Exam 1: A Road Map to Effective Compensation

Your company is experiencing high turnover and poor work quality.Exit interviews indicate that a large percentage of employees indicate boredom as the primary cause for quitting your company.Almost 100 percent were satisfied with their compensation packages.Which action may reduce your high turnover rate?

Which of the following would be an example of an extrinsic reward?

Which of the following statements most accurately describes extrinsic rewards?

Which of the following statements is supported by evidence in the textbook?

Identify the steps in developing an effective compensation strategy.

Which item is considered part of a compensation system?

What is the last step to effective compensation according to the "Road Map to Effective Compensation"?

Which of the following best describes the term "reward strategy"?

The main difference between a reward system and a compensation system is that a reward system rewards only good performance while a compensation system provides pay to all employees.

An owner of an enterprise asks you to describe the major components of a compensation system.What would you exclude in your description?

Explain the difference between "extrinsic" and "intrinsic" rewards.Provide examples for each type of reward.

Which statement is most accurate regarding the reward strategy?

Which statement most accurately describes the optimal reward system?

Which statement best describes the context of compensation management within a firm?

Which statement best describes current compensation practices and expectations related to the key criteria for evaluating the success of a compensation system?

According to Maslow's theory,what is the most basic need?

Which of the following items is a component of the compensation strategy?

An effective compensation system is important to most organizations because it can mean the difference between company success and failure.

A reward strategy is the plan for the mix of rewards to be provided to organization members along with the means through which they will be provided.

There is no one best compensation system that fits all firms.