HRMN 5470 EXAM 1 PUGH VERIFIED STUDY GUIDE
compensation - Answers - the rewards employees receive for performing their jobs
3 types: intrinsic, extrinsic, strategic
intrinsic compensation - Answers - employees' critical psychological states that result
from performing their jobs
extrinsic compensation - Answers - includes both monetary and non-monetary rewards
strategic compensation - Answers - the design and implementation of compensation
systems to reinforce the objectives of both HR strategies and competitive business
strategies
monetary compensation - Answers - includes direct payments, such as salary, wages,
and bonuses, and indirect payments, such as payments to cover benefits and services.
nonmonetary compensation - Answers - includes many forms of social and
psychological rewards, such as recognition and respect from others, enjoyment from
doing the job itself, opportunities for self development, etc
intrinsic reward - Answers - employees' critical psychological states that result from
performing their jobs
extrinsic rewards - Answers - both monetary and nonmonetary rewards
human capital - Answers - sets of collective skills, knowledge, and abilities that
employees can apply to create value for their employers
lowest cost strategy - Answers - focus on being lowest cost producer/seller of goods or
services (ex. Ikea)
differentiation strategy - Answers - focus on offering unique goods or services to the
public (ex. Apple)
base pay - Answers - hourly wage or annual salary
COLA (cost of living adjustments) - Answers - periodic base pay increases that are
founded on changes in prices as indexed by the CPI
seniority pay - Answers - reward employees with periodic additions to base pay
according to employees length of service in performing their jobs
compensation - Answers - the rewards employees receive for performing their jobs
3 types: intrinsic, extrinsic, strategic
intrinsic compensation - Answers - employees' critical psychological states that result
from performing their jobs
extrinsic compensation - Answers - includes both monetary and non-monetary rewards
strategic compensation - Answers - the design and implementation of compensation
systems to reinforce the objectives of both HR strategies and competitive business
strategies
monetary compensation - Answers - includes direct payments, such as salary, wages,
and bonuses, and indirect payments, such as payments to cover benefits and services.
nonmonetary compensation - Answers - includes many forms of social and
psychological rewards, such as recognition and respect from others, enjoyment from
doing the job itself, opportunities for self development, etc
intrinsic reward - Answers - employees' critical psychological states that result from
performing their jobs
extrinsic rewards - Answers - both monetary and nonmonetary rewards
human capital - Answers - sets of collective skills, knowledge, and abilities that
employees can apply to create value for their employers
lowest cost strategy - Answers - focus on being lowest cost producer/seller of goods or
services (ex. Ikea)
differentiation strategy - Answers - focus on offering unique goods or services to the
public (ex. Apple)
base pay - Answers - hourly wage or annual salary
COLA (cost of living adjustments) - Answers - periodic base pay increases that are
founded on changes in prices as indexed by the CPI
seniority pay - Answers - reward employees with periodic additions to base pay
according to employees length of service in performing their jobs
