BUS 409 Week 7 Quiz 6

This paper of BUS 409 Week 7 Quiz 6 comprehends:

1) This federal Act requires contractors with federal contracts worth over $2,000 to pay wages at least equal to those prevailing in the area where the work is being done.2) What represents the relationship between a company's valuation of jobs based on job evaluation and the valuation of jobs within the external market, as assessed by compensation surveys?3) This term refers to the groupings of jobs based on compensable factors, for the purpose of applying pay policies.4) When these are used to develop pay grade widths, the grades are based on a set number of job evaluation points for each grade that increases as an employee moves up the pay structure.5) These represent the horizontal dimension of pay structures.6) Midpoint, minimum, and maximum are values used to define which of the following?7) In establishing pay grades, which pay rate is established first?8) If the company adopts a market lead policy, how will that company's pay range midpoint compare to the market average?9) If the company adopts a market lag policy, how will that company's pay range midpoint compare to the market average?10) Which term is used to describe the situation where the pay spread between newly hired employees and more qualified job incumbents is small?A) pay structures11) John is just hired by a software company as a programmer. He is also a part-time student at the local college and needs just a few credits to graduate from this college. A college degree is required in order to work as a programmer in this software company. Therefore, John receives below-minimum pay rate until he graduates from college. What type of pay rate does John receive?12) This type of pay rate applies to an employee who is demoted but is paid more than the maximum rate for the pay grade he is now in.13) How are compa-ratios calculated?14) Richard's job has a compa-ratio of 0.85. What does this ratio tell about Richard's pay rate?15) This theory suggests that an employee must regard his own ratio of merit increase pay to performance as similar to the ratio for other comparably performing people in the company.16) With which sales compensation plan does the level of pay not vary when sales volume does?17) Which scenario would be appropriate for using a salary-only plan?18) This type of sales incentive compensation plan offers the sales person a salary and further compensation if they meet a specific, exceptional sales goal.19) Jasmine Black believes that the company should share part of the risk for her sales position. 20) A recently opened car dealer uses an incentive compensation plan for its sales people. The dealer provides money to its salespeople to cover basic living expenses and then shares a fixed percentage of the selling price of each car that a salesperson sells. However, the salesperson should repay the subsistence pay component within a year, otherwise he/she cannot continue in the employment of this dealer. What type of sales compensation plan does this dealer adopt?21) This is a loan from the company to the employee that is carried forward indefinitely until the employee sells enough to repay it.22) This type of commission draw acts as a salary because employees are not obligated to repay the loans if they do not sell enough to cover the amount.23) With which type of sales commission plan does an employee earn a higher rate of commission for all sales made in a given period if the sales level exceeds a predetermined level?24) In which situation is a commission-only plan best suited?25) A company adopting a commissions-oriented sales compensation plan would most likely be pursing which type of competitive strategy?26) This term describes a set of skills necessary to perform a specific job or a group of similar jobs.27) The HR manager of a company thinks that they have too many narrow pay grades within the organization. By getting the support from upper management, they decided to consolidate existing pay grades and ranges into fewer pay grades and broader pay ranges in order to create a flatter organization in terms of compensation. This is an example of which pay structure variation?28) Which of the following would NOT be considered as an advantage of broadbanding?29) Alejandro Martinez is responsible for setting up the pay structure for his company. He believes that newly hired employees should not be paid as much as established employees. Accordingly, what type of pay structure should Mr. Martinez use?30) What types of companies are most likely to utilize two-tier wage systems?31) ________ assign different pay rates for jobs of unequal worth, and provide the basic framework for recognizing differences in individual's contributions.32) ________ represent the vertical dimension of pay structures.33) The ________ pay value is the halfway mark between the range minimum and maximum rates. 34) A ________ is the difference between the maximum and minimum pay rates of a given pay grade.35) ________ rates pay wages higher than the maximum listed in order to help retain valued employees fielding big job offers elsewhere.36) ________ describe the allocation of monetary resources to fund pay structures.37) ________, or lump sum bonuses, lend themselves well to cost containment, since these bonuses are not permanent percentage increases on worker base pay levels.38) ________ is a form of compensation based upon a percentage of the selling price of a product or service.39) Money that covers the basic living expenses of sales professionals is better known as a ________,40) ________ makes sure that employees have at least a minimally acceptable level of skill proficiency upon completion of a training unit.42) Briefly discuss designing job-based pay system (i.e. merit pay, sales incentive pay) and person-focused programs. What considerations arise when making a transition from using a job-based pay system to using pay-for-knowledge?43) What is broadbanding? What are its limitations?