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Mang 330 > Quiz 4 > Flashcards

Quiz 4 Flashcards

1
Q

internal vs. external equity

A

will pay be fair within the company or fair compared to other employers

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2
Q

fixed vs. variable pay

A

will pay be paid through base salaries or fluctuate depending on various criteria

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3
Q

job vs. individual pay

A

will pay be based on particular job or overall skill & knowledge employee brings

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4
Q

egalitarianism vs. elitism

A

egalitarianism - place most employees under same compensation system
elitism - establish different plans by organization level or group

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5
Q

below-market vs. above-market

A

will pay be at, above or below market levels

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6
Q

monetary vs. nonmonetary awards

A

will compensation plan use monetary or nonmonetary rewards to motivate employees

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7
Q

open vs. secret pay

A

will employees have access to information about other worker’s compensations or will this info be withheld

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8
Q

centralization vs. decentralization of pay decisions

A

will compensation be decided in controlled central location or delegated to managers

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9
Q

job based compensation plans

A

achieving internal, external, and individual equity

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10
Q

achieving internal equity

A

job evaluation - provides importance of each job to the firm

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11
Q

achieving external equity

A

identify benchmark jobs & check salaries

establish pay policy (lead, lag, or market rate)

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12
Q

achieving individual equity

A

individual assigned pay within a range

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13
Q

within-pay-range positioning criteria

A

previous experience
seniority
performance appraisal ratings

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14
Q

skill based compensation plans

A

skill mastery increases pay, based on 3 types of skills; workforce is more flexible but training costs are higher

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15
Q

3 types of skills

A

depth - specialized area
breadth - jobs/tasks in firm
vertical - self-management

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16
Q

fair labor standards act

A

exempt/non-exempt employees, minimum wage and overtime

17
Q

equal pay act

A

male and female employees must be paid the same for jobs of comparable worth, with some exemptions (seniority, job performance, etc)

18
Q

what should a compensation system design do?

A

enable the firm to achieve strategic objectives and be molded to unique characteristics of firm

19
Q

what is pay-for-performance?

A

incentive system that rewards individuals and groups based on their contributions

20
Q

p-f-p challenges

A 
"do only what you get paid for" syndrome
unethical behavior
competition
measuring performance is difficult
high stress
21
Q

advantages of individual-based p-f-p plans

A

performance rewarded is likely to be repeated
helps shape goals
individual equity
individualistic culture in U.S.

22
Q

disadvantages of individual-based p-f-p plans

A

can promote single-mindedness
goals not given priority
inflexibility

23
Q

advantages of team-based p-f-p plans

A

foster group cohesiveness

easier to asses team performance

24
Q

disadvantages of team-based p-f-p plans

A

free-riders
social pressures to limit performance
intergroup competition

25
Q

why would an employer want to reward excellent customer service?

A

to retain customers and encourage employees to provide better service

26
Q

employee benefits

A

group membership rewards that protect employees and their families from risks that could jeopardize health & financial security

27
Q

co-pay

A

small payment employees pay for each visit to a physician, health plan covers the rest

28
Q

deductible

A

annual out-of-pocket expenditure that employee must make before insurance makes any reimbursements

29
Q

what are the legally required benefits?

A 
health insurance
social security
worker's compensation
unemployment insurance
family & medical leave
30
Q

benefits of social security

A

disability insurance
retirement income
medicare
survivor benefits

31
Q

unemployment insurance

A

has to be actively seeking work and have left job involuntarily for former employer to provide supplemental unemployment benefits

32
Q

worker’s compensation

A

if an employee is injured on the job and unable to work they are compensated for their time lost at work

33
Q

FMLA

A

up to 12 weeks unpaid leave for birth, adoption, to care for a sick relative, or if employee becomes seriously ill

34
Q

voluntary types of benefits

A

retirement
insurance
paid time off
employee services

35
Q

COBRA of 1985

A

allows employees to continue health insurance after their employment has terminated

36
Q

HIPAA

A

employee may transfer between health insurance plans without a gap in coverage if they have a preexisting condition

37
Q

types of health insurance

A

traditional, health maintenance organizations (HMO), preferred provider organizations (PPO)

38
Q

3 parts of compensation

A

benefits, salary, incentives

Mang 330 (5 decks)

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