CompensationMGMT Quiz 8

The process of matching survey jobs by applying an employer's plan to the external jobs and then comparing the worth of the external job with its internal "match" is called

benchmark conversion.

The size of pay differentials between grades should

support career movement through the pay structure.

In the regression equation y = a + bx, job evaluation points are denoted by

x.

Because employers are raising employee pay at various times during the year, survey data must be updated using a process called

aging.

A common first step in interpreting compensation survey data is to

check for the accuracy of job matches.

The final major decision in setting externally competitive pay and designing the corresponding pay structures is to

design grades and ranges or bands.

A company using a skill-based pay system prices the job of lead assembler between $10 and $22 per hour. Survey data showed that the job of assembler averaged $10 per hour and the job of assembly supervisor averaged $22 per hour. The company is using the ________ method of job matching.

low-high

The ________ pay strategy emphasizes external competitiveness and deemphasizes internal alignment.

market pricing

In most organizations, the responsibility for managing a pay survey lies with

the compensation manager.

Which of the following statistical measures shows how similar or dissimilar the market rates are from each other?

Standard deviation