A
The fixed pay an employee receives on a regular basis
What is Base Pay
Job classification method is more suitable for ______ organizations.
Larger
The ranking method is more suitable for ______ organizations
Smaller
The process of gathering data to make decisions about how much to pay for a job
what is Market Pricing
With the ranking method can a manager decide on an employees pay based on a salary survey that was conducted by the manager?
True
A composition of financial and non financial benefits received by business leaders / senior management
what is executive pay
Job classification, ranking and point method are?
What are methods of job evaluation
A formal and systematic comparison of jobs or roles within an organization to determine the worth of one job relative to another
what is job evaluation
Job evaluation method where technology is used to streamline the process
Computerized Job Evaluation
This reward package comprises standard benefits such as health vision and dental insurance
Employee total Rewards
When employees are paid according to skills knowledge and experience
Competency-based pay
A systematic approach to giving employees financial value in exchange for their labor
compensation
A method of determining the value of an asset based on the selling price of similar assets
The market approach
Two approaches Used to determine pay rates
market-based approach and job evaluation methods
This method involves evaluating and rating each job relative to all other jobs usually based on a predetermined factor
Ranking