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.