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Question
Explain the three reasons why companies often choose not to develop their own compensation surveys.
Answer
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Related questions
Q:
What are the three goals of compensation professionals?
Q:
Which of the following represents the pay rate differences for jobs and employee contributions of unequal worth to a company?
A) merit pay
B) incentive pay
C) retention pay
D) pay structures
Q:
India's labor force has approximately how many million people?
A) 350
B) 400
C) 450
D) 500
Q:
Which of the following would be considered a hardship location (due to dangerous conditions)?
A) Baghdad, Iraq
B) Basel, Switzerland
C) Oslo, Norway
D) Brisbane, Australia
Q:
U.S. citizens employed in U.S. companies with work assignments outside the United States are better known as ________.
Q:
What is the main objective of Scanlon plans?
A) to standardize the workforce
B) to encourage unionization
C) to increase workforce competitiveness
D) to increase employee involvement
Q:
Merit pay systems primarily rely on ________ performance measures.
Q:
Which two factors should compensation professionals consider before endorsing the use of merit pay systems?
A) a supervisor's bias and stock price
B) job design and a supervisor's bias
C) job analysis and stock price
D) commitment from top management and job design
Q:
In 2015, employees were expected to earn average merit increases of what percent?
A) 1.3%
B) 3.1%
C) 5.2%
D) 8.3%
Q:
The concept that employee's knowledge and skills can be used to generate superior productivity is known as ________ theory.
Q:
Congress enacted the Civil Rights Act of 1991 to overturn several U.S. Supreme Court rulings. Identify three cases and discuss their relevance to compensation practice.
Q:
As a result of this law enacted by Congress, employers must now show that employment practices that create disparate impact are a business necessity. This law also made it legal for U.S. citizens working abroad for U.S. companies to file suit.
A) Americans with Disabilities Act of 1990
B) Executive Order 11246
C) The Civil Rights Act of 1991
D) The Older Workers Benefit Protection Act
Q:
Which of the following is NOT a protected characteristic by Title VII of the Civil Rights Act of 1964?
A) sexual orientation
B) race
C) national origin
D) religion
Q:
An employee has a regular hourly rate equal to $10 and works 45 hours within a period of 7 consecutive days. What is the total amount the employer should pay this employee for 45 work hours?
A) $425
B) $450
C) $475
D) $500
Q:
An employee has a regular hourly rate equal to $12. According to FLSA, how much should her/his employer pay this employee for each additional hour worked beyond the regular 40 hours within a period of 7 consecutive days?
A) $12
B) $14
C) $16
D) $18
Q:
Briefly summarize right-to-work laws as well as the impact on unionization and compensation.
Q:
In San Francisco, the typical pay in the installation, maintenance, and repair occupation exceeded the national average by 44 percent. In Johnstown, Pennsylvania, the rate was 9 percent less than the national average. What do these statistics represent?
A) capital intensity effects
B) pay rate differentials
C) interindustry wage differentials
D) relative pay differentials
Q:
Compensation professionals in the XYZ Company use regression analysis to determine the pay rates of its marketing professionals. There are 4 different marketing job titles in the XYZ Company. Compensation professionals use job evaluation points assigned to each marketing job title and a salary survey data. In other words, they regress job evaluation points on the salary data to indicate the amount of variation in market pay rates that can be explained by a company's job structure. Which of the following best describes this amount of variation when the R2value turns out to be 0.85?
A) All of the variation in market pay
B) None of the variation in market pay
C) A large amount of the variation in market pay
D) A small amount of the variation in market pay
Q:
The Consumer Price Index represents the average price changes for the price of goods and services in how many regions?
A) 2
B) 4
C) 6
D) 8
Q:
In statistical analysis, which of the following is used to signify extreme observations?
A) deviations
B) extremities
C) outliers
D) variants
Q:
Compensation professionals integrate the internal job structure with the external market pay rates identified through compensation surveys, and this integration reveals which of the following?
A) pay rates that reflect both the company's and the external market's valuations of jobs
B) changes in wages and salaries over time
C) changes in employee benefits over time
D) changes in labor costs between geographic locations
Q:
Compensation surveys are typically focused on which two factors?
A) competitors' promotion and advancement opportunities
B) internal promotion and advancement opportunities
C) competitors' wage and salary practices
D) internal wage and salary practices
Q:
A human resource manager of a company decides to change the current job-content valuation technique by using a quantitative methodology. He thinks that the old approach fails to balance internal and external considerations while evaluating jobs. Which type of job evaluation technique do you suggest for this HR manager?
A) job-content evaluation
B) market-based evaluation
C) point method
D) simple ranking plan
Q:
Valid and reliable job evaluations result from which two conditions?
A) consistent results; using multiple collection methods
B) consistent results; data obtained under similar conditions
C) data from multiple sources; using multiple collection methods
D) data from multiple sources; data obtained under similar conditions
Q:
This section concisely summarizes the job with two to four descriptive statements.
A) job summary
B) job duties
C) job titles
D) job preview
Q:
A job analysis method is ________ if it accurately assesses each job's duties.
A) reliable
B) complete
C) valid
D) market-based
Q:
Explain two possible limitations associated with establishing internally consistent compensation systems.
Q:
Who leads the process of analyzing jobs?
A) compensation generalists
B) HR specialists
C) HR generalists
D) compensation specialists
Q:
What are the considerations for choosing between a single versus multiple job evaluation methods?
Q:
Which of the following costs is NOT associated with the use of person-focused pay programs?
A) payroll
B) overhead
C) training
D) recruitment