5.7 End of Topic Review

Central tendency is:

-A single number that best represents a group of numbers

A reward survey is:

-Aggregations of reward information gathered from other market organizations

Through the use of __________________, an organization is going to create a link between its reward structures and the external markets.

-Benchmark jobs

Which of the following is not a readily available way of obtaining reward information:

-Competitors compensation plan

In choosing benchmark jobs, organizations should be careful to ensure adequate representation for all of the following, except:

-Government mandates

Self-reported information is important because:

-It provides an additional source of data that can help make your overall reward estimates more reliable -Data sources often are the exact sources that employees use to define market rates and their own reward expectations

In choosing benchmark jobs, organizations should be careful to ensure adequate representation for all of the following,

-Organizational levels -career points -Different job families

The mean can be heavily influenced by:

-Outliers

Which of the following is a readily available way of obtaining reward information:

-Popular press -Self-report -Government

Data aging refers to:

-The adjustment of market reward information to take into account how inflation has likely changed the market rates since the data were collected

Dispersion represents:

-The gap between two data points

Which of the following is not a primary concern when integrating data from multiple rewards surveys?

-Understanding government mandates

Which of the following is a primary concern when integrating data from multiple rewards surveys?

-aging the data -Matching benchmark jobs -Pay forms

The mean is also known as the:

-average

In the United States, the _________conducts a National Compensation Survey to measure broad reward practices and levels.

-bureau of labor statistics

T/F: State, county, or city governments conduct some form of compensation survey. These sources would have great utility for smaller, local labor markets. This data is very specific and provides data on most benchmark jobs.

-false

One advantage of using subscription information from a third party is:

-industry specific

The median is the:

-middle number

A drawback to designing your own survey is:

-time

T/F: Geography has a significant impact on how an organization should define its labor market.

-true

T/F: Many forms of employee benefits and intangible rewards are difficult to quantify.

-true

T/F: Markets are one way to establish the price for any good or service.

-true

T/F: Organizations would be wise to recognize that employee choices are often driven more by what they perceive reality to be than what reality actually is.

-true