Review Sheet for Final Exam - Review Sheet for Final Exam MGMT 494 Dr Davison Chapter 1 1 What is compensation 2 Different views of compensation society

Review Sheet for Final Exam - Review Sheet for Final Exam...

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Review Sheet for Final Exam MGMT 494 Dr. Davison Chapter 1 1.What is compensation? 2. Different views of compensation: society, stockholders, managers, employees 3. Forms of pay: transactional vs. relational 4. Direct vs. indirect pay 5. The Pay Model: objectives (efficiency, fairness, compliance, ethics), policy decisions, and techniques 6. Policy decisions: Internal alignment, External competitiveness, Employee contributions, Management/Administration Chapter 2 1.What is strategy? 2.Why do we need a pay strategy—why not just pay what the market demands? 3.How would innovator, cost-cutter, and customer-focused strategies differ in their compensation? 4.How do we know if pay strategy is a source of advantage—is it aligned, does it add value, does it differentiate? 5.Best practices vs. best fit—which is better? 1.What is internal alignment? 2.What is a pay structure? What should it do (support strategy, workflow, be fair, motivate behavior)? 3. Fairness—procedural justice (voice, etc.), distributive justice (equity, etc.), interactional justice 4.How does procedural justice affect perceptions of pay? 5.What is “line of sight”? 6.What are levels, differentials, and criteria? 7.What shapes internal structures? 8.Tailored vs. loosely coupled, egalitarian vs. hierarchical, career path differentials—when are these most appropriate and how do they motivate behavior? 9. Equity theory and tournament theory Chapter 4 1. Job-based vs. skill/competency-based structures 2.What is job analysis? Why do we do job analysis for compensation? 3. What information is collected—job data, employee data, essential elements & ADA 4. What are the different methods of job analysis and their advantages and disadvantages—questionnaires, interviews, observation, etc. 5.Who collects and provides the information? 6.What is a job description and how do we use it in compensation?
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7.What is a job specification? 1.What is job evaluation? 2.What are single vs. multiple plans, and why use them? 3.What are benchmark jobs? 4. Methods of job evaluation and their advantages and disadvantages—ranking, classification, point method 5. Alternation vs. paired comparison ranking 6. Characteristics of the point method—compensable factors, factor degrees numerically scaled, and factor weights 7. Steps in designing a point plan 8. Compensable factors—the four generic groups (skills, effort, responsibility, and working conditions), how many factors to use, scaling the factors, factor weights
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