Chat with AIExam 10: Compensation: An Overview
When conducting a wage survey,a minimum of __________ of the jobs should be matched with market data to ensure an equitable evaluation of the firm's compensation system.
(39) 
VerifiedB
Why was the Fair Labor Standards Act of 1938 passed?
(44) VerifiedThe FLSA was passed to try to counteract the abuses encountered by production workers who were working long hours for low pay.
Essentially three pay-level strategies can be chosen.Describe these strategies.
(41) VerifiedHigh-Pay Strategy- In this strategy,managers choose to pay at higher-than-average levels.The assumption behind this strategy is that you get what you pay for.These managers believe that paying higher wages and salaries will attract and hold the best employees,and that this is the most effective long-range policy.Organizations using this strategy are sometimes called pacesetters.The strategy may be influenced by pay criteria such as paying a living wage or paying on the basis of productivity.Low-Pay Strategy-At the opposite extreme is the low-pay strategy.In this case,the manager pays at the minimum level needed to hire enough employees.This strategy may be used because this is all the organization can pay-the ability to pay is restricted by other internal or external factors such as a limited labor budget or a forecasted decline in sales and profits.Comparable-Pay Strategy -The most frequently used strategy is to set the pay level at the going wage level.The wage criteria are comparable wages,perhaps modified by cost-of-living or purchasing power adjustments.For example,the Federal Pay Comparability Act of 1970 limits federal government compensation to the comparable wage paid in the private sector at the time.This going wage is determined from pay surveys.Thus,the policy of a manager following this strategy is to pay the current market rate in the community or industry,±5 percent or so.
Employers of _______________ must pay a cash wage of at least $2.13 per hour.
(40) The more competitive the situation,the more able an organization is to pay higher wages.
(37) What is the most negative aspect of the factor comparison method?
(46) The _______________ granted the president of the United States the authority to impose wage and price controls in times of national necessity.
(29) ________ developed a model based on equity theory to help explain dissatisfaction and satisfaction with pay.
(33) What if any issues are associated with the job ranking method of job evaluation?
(32) Identify five ways that an organization can acquire competitive salary information.
(37) Increasing payroll costs and global competition have caused managers in the U.S.to seek ways to increase productivity by linking compensation to employees' _______________.
(37) The FLSA forbids Individuals under the age of ___ from working in hazardous occupations.
(34) Instead of analyzing the full complexity of jobs by evaluating parts of jobs,the ________ has the evaluator rank-order whole jobs.
(34) All of the following are typical of the factors used for job evaluation except:
(39) The percentage increase in average weekly earnings in the U.S.is closely related to the percentage change in productivity plus the percentage change in _______________.
(29) The concept of _________ (sometimes called pay equity)attempts to prove that employers systematically discriminate by paying women less than their work is intrinsically worth,versus what they pay men who work in equally valuable positions-and to remedy this situation.
(31) The five universal job factors considered when applying the factor comparison method include all of the following except:
(47) Child labor laws forbid 16- and 17-year-olds from being employed in hazardous occupations.
(40) 
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