Benchmark Jobs A benchmark job is one that has a standard and consistent set of responsibilities from one organization to another and for which data is available in valid and reliable salary surveys. True/False. True or false? Partner overview. The midpoint is generally considered the target pay level for a job. Mental has a degree rating of 4. True/False. True or false? When there is an unusual level of turnover in a job, an employer is likely to conduct a market survey. Which term best describes John's situation? All personal information is collected and used in accordance with our privacy statement. True or false? Which of the following is often used to set pay ranges. Using the whole US market as a source, it costs about 5% more on a job-weighted basis to pay at the 60th percentile. When operating margins are slim, those funds may simply not be available. 22 is the principle that when jobs are distinctly - Course Hero Employers' Annual Cost per employee to provide family health care coverage is approximately ____. The process of multiplying survey data by some factor judged to reflect the difference between a survey benchmark job and a company job is called _____. Benchmarks are reference points that you use to compare your performance against the performance of others. Benchmark Jobs, Employment | Indeed.com Rewards Optimization Performance-based pay is more popular than time-based pay among most employers in the U.S. True/False. Want to dive deeper? The final step in determining externally competitive pay levels and structures is merging internal and external pressure. True or false? The degree to which pay influences individual and aggregate motivation among the employees at any point in time is referred to as: In Japanese companies, the concept of teate is consistent with which of the following? pay level an employer can pay a. government legislation b. the product market c. the labor market d. labor market competitors, Which of the following factors do not affect an employer's ability to pay high wages? The relevant labor market for accounting, sales or clerical skills should be limited to each industry in which these types of work are found. True/False. Exam Options & Fees. True or false? A) strategic management B) performance pay plan C) aligned reward strategy D) workers' compensation package, Which is the LEAST likely way that an employer would address a cost-of-living differential? A) use wage curves to price each pay grade B) compare performance appraisals C) conduct a salary survey D) check online pay sites, Which of the following is used to anchor the employer's pay scale? Which of the following is not a characteristic of a benchmark job? The second step of developing a total compensation strategy is to: "Choosing techniques to fit strategy" is a part of which step in developing a total compensation system? ____ changed its compensation strategy as the company grew and matured? Job Evaluation the process of systematically determining the relative worth/ value of jobs Creates a job structure for the organization Based on a combination of: Job content Skills required Value to the organization Organizational culture External market Content work performed and how it gets done Employers in highly competitive markets are less able to raise prices without loss of revenues. For example, Accountant is a benchmark job. If there, Represents the amount of spread or dispersion in a set of data, Refers to the mean distance of each salary figure from the mean, Allow compensation professionals to describe the distribution of data, There are one hundred percentiles ranging from the first percentile to, Measures the purchasing power of a dollar, The most commonly used method for tracking cost changes, or, consumer inflation, throughout the United States, A statistical analysis technique that enables compensation, professionals to establish pay rates for a set of jobs that are consistent, with typical pay rates for jobs in the external market, Representative of typical market pay rates, expressed as a mean or, median, relative to a companys job structure. 3 cards Business Human Resource Management Practice all cards After linking the jobs at United Grinding Technologies with the best-fitting benchmark job (s), Christine Taylor was then able to utilize which of the following methods to determine an appropriate compensation system? The most common measure of variation in pay surveys is the standard deviation. Are you curious by nature? Next, she will compare all other jobs in the organization to the benchmark jobs to determine where each one fits in the rankings. Direct financial payments may be based on increments of time and on performance. With Clever, complex integrations become great user experiences. Chapter 5: Design Philosophy and Considerations, Is it Time to Ditch Your Salary Structure for Market Pricing? Whole Foods' policy of holding executive salaries no more than 14 times the average pay of full-time employees is an example of which strategic pay decision? Challenges to market reference points include establishing pay levels for non-benchmark jobs and determining a plan of action when market data goes down from one period to another. A common practice is to use the 10th and 90 percentiles from pay survey data to set minimums and maximums of pay grades. A) skills B) accountability C) responsibility D) working conditions, Central basic factors that establish how several jobs compare to one another and that determine the pay for each job are called ________. The Equal Pay Act focuses on three compensable factorsknow-how, problem solving, and accountability. A) stock options B) pension plans C) sales commissions D) supplemental life insurance, What is the purpose of offering an executive stock options in a compensation package? These