MIE 330 Exam 4 Questions & Answers 100% Correct(GRADED A)

Decisions about Pay - ANSWERS-Job Structure- relative pay for different jobs within org -Pay Structure-pay policy resulting from job structure and pay level decision -Pay Level- avg amount the org pays for a job Equal Employment Opportunity - ANSWERSEmployers myst not base differences in pay on age, sex, race -no guarantee of equal pay for men and women, white and minorities Fair Labor Standards Act (FLSA) - ANSWERSEstablishes a minimum wage and requirementes for overtime pay/ child labor Overtime pay - ANSWERSOvertime pay is 1 1/2 times an hourly rate -Exempt employees are managers/outside sales people not covered by FLSA -Nonexempt employees are covered by FLSA Child Labor - ANSWERS-Age 16/17 may not be employed in hazardous occupations -Age 14/15 may work only outside school hours - 14 and under cannot work Product Markets - ANSWERSIncludes orgs that offer competing goods/services -Orgs compete on quality, service, price Labor Markets - ANSWERSOrgs must compete to obtain human resources in labor markets -competition establishes minimum an org must pay to hire an employee for particular job Benchmarking - ANSWERSprocedure where org compares its own practices against those of successful competitors