until each employee has been paired against every other employee.
69
Q

Forced ranking

A

uses a bell curve in which the majority of employees will receive an average score and a small group will receive extremely high or extremely low performance scores.

70
Q

Two rating techniques of appraisal

A
  • Checklist method – series of statements describing a certain level of performance. The performance evaluator can then check a box next to the statement that best describes the individual’s performance in each performance area.
  • Rating method – rates an individual’s performance on a point scale with lower numbers representing poor performance and higher numbers representing superior performance.
71
Q

Three behaviorally based techniques of appraisal

A
  1. Management by objectives
  2. Behaviorally Anchored Rating Scales (BARS)
  3. Behavior observation scales
72
Q

Management by objectives

A

Behaviorally based technique of appraisal

Proactive rather than reactive. Focuses on predicting and shaping the future of the company, accomplishing results rather than simply following directions, improving competence and effectiveness, as well as increasing participation and engagement of employees.

73
Q

Behaviorally Anchored Rating Scales (BARS)

A

Behaviorally based technique of appraisal

Assign numerical values to performance based upon a given range, for example, five-star systems or scales from 1-10. The BARS method analyzes the job description and identifies the tasks that must be performed for the organization to function effectively. Once the tasks are identified, a determination is made about the specific way the individual should behave to perform each task. A series of statements that are ranked is then designed that describe how effectively the individual performed. Performance appraisers can then choose the statement that best describes the employee’s behavior. The key benefits of behaviorally anchored rating systems are that they create agreement by being less subjective and more based upon observations, whereas characteristics are more carefully considered.

74
Q

Behavior observation scales

A

Behaviorally based technique of appraisal

Similar to BARS but with greater focus on frequency of behavior than on quality of performance (e.g. a sliding scale of always, sometimes, and never)

75
Q

Three narrative techniques of appraisal

A
  1. Critical incident method – documents each performance problem related to an employee occurring during a set period so the evaluator can discuss problems with the employee at the end.
  2. Essay method – requires performance evaluators to write a short essay about each employee describing the employee’s performance during the performance period.
  3. Field review method – a method in which an individual other than the employee’s direct supervisor or manager performs the appraisal and write down a series of assessments and observations about that particular employee’s performance
76
Q

Peter Senge – Five disciplines essential to a learning organization

A
  1. Personal mastery – the discipline of having an area of expertise and the ability to increase their knowledge in that area
  2. Mental models – all the assumptions and beliefs affecting perception and acts based on those perceptions
  3. Shared vision – the discipline of creating a culture that encourages employees to work toward a common goal.
  4. Team learning – refers to the idea that a team must be able to openly exchange ideas and put in as much effort as possible to achieve its goals.
  5. Systems thinking – the discipline of seeing problems as parts of broader systems instead of looking at each problem in isolation.
77
Q

Coaching vs Mentoring

A

Coaching in business is a method of training in which an experienced individual provides an employee with advice to encourage his or her best possible performance and career. Typically used in performance management, can be used in a number of different ways (e.g. preparing for new assignments, improve behavior, conquer obstacles, and adapt to change).

Mentoring is a career development method in which a new or less experienced employee is paired with an experienced leader for guidance.

78
Q

Four stages of career development (professional)

A
  1. Intern – individuals who are continuing learning under the supervision of experienced professionals
  2. Independent contributors – autonomous workers whose success is based upon how well they take initiative, meet objectives, and exceed expectations.
  3. Mentors – have displayed their ability to perform, supervise, and coach others.
  4. Sponsors – make strategic decision while providing organizational guidance, influence, and accountability.
79
Q

Four stages of career development (trade)

A
  1. Exploration – describes individuals who are just beginning their careers, often between the ages of 15-24, who are still working on trade programs or courses and who may be prone to frequently changing positions while trying to explore interests and abilities against job demands.
  2. Establishment – individuals (often 25-44) who are striving to create a more stable position within their chosen occupation to establish work and build a reputation.
  3. Maintenance – individuals (often 45-64) who are concerned with job security and survival
  4. Decline – older than 65, entering retirement
80
Q

Four Employee Development Methods

A
  1. Literacy Training – basic education programs offered by companies such as a ESL training
  2. Competency Training – teaching skills, abilities, and behaviors essential for executing responsibilities effectively and successful performance
  3. Mentoring – when a more experienced individual teaches valuable job skills and provides encouragement or emotional support
  4. Attitude change – group communications through lectures, video presentations, or similar methods to accomplish increased customer service, diversity training, ethical behavior, or harassment training.
81
Q

On-the-job learning techniques (6)

A
  1. Job-instruction training
  2. E-Learning
  3. Apprenticeships
  4. Internships
  5. Job rotation and cross training
  6. Coaching and counseling
82
Q

Off-the-job training methods (4)

A
  1. Independent study
  2. Corporate universities
  3. Vestibule training (similar to on-the-job training but occurs in a separate training area identical to the actual production area)
  4. Lecture
83
Q

ADDIE Model of Training

A

Analysis – gather data and identify problems, needs, or discrepancies between current capacities and desired performance.

