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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.
A pay rate differential ________.
is based on occupations in specific geographic regions
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.
Compensation surveys are typically focused on which two factors?
competitors' wage and salary practices
A collective bargaining agreement ________.
describes the terms of employment
Define base pay.
A guaranteed salary that the commission is added on to.
What is the minimum wage in NC?
$7.25
What are the goals of a compensation plan?
1. Attract/recruit employees
2. Retain employees
3. Motivate employees
Which law established criteria for determining whether employees should be paid hourly or by salary?
Fair Labor Standards Act
Which of the following best defines group incentives?
A program that rewards employees for their collective performance
Which term refers to an incentive compensation based on the percentage of the selling price of a product or service?
Commission
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
Within the HR profession, a(n) ________ is a top-level manager who reports directly to the corporation's CEO or to the head of a major division.
Executive
Noor, an HR specialist, has expertise in labor laws due to his master's degree in HR and years of experience in the field. According to the EEOC, Noor's HR expertise is considered ________.
Knowledge
Define merit raises.
Annual pay increases based on performance (different from cost of living raises aka COLAs)
Is there a limit on the amount of 401K deduction an employee can take?
Yes
Which law established criteria for determining whether employees should be paid hourly or by salary?
FLSA of 1938
How do compensation professionals serve executives in a company?
By designing sound compensation systems
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
When considering executive compensation, boards of directors are theoretically representing the interests of ________.
Shareholders