WGU C202 Managing Human Capital Complete Study Guide, Practice Questions, Answers
nonfinancial compensation
rewards and incentives given to employees that aren't financial in nature
base pay
reflects the size and scope of an employee's responsibilities
severance pay
give to employees upon termination of their employment
fixed pay
pays employees a set amount regardless of performance
variable pay
bases some or all of an employee's compensation on employee, team, or
organizational
pay structure
the array of pay rates for different work or skills within a single organization
pay mix
the relative emphasis give to different compensation components
,WGU C202 Managing Human Capital Complete Study Guide, Practice Questions, Answers
pay leader
organization with a compensation policy of giving employees greater rewards than
competitors
pay follower
an organization that pays its front-line employees as little as possible
resource dependence theory
proposition that organizational decisions are influenced by both internal and
external agents who control critical resources
wage differentials
differences in wage between various workers, groups of workers, or workers within
a career field
labor market
all of the potential employees located within a geographic area from which the
organization might be able to hire
cost of living allowances
clauses in union contacts that automatically increase wages base on the U.S.
Bureau of Labor Statistics' cost of living index
,WGU C202 Managing Human Capital Complete Study Guide, Practice Questions, Answers
market pricing
uses external sources of information about how others are compensating a certain
position to assign value to a company's similar job
Compensation surveys
surveys of other organizations conducted to learn what they are paying for specific
jobs or job classes
benchmark jobs
jobs that tend to exist across departments and across diverse organizations
allowing them to be used as a basis for compensation comparisons
job evaluation
a systematic process that uses expert judgement to assess differences in value
between jobs
ranking methos
subjectively compares jobs to each other based on their overall worth to the
organization
job classification method
subjectively classifies jobs into an exiting hierarchy of grades and categories
, WGU C202 Managing Human Capital Complete Study Guide, Practice Questions, Answers
point factor method
uses a set of compensable factors to determine a job's value. skill, resp, effort,
working cond.
compensable factor
any characteristic used to provide a basis for judging a job's value
skills, responsibilities, effort, working conditions
Four categories of compensable factors
Hay Group Guide Chart - Profile Method
a point-factor system is used to produce both a profile and a point score for each
position.
know how
problem solving
accountability
working conditions
Know-how, problem solving, accountability, working conditions
Hay Group Method based on four main factors
Position Analysis Questionnaire
a structured job evaluation questionnaire that is statistically analyzed to calculate
pay rates based on how the labor market is valuing worker characteristics. a
copyrighted, standardized, structured job analysis questionnaire. 6 sections
covering 187 job elements.
nonfinancial compensation
rewards and incentives given to employees that aren't financial in nature
base pay
reflects the size and scope of an employee's responsibilities
severance pay
give to employees upon termination of their employment
fixed pay
pays employees a set amount regardless of performance
variable pay
bases some or all of an employee's compensation on employee, team, or
organizational
pay structure
the array of pay rates for different work or skills within a single organization
pay mix
the relative emphasis give to different compensation components
,WGU C202 Managing Human Capital Complete Study Guide, Practice Questions, Answers
pay leader
organization with a compensation policy of giving employees greater rewards than
competitors
pay follower
an organization that pays its front-line employees as little as possible
resource dependence theory
proposition that organizational decisions are influenced by both internal and
external agents who control critical resources
wage differentials
differences in wage between various workers, groups of workers, or workers within
a career field
labor market
all of the potential employees located within a geographic area from which the
organization might be able to hire
cost of living allowances
clauses in union contacts that automatically increase wages base on the U.S.
Bureau of Labor Statistics' cost of living index
,WGU C202 Managing Human Capital Complete Study Guide, Practice Questions, Answers
market pricing
uses external sources of information about how others are compensating a certain
position to assign value to a company's similar job
Compensation surveys
surveys of other organizations conducted to learn what they are paying for specific
jobs or job classes
benchmark jobs
jobs that tend to exist across departments and across diverse organizations
allowing them to be used as a basis for compensation comparisons
job evaluation
a systematic process that uses expert judgement to assess differences in value
between jobs
ranking methos
subjectively compares jobs to each other based on their overall worth to the
organization
job classification method
subjectively classifies jobs into an exiting hierarchy of grades and categories
, WGU C202 Managing Human Capital Complete Study Guide, Practice Questions, Answers
point factor method
uses a set of compensable factors to determine a job's value. skill, resp, effort,
working cond.
compensable factor
any characteristic used to provide a basis for judging a job's value
skills, responsibilities, effort, working conditions
Four categories of compensable factors
Hay Group Guide Chart - Profile Method
a point-factor system is used to produce both a profile and a point score for each
position.
know how
problem solving
accountability
working conditions
Know-how, problem solving, accountability, working conditions
Hay Group Method based on four main factors
Position Analysis Questionnaire
a structured job evaluation questionnaire that is statistically analyzed to calculate
pay rates based on how the labor market is valuing worker characteristics. a
copyrighted, standardized, structured job analysis questionnaire. 6 sections
covering 187 job elements.