Design – determine learning objectives and goals, decide course content or exercises, and plan delivery methods.

Development – create training materials or purchase materials, and modify them to meet objectives.

Implementation – deliver the training program tools to the target audience and observe changes.

Evaluation – compare training program results of knowledge and behavior to the course objectives.

84
Q

Kirkpatrick’s Four-Level Learning Evaluation Model

A

Reaction: measures how people react to the training, often a survey upon completion that asks for feedback or satisfaction levels on the subject, the material, the instructor, and so on.

Learning: measures what objectives people have learned from the training program

Behavior: measures how far the performance or behavior of people that received the training has changed and observes how they apply what has been learned to their environment.

Results: analyzes noticeable effects of training, such as changes in production, efficiency, and quality.

85
Q

Training vs. Education

A

Training – can be described as the more narrow acquisition of specific knowledge or skills. Most training programs try to teach students how to perform a particular activity for a specific job.

Education – is broader and attempts to provide students with general knowledge that may be applied to a variety of settings.

86
Q

Explicit vs. tacit knowledge

A

Explicit knowledge: can be formalized, communicated, or found in job specifications and manuals.

Tacit knowledge: is personal, based upon past experience, and is more difficult to explain to others.

87
Q

Five principles of learning

A
  1. Stimulus – should be easily perceived and meaningfully organized in a local or systematic way
  2. Response – providing students with opportunities for practice and repetition
  3. Motivation – reinforcements to facilitate extrinsic rewards, intrinsic satisfaction, and active participation
  4. Feedback – performance feedback is necessary for learning, change, and knowledge of results
  5. Transfer – occurs when students can apply the knowledge and skills learned to their jobs
88
Q

Bloom’s Taxonomy of Learning

A

Reflected as a pyramid containing six domain levels.

  1. Knowledge forms the base of the pyramid and is the stage in which learners can recall previously learned facts.
  2. Comprehension – where they are able to grasp the meaning of the material.
  3. Application – learners can apply information to solve problems in new situations.
  4. Analysis – learners are capable of understanding the context and structure of the material.
  5. Synthesis – learners are capable of drawing from existing knowledge or sources and processing to form conclusions.
  6. Evaluation – learners are capable of judging the value of materials.
89
Q

Malcolm Knowles’s Assumptions of Adult Learners (5)

A
  1. Motivation – learners are internally motivated to learn by understanding why they need to learn
  2. Self-Concept – learners want to direct their own learning
  3. Adult experience – learners want to apply what they already know as they learn and use their experience to help others learn
  4. Readiness – learners are willing to learn if what they learn will help them in some way
  5. Orientation – learners learn so they can apply knowledge to current rather than future problems
90
Q

Malcolm Knowles’s Assumptions of Child Learners (5)

A
  1. Motivation – they are externally motivated to learn due to other’s expectations
  2. Self-Concept – they want teachers, parents, and so on to guide their learning
  3. Child’s experience – they learn more effectively by being taught because they do not have enough knowledge yet to apply it
  4. Readiness – they are willing to learn because society tells them to learn
  5. Orientation – they learn to be able to apply the information in the future
91
Q

Two types of compensation

A

Monetary compensation – any tangible reward provided as payment for work
 Includes salary, wages, paid sick days, paid vacation time, retirement plans, and stock options.

Nonmonetary compensation – and tangible reward provided to encourage an individual to perform work
 Including better assignments, employee-of-the-month awards, flexible scheduling, and special privileges.

92
Q

Two compensation philosophies

A

Entitlement philosophy – issues rewards based on the length of time a particular employee has been with the organization (seniority)

Performance-based philosophy – issues rewards for good performance

93
Q

Four factors to consider when developing a total rewards strategy

A

Competitive environment – the effect competition has on the ability to allocate resources to the total rewards program.

Economic environment – the effect the economy has on the cost of labor.

Labor market – the availability of skilled employees

Legal environment – taxes and regulations

94
Q

Two types of pay structures

A

Pay levels (or bands) – roles are broken out based upon job duty and skill level and placed within a certain range of pay based on their value to the organization.
 Important to recognize whether the company tends to lead, lag, or match current market rates.

Broadbanding - a type of pay structure design in which an organization creates a small number of broadly defined pay grades into which all jobs are separated (e.g. general staff, management, and executives).
 Organizations usually choose to use a broadbanding approach to encourage teamwork and eliminate problems arising from perceived differences in status between different pay grades. The focus is on performance rather than activities related to achieving promotions.

95
Q

Two types of job evaluation techniques

A
  1. Nonquantitative techniques (whole job methods) – used to evaluate the skills and abilities associated with a particular position and assign it a value based on whether it requires more or less skill than other jobs within the organization.
  2. Quantitative techniques (nontraditional techniques or factor-based techniques) – techniques of assigning a specific value to each factor in a series of compensable factors identified as important. The organization can then evaluate each position, determine how many compensable factors are required for the position, and can assign a value to the position by using a mathematical formula.
96
Q

Three nonquantitative job analysis techniques

A

Classification method – separates positions into categories based on tasks. Each category is then listed in order of its importance and assigned pay based on its importance.

