Compensation Management
16 important questions on Compensation Management
How do you call combining multiple pay levels into one?
How do you call the total of an employee’s pay and benefits?
How do you call anything that an employee may value and desire and that the employer is willing and able to offer in exchange?
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How do you call the process of changing the company structure to get rid of some of the vertical hierarchy (reporting levels) in an organization?
How do you call the theory that explains why employees are motivated when the ratio of their perceived outcomes to inputs is at least roughly equal to that of other referent individuals?
How do you call a theory proposing that employees are motivated when they believe they can accomplish a task and that the rewards for doing so are worth the effort?
How do you call the process of determining the worth of each position relative to the other positions within the organization?
How do you call the lowest hourly rate of pay generally permissible by federal law?
How do you call a higher than minimum, federally mandated wage, required for nonexempt employees if they work more than a certain number of hours in a week?
How do you call a hierarchy of jobs and their rates of pay within the organization?
How do you call the maximum, minimum, and midpoint of pay for a certain group of jobs?
How do you call the situation when new employees require higher starting pay than the historical norm, causing narrowing of the pay gap between experienced and new employees?
What are the four components of compensation?
- Base pay
- Wage and salary add-ons
- Incentives
- Benefits
What are the seven basic issues that make up the organization's compensation strategy?
- Ability to pay
- Types of compensation
- Pay for performance or longevity
- Skill- or competence-based pay
- At, above, or below the market
- Wage compression
- Pay secrecy
What are the three major provisions of the FLSA?
- Minimum wage rates
- Overtime rates
- Child labour requirements
What are the three types of job evaluation?
- The job ranking method
- Point-factor methods
- The factor comparison
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