MIE 330 Final Exam Questions & Answers 100% Correct!

Job Evaluation - ANSWERSAn administrative procedure for measuring the relative internal worth of the organization's jobs. Pay Ranges - ANSWERSA set of possible pay rates defined by a minimum, maximum, and midpoint of pay for employees holding a particular job or a job within a particular pay grade. Compa-Ratio - ANSWERSThe ratio of average pay to the midpoint of the pay range. -If the average equals the midpoint, CR is 1. -If CR is greater than 1, the average pay is above the midpoint. - IF CR is less than 1, the average pay is below the midpoint. Pay Policy Line - ANSWERSA graphed line showing the mathematical relationship between job evaluation points and pay rate. Pay Grades - ANSWERSSets of jobs having similar worth or content, grouped together to establish rates of pay. Delayering - ANSWERSReducing the number of levels in the organization's job structure. -More assignments are combined into a single layer. -These broader groupings are called broad bands. -More emphasis on acquiring experience, rather than promotions. Skill-based Pay systems - ANSWERSPay structures that are set pay according to the employees' level of skill or knowledge and what they are capable of doing. Pay during Military duty - ANSWERSSome companies pay the difference between what the military pays soldiers and what they would make in their civilian jobs. Pay for Executives - ANSWERSPaid in forms of salary, bonus, stock options, stock, etc. Fair Labor Standards Act (FLSA) - ANSWERSFederal law that establishes a minimum wage and requirements for overtime pay and child labor. Family and Medical Leave Act (FMLA) - ANSWERSRequires organizations with 50 or more employees to provide up to 12 weeks of unpaid leave: -After childbirth or adoption -To care for a seriously ill family member -For an employee's own serious illness Employers must also guarantee these employees the same or comparable job when they return to work. Job Evaluation Methods - ANSWERS-Experience -Education -Complexity -Working conditions -Responsibility