HRIR 3021 - Exam 3 QUESTION &
ANSWERS 100% ACCURATE!!
Explain the meaning of total rewards and how/why people perceive their value
differently. (Refer back to our class activity of choosing different jobs based on your
needs, values and interests, etc.) - ANSWERSThe idea of "total rewards" expands the
view that compensation is more than just a paycheck and traditional benefits• Includes
anything and everything employees value and the employer is willing and able to offer•
What people value is different• For the applicant/employee it is often abouttradeoffs
(e.g. money for time)• Your stage in life makes a difference• The total package counts!
Identify the kinds of decisions involved in establishing a pay structure. - ANSWERSTwo
aspects of pay structure:
Job structure: The relevant pay for different jobs within the organization
Pay level: The average amount (including wages, salaries, and bonuses) the
organization pays for a particular job
Pay Structure: The pay policy resulting from job structure and pay-level decisions. --
Discuss forces that influence decisions about pay (economy, labor market, etc.) -
ANSWERS-Labor market conditions
-Professions and education -Product markets
-Economy, inflation (CPI)
-Collective bargaining
-Geography (pay differentials)
-Competition
-Legislation
See LO 12-3
Describe how employees evaluate the fairness of a pay structure (equity theory) -
ANSWERSSee LO 12-4
Employees evaluate their pay relative to the pay of other employees.
Equity Theory
What I put into my job: time, effort, ability, loyalty, tolerance, flexibility, commitment
ANSWERS 100% ACCURATE!!
Explain the meaning of total rewards and how/why people perceive their value
differently. (Refer back to our class activity of choosing different jobs based on your
needs, values and interests, etc.) - ANSWERSThe idea of "total rewards" expands the
view that compensation is more than just a paycheck and traditional benefits• Includes
anything and everything employees value and the employer is willing and able to offer•
What people value is different• For the applicant/employee it is often abouttradeoffs
(e.g. money for time)• Your stage in life makes a difference• The total package counts!
Identify the kinds of decisions involved in establishing a pay structure. - ANSWERSTwo
aspects of pay structure:
Job structure: The relevant pay for different jobs within the organization
Pay level: The average amount (including wages, salaries, and bonuses) the
organization pays for a particular job
Pay Structure: The pay policy resulting from job structure and pay-level decisions. --
Discuss forces that influence decisions about pay (economy, labor market, etc.) -
ANSWERS-Labor market conditions
-Professions and education -Product markets
-Economy, inflation (CPI)
-Collective bargaining
-Geography (pay differentials)
-Competition
-Legislation
See LO 12-3
Describe how employees evaluate the fairness of a pay structure (equity theory) -
ANSWERSSee LO 12-4
Employees evaluate their pay relative to the pay of other employees.
Equity Theory
What I put into my job: time, effort, ability, loyalty, tolerance, flexibility, commitment