Pricing method (slotting method) – assigns a value to a position equal to the value of a similar position or category that already exists.

Ranking method – ranks each position from lowest to highest based on how the skills and abilities required to perform the position compare with those associated with other positions.

97
Q

Two quantitative job analysis techniques

A

Factor comparison method – identifies a series of compensable factors and establishes a ranking system to measure how much of a particular compensable factor, such as education, is required for a particular position. Each factor ranking is assigned a specific dollar value, and the value of the position is determined by adding the total dollar value for the rank of each factor required for the position.

Point factor method – assigns a point value to each factor instead of a dollar value, and the pay for the position is determined by comparing the total amount of points to a chart.

98
Q

Wage compression

A

occurs when an employee is hired at the same or higher wage than existing employees with more experience already in that position. It can also occur when line level employees earn close to what management earns.

99
Q

Compa-ratio

A

mathematical formula used to compare a specific employee’s pay with the pay at the middle of the pay range.

Base salary / midpoint salary = compa-ratio.

100
Q

Piece rates

A

calculate the amount of compensation an employee receives for conducting a specified unit of work.

101
Q

Blended hourly rate

A

when a worker makes different pieces at different rates and overtime pay needs to be calculated. Add the earnings from one piece to the earnings of the other piece and divide by the number of hours worked to find their “base hourly pay” and calculate overtime accordingly.

102
Q

Deferred compensation

A

any compensation that is paid out at a specified future date or during retirement

E.g. nonqualifying pensions, retirement plan accounts, or employee stock option plans.

103
Q

Nonqualifying plans

A

Involve funds that are withheld and may be invested to be paid out at a later time for tax advantages and potential capital gains. Must adhere to the Employee Retirement Income Security Act and IRS limits.
 E.g. 401k, 403b, 503c, Individual Retirement Accounts (IRA) or Savings Incentive Match Plans for Employees (SIMPLE).

104
Q

Profit sharing plans

A

employees receive their regular pay and a share of the company’s profits

105
Q

Gainsharing plans

A

employees receive bonuses based upon improved productivity as opposed to profits.

106
Q

Three categories of gainsharing plans

A

Scanlon Plans – most popular in union environments and combine gainsharing with an employee recommendation system. These plans establish a standard ration of labor costs as a percentage of revenue.

Rucker Plans – employee gains are based upon production. These plans establish a ration of labor costs as a percentage of value added or the sales value of output minus the cost of materials.

Improshare Plans – broken down as improved productivity through sharing, provide bonuses to employees based on the amount of time saved.

107
Q

Employee Stock Ownership Plan (ESOP)

A

created by establishing a trust into which the business makes contributions of cash or stock that are tax deductible. Employees are then granted with the ability to purchase stock or allocate funds to individual employee accounts.

108
Q

Fee-for-service plans

A

allow employees to decide what services they need from any provider; fees are paid by both the employee and the employee’s benefits plan through deductibles and co-insurance.

109
Q

Preferred provider organization (PPO) plans

A

allow insurers to contract with providers of the employees choosing with lower fees and better coverage for providers within the organization; fees are paid by deductibles, co-insurance, and co-payments.

110
Q

Health maintenance organization (HMO) plans

A

emphasize preventative care through fixed costs regardless of the number of visits, but primary care physicians (PCPs) must refer others, and no other providers are covered; fees are paid by deductibles, co-insurance, and co-payments.

111
Q

Point of service (POS) plans

A

similar to PPO plans with certain elements of HMO plans (PCP referrals); fees are paid by deductibles, co-insurance, and co-payments.

112
Q

Consumer directed health plans

A

provide tax-favored accounts, such as an FSA or an HAS, to pay for medical expenses, and may allow employees to see any provider of their choosing. However, these plans carry high deductibles and may have low or no co-insurance after deductible is reached.

113
Q

Flexible Spending Account (FSA)

A

a special account in which an individual can put money in to pay for certain out-of-pocket, non-covered health care costs. FSA users don’t have to pay taxes on this money.

114
Q

Health Savings Account (HSA)

A

funds can be deposited by both the employee and employer. The funds added to this account are then used to pay medical expenses not covered by the high deductible health plan (HDHP), including the deductible.

115
Q

Cafeteria Plans

A

a defined employer plan providing participants the opportunity to receive certain benefits on a pretax basis. Qualified benefits might include the following:
 Medical healthcare coverage
 Dental coverage
 Dependent care
 Short-term disability
 Long-term disability
 Group-term life insurance and accidental death or dismemberment

116
Q

Compensation as a percentage of operating expense

A

total compensation / total operating expense x 100

117
Q

Benefits as a percentage of operating expense

A

total benefits cost / total operating expense x 100

118
Q

Employee burden

A

the total cost to employ someone, taking into consideration pay, benefits, and taxes

119
Q

Utilization review

A

an audit to ensure the accuracy of the healthcare provider’s billing

SHRM (18 decks)

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