Review Sheet for Exam #2 MGMT 494 Dr. Davison Chapter 5 1.What is job evaluation? 2. Internal alignment based on content vs. value 3.What are single vs. multiple plans, and why use them? 4.What are benchmark jobs? 5. Methods of job evaluation and their advantages and disadvantages—ranking, classification, point method 6. Alternation vs. paired comparison ranking 7. Characteristics of the point method—compensable factors, factor degrees numerically scaled, and factor weights 8. Steps in designing a point plan 9. Compensable factors—the four generic groups (skills, effort, responsibility, and working conditions), how many factors to use, scaling the factors, factor weights 10. Who should be involved? Procedural justice in job evaluation 11. What is a pay structure? 1. Skill-based pay—depth (specialist) or breadth (generalist) of skills 2.What are advantages and disadvantages of skill-based pay? 3. Issues of certification—how to certify learning, what if a skill becomes obsolete 4.Are skill-based plans well-accepted, and why? 5.Are more skills better? 6.What is a competency? 7. Types of competencies—skills, knowledge, self-concepts, traits, and motives, etc. 8. Differentiating competencies 9. Usefulness of job evaluation techniques—reliability, validity, acceptability 10. Bias in internal structures—job content bias, wages criteria bias, how to reduce bias in job evaluation Chapter 7 Defining Competitiveness 1. External competitiveness 2. Pay level 3. Pay forms or mix 4. Labor costs as a function of pay level 5. Objectives—control costs and attract and retain employees 6. Quoted price vs. bourse 7. Marginal product vs. marginal revenue 8. Supply side and demand side theories and their implications (see exhibit 7.6 and 7.9)
9. Product market factors and ability to pay—product demand, degree of competition 10. Organization factors—industry, size, preferences, strategy 11. How to define the relevant labor market? 12. Pay policy alternatives—match, lead, lag, employer of choice, shared choice, etc. 13. Pay level may not gain a competitive advantage but the wrong level may lead to a disadvantage Chapter 8 Designing Pay Levels, Mix and Structures 1.Why conduct a salary survey? 2.Who are relevant market competitors? 3. Where to get market data—publicly available, internet, etc. 4. Jobs to include—benchmark jobs, low-high 5. Survey leveling when jobs don’t match perfectly 6. Information to collect—organization, total compensation, etc. 7. Verify data—accuracy of match, anomalies, etc. 8. Analysis—central tendency (means, etc.) and variation (quartiles, etc.) Be able to calculate mean, median, mode, and weighted mean 9. Update data to reflect time lag 10. Market line 11. Pay policy line
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