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10 terms

HR Test 3 Chapter 9 Quiz

STUDY
PLAY
Which term refers to the total of all rewards provided to employees in return for their services?
compensation
What form of equity exists when employees are paid according to the relative value of their jobs within the same organization?
internal
Which of the following provides general guidelines for making compensation decisions?
compensation policies
A method used to obtain data regarding what other firms are paying for specific jobs or job classes within a given labor market is referred to as a ________.
compensation survey
What are the two primary factors that affect cost of living?
location and inflation
Which 2009 law requires publicly-traded covered institutions to permit a shareholder vote to approve compensation for top executives?
Emergency Economic Stabilization Act
What is the process that determines the relative value of one job in relation to another?
job evaluation
In which job evaluation method do evaluators make decisions based on five universal elements?
factor comparison
Placing a dollar value on a job's worth is called ________.
job pricing
Todd, a financial analyst, was recently hired by Maxwell Enterprises. After one year with the firm, Todd will be eligible to receive a pay increase added to his base pay that is based on his performance level. Which term best describes this type of compensation?
merit pay