Random
What is our team name?
Empathy.
True or False?
One of the goals of a compensation package is to retain employees.
True.
What is a compensation package?
Includes pay, benefits and any other form of compensation for working at a company.
True or False?
Organizations only use the pay grade scale.
False
Define job classification.
Grouping jobs into categories based on their function and specifications.
What does COBRA stand for?
Consolidated Omnibus Budget Reconciliation Act.
True or False?
A compensation package is not an important part of the overall strategic HRM plan.
True or False?
Different jobs have the same compensation plans.
False.
True or False?
Delayering and banding is similar to pay grade levels.
True
Define base pay.
A guaranteed salary that the commission is added on to.
$14.00
What are the goals of a compensation plan?
1. Attract/recruit employees
2. Retain employees
3. Motivate employees
What is a market plus compensation policy?
Pays the market rate with an additional percentage.
What is the disadvantage of a management fit model?
May lead to unfairness and/or charges of discrimination, particularly as the company grows.
Define tipped employees.
Employees who earn $30+ per month in tips.
What was the law that established the right to minimum wage and 1.5x overtime wages and placing safeguards on employment of children?
Fair Labor Standards Act of 1938.
What can a compensation package include?
1. Salary
2. Bonuses
3. Health-care plans
Finish this sentence.
"Before beginning work on your compensation package..."
"some analysis should be done to determine your organization's philosophy in regard to compensation"
What are the four main considerations when choosing a compensation management system?
1. Function
2. Integration with current systems
3. Ease of deployment
4. Future capabilities
Define merit raises.
Annual pay increases based on performance (different from cost of living raises aka COLAs)
Google matches what percent on all contributions limited to $23,000 toward a 401k plan?
50%.
You can earn certifications related to compensation through...?
WorldatWork Society of Certified Professionals.
True or False?
During times of low employment, organizations might pay a higher salary in a competitive market.
True
What is the process for implementing a compensation strategy?
1. Compensation/internal and external factors
2. Job evaluation
3. Types of pay system
4. Types of pay
5. Legal and pay theories
Define management fit model.
Paying whatever the manager decides or negotiates when hiring the person.