compensation study guide for final[1]

compensation study guide for final[1] - Study Guide for...

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Study Guide for Midterm III (Final) Note: Final will be held Tuesday December 22 nd in Room 235 McCoy from 8:00 am to 11:00 am. Please remember to bring a No. 2 pencil with an eraser. General: The third midterm examination (final examination) will consist of 50 multiple-choice questions. You will have the entire final period to complete the examination. Each question is worth two points. The equivalent letter grade will be calculated as described in the syllabus, but this is only an indication of where you stand; your final letter grade will be calculated separately. There will be approximately the same number of questions from each class: a chapter covered in two classes will have approximately twice as many questions as a chapter covered in one class. Questions will cover the book and lectures, class discussions, exercises, etc. I will try to make sure questions are not “tricky” by depending on semantics or other wording issues, and you will not need to know whether a particular law was passed in 1937 or 1938. Milkovich and Newman use many examples of practice in various organizations. You will not need to know which company does what; these are only illustrations of how a particular compensation policy or activity is applied in an organization and while they help ground your understanding there is no need to memorize these examples. You can also ignore the footnotes and “Your turn” sections for the exam. The chapter outlines are very good for organizing your thoughts. The review questions at the end of each chapter are also useful in helping you organize your thoughts. You can ignore the specific suggestions for outside work in the review questions. Chapter 12: The Benefit Determination Process Some key points 1. What are the key reasons employee benefits have grown so much? Wage and Price Controls Unions Employer Impetus Cost Effectiveness of Benefits Government Impetus 2. What benefits do employees prefer? Does this vary by employee demographic? How? Medical Pension Paid Vacations/Holidays Sickness Dental Long-term Disability Life Insurance 3. What are this issues an organization has to deal with when setting up and running a benefits program? Benefits Planning and Design Issues o How to attract good employees o How to deal with undesirable turnover
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o Integrating benefits with other compensation components o Strategies for ensuring external competitiveness o Ensuring that benefits are adequate o Whether employee benefits are cost justified Who should be protected or benefited? How much choice should employees have among an array of benefits? o Concerns choice (flexibility) in plan coverage o Standard benefit package: Designed with the average employee in mind, and any deviations in needs simply go unsatisfied o “Cafeteria-style”, or flexible, benefit plans: Employees are permitted great flexibility in choosing the benefit options of greatest value to them. How issues associated with flexibility should benefits be financed?
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compensation study guide for final[1] - Study Guide for...

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