verified answers
Benchmark Jobs Ans✓✓✓ A sample of jobs that is representative of the type,
content, and level of jobs in the organization
Benefits Employers are legally required to Provide Ans✓✓✓ Social Security
Unemployment compensation
Workers' compensation.
Business Strategy Ans✓✓✓ The collection of decisions, approaches, and activities
that allow an organization to compete and
win.
Central tendency in compensation Ans✓✓✓ Central tendency: One single
number that represents a whole group of numbers; the single best
number that represents how many people are paid, or how many organizations
pay
Types: Mean, median, weighted average
Limitation of the mean: Heavily influenced by outliers
Weighted mean is calculated by giving extra weight to the firm that employs more
of each
position
Centralized Reward System Ans✓✓✓ The HR department makes all the decisions
about pay and rewards (bonuses, pay raises, salary
offers to prospective employees, etc.)
, Compa-ratio Ans✓✓✓ Divide the average pay for the grade by the midpoint of
the range
Over 1 - Organization is paying more than planned
Less than 1 - Organization is paying less than planned
Competency-Based Pay Ans✓✓✓ Based on the assumption that employee
competency drives performance
Competencies: KSAOs that enable employee performance
Typically used with professional-level jobs
Consolidated Omnibus Budget Reconciliation Act (COBRA) Ans✓✓✓ Gives
employees the right to continue their employer health coverage at their own
expense for
up to 18 months
Decentralized Reward system Ans✓✓✓ Decisions about pay and rewards are
made by the employee's immediate supervisor or manager.
Differential rate Ans✓✓✓ Additional compensation that makes up for factors
that make work more difficult or unpleasant
Examples: Overtime, shift differential, hazard pay, on-call pay, call-back pay,
weekend/holiday
pay, geographic differential (e.g. adjustments for cities with high costs of living).
Differentiation Strategy Ans✓✓✓ It places a high priority on providing innovative,
exceptional, and high-quality products and/or