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Exam 7: Building Market-Competitive Compensation Systems

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Question 1

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These are used as reference points for setting pay levels.

A) mean pay
B) median pay
C) market-competitive pay
D) benchmark jobs

E) None of the above
F) A) and D)

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Question 2

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XYZ Inc.pursues a low-cost strategy in its industry and generally needs lower skilled employees.As a result,their management team decided to establish a compensation policy that pays less than the marketplace.In recent years,the company became susceptible to labor shortages and high turnover.What kind of pay level policy does XYZ Inc.follow?

A) market match
B) market lag
C) market lead
D) market pay line

E) B) and C)
F) None of the above

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Question 3

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The ________ is the most commonly used method for tracking cost changes throughout the United States.

How often is the Consumer Price Index calculated for the United States?

XYZ Company is a world leader in medical device manufacturing.Aiming to continue its market position in this industry,XYZ Company pursues differentiation strategy.As a result,this company compensates its employees higher than almost all competitors in order to attract and retain best employees.What kind of pay level policy does XYZ Company follow?

This term refers to the distance of each salary figure from the mean.

This causes compensation survey data to become obsolete fairly quickly.

When examining competitors' compensation offerings,this term is used to describe the percentage of employer compensation costs that are applied to compensation and benefits.

Market lag policies are generally set to which quartile in the salary survey?

When using compensation survey data,statistical analyses are used to integrate this with the external market,in order to determine pay rates.

________ represents the amount of spread or dispersion in a set of data.

What does it mean when the distribution of data is skewed to the right?

In statistical analysis,which of the following is used to signify the possible extreme observations?

What is an appropriate pay policy mix?

The market ________ policy distinguishes a company from competition by compensating employees less than most competitors.

What does Quartile 3 represent?

The Consumer Price Index represents the average price changes for the price of goods and services in how many regions?

As of December 2012,U.S.companies spent approximately how much per employee for discretionary benefits?

________ analyses enable compensation professionals to establish pay rates for a set of jobs that are consistent with typical pay rates for jobs in the external market.

________ refers to a group of two or more jobs that are based on similar work characteristics,duties,and responsibilities.