Exam 7: Total Rewards and Compensation

Which of the following is a major objective of the Fair Labor Standards Act?

The perceived fairness of the process and procedures used to make decisions about employees, including their pay, is called _______________.

In an organization with a performance-oriented philosophy, _______________.

Briefly outline the steps involved in developing a pay structure.

Explain what is meant by equity and how it is an important consideration in compensation.

In terms of procedural justice, the process of determining base pay, allocating pay increases, and measuring performance all must be seen as _______________.

Which type of compensation is linked directly to individual, team, or organizational performance?

The identification of benchmark jobs is often an important source to ensure the accuracy of market pricing.

The success of valuing jobs using marketing pricing rests, in part, on the ability to identify good matches with the employer's jobs.

The most important reason for giving pay as incentives is to_________.

_____________is the perceived fairness of the relation between what a person does and what the person receives.

_______________ is the amount needed for a family of four to be supported by one worker so that family income is above the officially identified poverty level.

A market line shows a relationship between job value as determined by job evaluation points and job value as determined by pay survey rates.

Explain how executive compensation differs from the compensation packages provided for other employees in the organization. Identify the major criticism regarding executive compensation in the United States today.

Benefits are indirect rewards given to an employee or a group of employees as a part of organizational membership.

Medical insurance, paid by the employer, is classified as _______________ compensation.

Which of the following is used to emphasize the long-term growth and success of the organization?

Organizations that have specifically stated policies about where they wish to be positioned in the labor market use a _______________.

Identify and differentiate the two major compensation philosophies.

For most organizations, which group must approve the executive compensation package?