Chapters 1 & 4
Variable pay may also be called...
Incentives
Routine work is also termed...
Transactional work
Bonus 100 points: What is the opposite of transactional work?
The average of the array of rates paid by an employer
Pay Level
Behavior is a function of the ____, _____, and _____ to perform.
Ability, motivation, and opportunity
Employees leaving an organization after an employer changes their compensation structure is an example of...
Sorting effect
The degree to which pay influences individual and aggregate motivation among employees at any point in time is referred to as a(n):
Incentive Effective
_________ is the process of systematically determining the relative worth of jobs to create a job structure for an organization.
Job Evaluation
_________ focuses attention on the competitive positions reflected in the pay relationships among organizations.
External Competitiveness
_____ theory is based on the premise that higher earnings flow to those who improve their potential productivity by investing in themselves.
Human Capital
According to_________ theory, relative pay is important as employees evaluate the adequacy of their pay via comparisons with other employees.
Equity
What is given as an increment to base pay in recognition of past work behavior?
Merit increase
The method of job evaluation is the most commonly used method in the United States and Europe
Point
_________ is the additional output associated with the employment of one additional human resource unit, with other production factors held constant.
Marginal Product of Labor
When designing a pay for performance plan, effectiveness is dependent on 3 things: efficiency, equity and ___ in designing a pay system.
Compliance
A benefit plan that allocates a set dollar amount to employees and allows them to select benefits is called a _________ plan
Flexible Benefit
The systematic process of collecting information that identifies the similarities and differences among jobs is known as
Job Analysis
A small organization with 15 employees uses the least expensive job evaluation method which is...
Ranking Method
The _________ pay strategy emphasizes external competitiveness and deemphasizes internal alignment.
Market pricing
_________ is a nonpermanent payment form of variable pay granted to employee as function of some (typically primarily subjective) assessment of individual employee performance.
Merit Bonus
Work with negative characteristics requires higher pay to attract or retain workers.
Compensating Differentials
In the context of job analysis, engineering, marketing and office support are examples of...
Job Families
In the context of job evaluation, 2 common ways of ranking are...
Alternation Ranking and Paired Comparison
Explain the difference between a bourse and quoted price market.
Bourse allows bargaining; quoted price market states the price without flexibility
Which type of large group incentive plan uses financial measures to gauge performance?
Profit-sharing
Describe the supply and demand of labor and compensation.
Supply - employees/job candidates
Demand - Employers