are positions with a standard set of specifications from organizations across the industry. Support C) What percentage of workers are contingent? True/False. A) developing an efficient and legally defensible wage curve B) aiding in the implementation of a high-performance work system C) supporting a firm's talent management process, a) developing an efficient and legally defensible wage curve. An advantage of conventional job analysis interviews and questionnaires is _____. Common characteristics of the point method include all of the following except: The ______ method of job evaluation is the most commonly used method in the U.S. and Europe. Benchmark jobs are also called core jobs or standard jobs. a. they align pay structures with the business strategy b. their pay structures are unique and difficult to imitate c. they assume that little value is added through internal alignment d. they emphasize pay structures based on unique technology or the way work is organized, they assume that little value is added through internal alignment. If the purpose of a survey is to price the entire structure, then benchmark jobs can be selected to include the entire job structure. Corporate Governance General Disclaimer A) Americans with Disabilities Act B) Title VII of the Civil Rights Act C) Social Security Act D) Equal Pay Act, Which act regulates vesting rights and portability rights? The example, "scaling of a compensable factor," is most likely related to: The final step in designing a point plan is _____. Can you go fast enough to get enough mass to become a black hole? Candidate experience and recruitment marketing platform, By signing up for our service, you agree to our. A) taxicab driver B) personnel director C) newspaper writer D) computer systems analyst, Anita, a manager at a department store, needs to determine whether one of her employees is exempt under the Fair Labor Standards Act. Chapter 11: Mini Case. Recent surveys show the average merit raise for an outstanding performer is ___ and average performers receive and poor performers receive 0.4%. A) ranking B) point method C) job classification D) paired comparison, When using the job evaluation method of job classification, raters categorize jobs into groups of similar jobs called ________. (2pts) A. job ranking B. point-factor C. factor comparison D. job hierarchy CNA - Certified Nursing Assistant. True/False. A) strategic compensation B) comparable worth C) broad banding D) job grading, Which of the following job evaluation methods is associated with almost every comparable worth lawsuit? red circled), are typically ineligible for a salary increase. A) salary B) employee benefits C) wage reimbursement D) employee compensation, Which of the following is NOT a type of direct financial payment? Unfortunately, not all kinds of jobs are benchmarked. A company using a skill-based pay system prices the job of lead assembler at between $10 and $22 per hour. These include salaries, responsibilities, legal terms, and more. PDF How to Perform Compensation Benchmarking and Set Salary Ranges - Payscale a. higher labor costs for company A, but not more workers b. company A will hire the needed workers at the higher wage rate c. competitors will lose employees to company A d. company A will hire quality workers, higher labor costs for company A, but not more workers, Which theory supports the idea that coal mining should be paid more than office clerical work? True or false? Reach out today to learn more about our next-gen career site builder and recruitment marketing platform. Which of the following decisions answers the "So What" question? A) compensable factors and benchmark jobs B) grade definitions and factor comparisons C) structured questionnaires and statistical models D) structured questionnaires and grade definitions, c) structured questionnaires and statistical models, A ________ is comprised of jobs of approximately equal difficulty or importance as established by job evaluation. A) internal B) distributive C) individual D) procedural, Audrey is a lawyer and learned that another lawyer who joined the firm at the same time earns a lower salary. There is evidence that a relatively poor performing team member's performance will improve under a(n) ____ pay structure. a. talented individuals have a higher marginal value in a larger organization b. talented people can influence more people and decisions c. influence of talented people leads to more profits d. talented people prefer to work in larger organizations, talented people prefer to work in larger organizations, Evidence shows that in manufacturing, ____ is positively correlated with hourly wage level a. retention b. productivity c. job satisfaction d. total profit, All of the following are important factors in defining a market for compensation purposes except: a. skill/knowledge required b. product acceptance c. ability to pay d. product and/or labor market competitors, In which of the following would data from labor market competitors be given more weight than product market competitors data? It is easier for employers to determine the worth of jobs that fall into fuzzy markets than traditional relevant markets. Below the executive ranks, shown on the right half of the chart, 85% of companies reported following the median pay target in the trend survey conducted in 2017. Ranges support flexibility within guidelines while bands support some flexibility within controls. We Debate the Pros and Cons. Views of job evaluation include all except _____. What is an example of a benchmark job? A) 3 hours B) 6 hours C) 9 hours D) 18 hours, Which is true for employers who use independent contractors? A) performance-based compensation B) indirect financial compensation C) piecework pay, Which of the following factors has the LEAST effect on the