Exam 7: Recognizing and Rewarding Employees

A plan that rewards team members with an incentive bonus when agreed upon performance standards are met or exceeded is known as team-based or group-based incentive.

What would be the most likely geographic scope for a wage and salary survey for highly specialized jobs?

Which system of job evaluation is being used when raters are simply arranging jobs in order from highest to lowest relative worth based on their overall knowledge of the jobs?

List the internal and external factors that affect the wage rates of employees.

One of the major advantages of job-based compensation systems is that they reward employees for their skills or the knowledge they possess.

Managers will group similar jobs into a pay grade in order to control payroll costs.

Scenario 7.1 All Season Fitness Ryan works for a small sports equipment and clothing retail store located in the southern interior of BC,All Season Fitness.He just learned that one of his coworkers,who works full time,started one year after he had started at the company is being paid 20% more than he is.He has worked for All Season Fitness for three years part-time while attending Okanagan College business program.Ryan's base pay is minimum wage.The owner of All Season Fitness compensation includes 90 % base pay and 10% individual commissions.The owner believes that rewards and recognition programs play a key role in retaining a good workforce particularly in the sports retail environment,where many of his employees make minimum wage.He provides his student employees flexible work hours and an annual school tuition scholarship of $1000. -Please refer to Scenario 7.1.Which of the following is an advantage experienced by All Season Fitness,resulting from their sales commission practices?

What does employee compensation refer to?

Studies have demonstrated that there is no link between an integrated approach to rewards and achieving strong business results.

Which plan helps employees provide support to parents and other aging relatives while remaining actively at work?

According to research,benefits are becoming more important when people are deciding to join or stay with a company.

What would an employer do to encourage an employee to accept a promotion to a job in a higher grade?

Based on productivity research,what amount of increase in employee output is expected following implementation of a pay-for-performance program?

The worth of a job is determined formally through the wage and salary survey.

What condition must exist for an incentive plan to work well?

A survey of wages paid by employers in an organization's relevant labour market is known as the wage and salary survey.

Compensation must be purposefully linked to the organization's mission and general business objectives.

Which plan helps employees keep up to date with advances in their occupational fields?

The point system of job evaluation is easy to establish and relatively simple to understand and use.

What is the name of the incentive plan in which both employees and the organization share the financial gains according to a predetermined formula that reflects improved productivity and profitability?