Exam 6: Formulating the Reward and Compensation Strategy

Who is primarily responsible for the employee compensation strategy for most Canadian organizations?

Briefly summarize the legislative framework that compensation must comply with.

Briefly discuss the four key understandings necessary for successful formulation of compensation strategy.

Lag strategies are cost-effective for which type of firms?

As the owner of a medium-sized engineering consulting firm,you decide to implement a compensation level policy that compensates your employees based on market rates.Which type of compensation policy have you adopted?

Company ABC Inc.tends to offer compensation packages below market for entry-level positions,while compensating significantly above market for more highly skilled senior positions in the company.ABC Inc.is utilizing a hybrid compensation policy.

Which of the following workers are NOT covered under minimum wage legislation in some jurisdictions?

Pay equity legislation falls under employment standards in all Canadian provinces.

To keep work interesting and provide higher compensation opportunities for your design engineers,you have created a compensation system that allows them to move from an entry level to an expert specialist level.What term is used to describe this system?

The demand for carpenters far outstrips the supply in British Columbia.In fact,many of the construction companies are relying on the international market to fill vacancies.Which term best describes the labour market for carpenters in British Columbia?

Before adopting a compensation strategy,it must be able to pass through three screens: affordability,legality,and employee attraction.

A particular company operates several food processing plants across Canada.An internal audit of the company determined that several plants were paying above-market wages while other plants were paying below-market wages.What systemic issue could be causing this situation?

Which type of legislation covers issues such as overtime pay rates,paid time off,and minimum wage levels?

What is the most important factor driving executive compensation?

Briefly describe the five main steps in the formulation of compensation strategy.

You have been asked to provide recommendations to a compensation committee in their attempts to shift the CEO's compensation into a mix of rewards that facilitates and encourages a long-term view of business performance.What foci should your recommendations take?

Tommy Jones,a male forklift operator,thinks that his employer is discriminating against him with respect to his pay because of his age.Which legislation would be applicable in this case?

The key reason that executives earn so much more than other employees is because their base pay is so much higher.

What are a firm's choices for compensation-level strategy and how can it decide between them?

Which pair of job characteristics is likely associated with a high-involvement managerial strategy?