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