design of an organization's pay plan? Wages in labor-intensive industries are generally lower than in technology intensive industries. ___ would be most concerned about executive pay. University job classifications were identified as benchmark jobs to represent each of the job functions and pay levels. Marginal productivity theory argues that when factors of production are held constant, each additional worker is less productive than the last one hired. As you can see from the diagram, the company midpoint, represented by the horizontal line, stays the same throughout the compensation planning year. True or false? He works 40 hrs per week & his pay is based on his sales. Global Benefits 2003-2023 Chegg Inc. All rights reserved. True or false? True or false? A) job classification method B) job grading method C) ranking method D) point method, What are the two primary components of computer-aided job evaluations? D) What are the local and federal pay regulations? Employers prefer to give time off in lieu of overtime pay because they only have to grant the same number of hours off as the employee worked overtime, while overtime pay is calculated at 150% of normal pay. A key issue in comparable worth is whether women should be paid equal wages for jobs that are truly equal to men's or just comparable to men's jobs. Q. JT would like to add the following sentence to the first paragraph (sentences 1-6). a. office and clerical workers b. scientists c. managers d. executives, Which of the following jobs would most likely fall into a fuzzy market? The use of market reference points requires computing a salary range midpoint or determining a target pay point for each job individually rather than sharing the same pay range for a group of positions of similar value. _____theory contends that success-sharing plans will be motivating but at-risk planswill be de-motivating. Location Analysis In_____ theory, incentive pay is motivating if it helps an employee gain a senseof achievement, recognition or approval. Most organizations use a market-pricing approach when determining compensation for professional employees such as engineers and scientists. wage required to attract sufficient numbers of employees. True/False. True or false? A union is entitled to know the salary of each employee it is representing. Performing administrative tasks, including assisting with patient intake, answering phone calls and scheduling patient appointments. Benchmark jobs have readily available data, which is helpful for companies, employers, and HRs. Benchmark jobs have readily available data, which is helpful for companies, employers, and HRs. One company may aim to pay at market, but uses high paying companies as their benchmark. True/False. True/False. A) internal B) distributive C) individual D) procedural, Which of the following is used to maintain internal equity? One reason is that each company defines the market differently. Once you pull the correct data for salary analysis, you can decide how best to relay your findings to managers for decision making. Benchmark job definition. In the strategic approach to pay, internal alignment is the ____ issue to be decided. Last week, she worked 46 hours. In a labor market, the market rate is where the lines for labor demand and labor supply cross. Ch. 5 - Job Evaluation Flashcards | Quizlet A small organization is most likely to use _____ for job evaluation. True/False. A compensable factor of effort has a weight 30% and has two sub-factors, physical and mental. The HR department is commonly the one assigned for the investigation and administration of benchmarking. Percent of Companies Targeting Selected Salary Positions. A key factor in increasing trust in top management is ___ a. an acceptable appraisal system b. high base pay c. stock options d. a well-designed piece rate system, The primary guiding force that determines needed employee behaviors is __ a. corporate goals b. organization strategy c. strategic business unit goals d. department/team goals, The motivation triangle includes __ a. selection b. organization design c. culture d. organization development, The ability triangle includes __ a. selection b. performance management c. compensation d. organization development, Compensation should reinforce all but which of the following behaviors? When applications are secure, reliable, and easy to access for every student, that means higher usage and better engagement. A) 6 B) 12 C) 16, Which gives employees the right to organize, bargain collectively, and engage in concerted activities for the purpose of collective bargaining? Should an employee move into a job and find their salary below the established limits, they are considered green circled and should be targeted for adjustment into the range. C) Federal government rates based on the minimum wages. A) Fair Labor Standards Act B) Title VII of the Civil Rights Act C) Employer Retirement Income Security Act D) Equal Pay Act of 1963, c) Employer Retirement Income Security Act, Which of the following terms refers to the ownership employees build up in their pension plans should their employment with a firm end prior to retirement? Indirect payments that contribute to an employee's compensation include variable pay like commissions and bonuses. If a job evaluation committee uses the ranking method, then the pay grade consists of all jobs that fall within two or three ranks. True or false? Which of the following is not a characteristic of an aligned pay structure? Knowing that a pool of resources exists, the next step is to determine exactly how much to pay. The assumption that value cannot be determined without reference to the external market is most closely related to which of the following aspects of job evaluation?
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