5. The upper limit on what organizations can pay, particularly when labor costs

Question

5. The upper limit on what organizations can pay, particularly when labor costs are a large portion of total costs, is established by ___, while the minimum pay needed to attract workers is established by ____. a. Pay levels for our product market competition; Pay levels for our labor market competition; b. Prevailing wage laws; the Equal Pay Act c. Pay levels for our labor market competition; Pay levels for our product market competition d. The Fair Labor Standards Act; the Equal Pay Act

6. The major purpose of the job evaluation process is: a. To develop a rating system to establishing the relative internal worth of the job. b. To develop a rating system to establishing the relative worth of the job incumbent. c. To develop a process to evaluate individual performance. d. To determine if some jobs are unnecessary e. To determine the motivational content of jobs

7. Characteristics of jobs that are valued and for which the organization chooses to pay for are called: a. Factor comparisons. b. Compensable factors. c. Value criteria. d. Benchmark factors e. Salary criterion reference points

8. Which of the following is false regarding establishing a pay policy line? a. Market salary survey data is on the vertical axis b. Job evaluation points are on the horizontal axis c. Data consists of the point value of company jobs matched to pay level data for benchmark job matches. d. Linear regression is used to fit the pay policy line to the data e. None are false, all the above are true

9. Pay grades: a. Are established to simplify pay administration b. Group jobs of similar point values together and within the same pay range. c. Are used to determine merit (a high grade means a person gets higher merit pay percentage increases) d. Force companies to categorize employee performance for pay purposes e. Both a and b

Explanation / Answer

Answer:

5.a.pay levels of our product market competition ,pay levels of our labor market competition

Explanation:

The upper pay level is based on the profit made by the company due to its market gain by their product.Minimum level is based on the labor market competition ,so that workers get attracted when the pay is competitive when comparing to labor market

6.a. To develop a rating system to establish the relative internal worth of the job

Explanation:

Job evaluation is mainly used to compare between jobs and assess their relative worth of the job for establishing pay structure

7.b.Compensable factors

Explanation:

Compensable factor is used to evaluate the job on the basis of the salary of the employee.

8.d.Linearregression is used to fit the pay policy line to the data

Explanation:

Simple regression can be used for the pay policy line using y=mx+b equation itself

9.e.Both a and b

Pay grades are used to administer the pay of employees by fixing a framework of salary ranges for the similar group of jobs

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