WGU C202 MANAGING HUMAN CAPITAL EXAM
QUESTIONS AND VERIFIED ANSWERS
Direct financial compensation
compensation received in the form of salary, wages, commissions, stock options or bonuses
indirect financial compensation
all the tangible and financially valued rewards that are not included in direct compensation
including free meals, vacation time and health insurance
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
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
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
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
QUESTIONS AND VERIFIED ANSWERS
Direct financial compensation
compensation received in the form of salary, wages, commissions, stock options or bonuses
indirect financial compensation
all the tangible and financially valued rewards that are not included in direct compensation
including free meals, vacation time and health insurance
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
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
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
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
