Exam 1: Strategic Compensation: A Component of Human Resource Systems

________ pay systems reward employees with base pay raises according to their length of service on the job.

What is merit pay? Explain the role of performance appraisals in merit pay programs.

These compensation systems go a long way in attracting and retaining the most qualified employees,and are based upon market surveys and compensation surveys.

Which of the following would be an example of a non-monetary reward?

What is a systematic process for gathering,documenting,and analyzing information in order to describe jobs?

These ordered sets of jobs make it easy for compensation managers to give a clear relative value for all jobs within a company.

Which of these actions would HR seek to encourage in attempting to create a lowest-cost competitive strategy?

What represents the pay rate differences for jobs and employee contributions of unequal worth to a company?

Strategic management involves distinguishing between ________ and ________ in attempting to achieve company goals,thus making strategic management an inexact process.

What strategy describes the use of benefit and compensation packages in order to support both HR and competitive strategies?

A company's ability to sustain market share and profitability for several years running is referred to by what term?

These describe the terms of employment that are set between management and union bargaining representatives.

A company using this competitive strategy seeks to offer a product or service that is completely unique from other competitors in their market segment.

This allows business professionals to determine where they currently stand in the market based on both the external market context and internal factors.

What do compensation managers use to recognize differences in the relative net worth of jobs and to establish pay differentials based upon management priorities?

Which of the following are stakeholders within a company?

These are positive employer gestures that beyond what was required by law,created in part to thwart potential union activity.

Jason works at a call center for an insurance company and he has been answering calls regarding auto insurance.Recently,he started to attend a training program about home insurance.Upon successful completion of this training program,Jason will be able to handle home insurance questions and queries as well.If this insurance company has a compensation policy that rewards Jason's completion of this training,then what type of pay system does it employ?

Employment ________ occurs when an employee's agreement to perform work is ended,be it voluntarily or involuntarily.

Which of these is a company sponsored program that provides income to workers throughout their retirement?