Pay for Performance Quiz

A major source of compensation data is ________.

The BLS

Jobs that have stable job content, are common across different employers, and include sizable numbers of employees are called ___________.

benchmark jobs

Collapsing salary grades from many to only a few is called _____________.

broadbanding

Successful networking in terms of gathering business data is a matter of __________________

building relationships

One of the basic assumptions of the labor market is _________________________.

employers always seek to maximize profits.

One result of broadbanding is to _____________________

encourage employees to seek growth and development by moving cross-functionally

One of the reasons that employers conduct or participate in compensation surveys is to ________________.

establish or price a pay structure

Efficiency wage theory states that ____________________.

high wages may increase efficiency and actually lower labor costs.

When conducting surveys, one way to protect the organization from price-fixing law suits is to __________.

hire outside consulting firms

A general rule of market competitiveness is that as the importance and complexity of the qualifications for a job increase, the geographic limits ___________.

increase

The 2 major compensation components that come together in the pay structure are ___________ and __________.

internal alignment, external competitiveness

An additional output associated with the employment of one additional person, with other production factors held constant is the definition of ____________________.

marginal product of labor

increased workforce diversity complicates the perception...

of the value of specific beenfits

Market driven organizations ________________________________.

pay competitively with the market or may be market leaders.

Until other fixed factors that support production such as office space, computers, clerical support, etc are changed each new hire __________________ in terms of marginal productivity.

produces less than the previous hire

Economists describe 2 basic types of markets __________ and _____________.

quoted price and bourse

A wage level below which you will not accept a job offer is known as a __________________ wage.

reservation

using multiple sources of labor from multiple locations with multiple employment relationships is called a __________.

segmented labor supply

The higher the pay level relative to what competitors pay, ______________________________________________.

the greater the relative costs to provide products and services

One impact of increasing the minimum wage may be...

to cause minimum wage jobs to be lost due to automation