Answer the following:
Introduction to the Human Resources Discipline of Compensation Study Guide
1. What is compensation, and what does it include?
2. What's another name for wages and salary?
3. A growing part of compensation plans, short-term (one year or less) or long-term (2 years or more) incentives or bonuses and employee ownership programs (stock) are called?
4. What do you call a statement about how the organization manages compensation? This is an important first step in creating the compensation infrastructure.
5. Creating an efficient set of jobs to determine what activities and responsibilities they include, their relative importance in comparison with other jobs, the personal qualifications necessary for performance of the jobs and the conditions under which the work is performed is called what?
6. Determines the relative worth of each job by establishing a hierarchy of jobs within an organization and is the key to establishing a fair and equitable pay structure?
7. The process of setting pay structures almost exclusively by collecting, analyzing and matching job survey data is called:
8. Pay is based on what the employee brings to the organization in the form of knowledge, skills, abilities and behaviors. Three types are skill based, knowledge based and credential based.
9. Three specialized compensation categories include:
10. The smallest hourly wage that an employee may be paid for all hours worked, the term used to define compensation for work in excess of 40 hours per week (for a non-exempt employee) and the federal law that mandates these provisions.