HRER 313 (COMP) Quiz 1
Attracting, retaining, and motivates employees with the abilities necessary to execute the business strategy and handle greater decision making responsibilities.
Compensation
a measure of how changes in one variable are related to changes in another variable.
Correlation Coefficient
A compensation strategy that focuses on a competitor's labor costs is closely associated with
Cost Cutters
Rates employees on friendliness, usefulness, product knowledge.
Customer-focused
Factors in defining equal work according to the Equal Pay Act:
Equal effort Equal responsibility Equal skill
dominant influences on jobs filled via hiring graduates.
External Factors
refers to the education, experience, knowledge, abilities and skills required to perform work.
Human Capital
an increment base pay in recognition of past work behavior
Merit pay
have the greatest instrumental value to raise job performance.
Monetary Incentives
Improves performance + attitude
Performance based pay
refers to the process used to make pay decisions.
Procedural fairness
work content and its value
The most common bases for determining internal structures
Individual performance will be maximized when the pay differentials between job levels are large.
Tournament theory
Comparisons based on the forms of compensation used by other companies are part of
external competitiveness
Managers seek internal alignment with their organization by
paying on the bases of similarities among jobs.