Exam 7: Building Market-Competitive Compensation Systems

These are tools used by employers to determine the pay levels needed to recruit highly qualified employees.

These are reference points against which jobs within the company are judged.

When using compensation survey data,statistical analyses are used to integrate this with the external market,in order to determine pay rates.

These are the two types of central tendency measures that are pertinent to compensation.

As of September 2010,U.S.companies spent approximately how much per employee for discretionary benefits?

The NCS provided incidence and extensive data on which two types of compensation benefits?

Market lag policies are generally set to which quartile in the salary survey?

In regression,what does it mean when the R2 = 1?

This term refers to the distance of each salary figure from the mean.

Jose Escobar conducts a survey of salaries at UB2 Enterprises and finds that 50% of the workers fall below the market pay average of $32,000.In which quartile do the workers at ERL Enterprises fall?

Elaborate on the link between a company's pay level policy and its strategic mandate.

The Consumer Price Index represents the average price changes for the price of goods and services in how many regions?

________ refers to a group of two or more jobs that are based on similar work characteristics,duties,and responsibilities.

What does Quartile 3 represent?

Explain market pay line.How is it used in the context of pay level policies such as market lead,market lag,and market match?

Compensation professionals in XYZ Company use regression analysis to determine the pay rates of its marketing professionals.There are 4 different marketing job titles in XYZ Company.Compensation professionals use job evaluation points assigned to each marketing job title and a salary survey data.In other words,they regress job evaluation points on the salary data.What does it mean when the R2 value of this regression turns out to be 0.85?

In the regression analysis formula,what does the X represent?

These are used as reference points for setting pay levels.

This term is defined as an in-depth examination of the external and internal environmental factors that are likely to have the greatest impact on the future of the company.

________ represent the fields of potentially qualified candidates for particular jobs.