Liberty University BUSI 342 exam 3
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Careers are not predictably linear but
cyclical
As companies become larger, the benefits
of informal succession planning become greater
Anne’s supervisor is enthusiastic about
introducing outdoor training into their organization. Anne is concerned that it
may not be appropriate because of the physical nature of the training and the
hazards involved. A number of Anne’s subordinates are over 50 and some are
physically challenged. Anne’s concerns are realistic
Talent management is growing in
importance because it is concerned with the attraction.
When an HR manager does career planning
for a high-potential employee who has a spouse with a professional occupation,
it would be a good idea to consult with both the employee and the spouse
The career stage that hinders the job
progression of many women with family responsibilities and blocks them from
advancing to executive ranks is the late career stage.
Succession planning focuses both on
emergency replacements for critical positions and making sure that other
successors will be ready with some additional development.
Job loss as a career transition has been
most associated with downsizing, mergers, and acquisitions.
Phased-in retirement is generally used
as a means of allowing older employees to gradually leave an organization.
Succession planning should be done for
all key jobs in the organization, even if they are low in the hierarchy
The major purpose of 360-degree feedback
is to increase uniformity by soliciting like-minded views.
The contrast error occurs when a rater
scores an employee high on all job criteria because of performance in one area.
The developmental function of
performance appraisals can identify areas in which the employee might wish to
grow
An informal appraisal is used when a
system is in place to report managerial impressions and observations on
employee performance and feature a regular time interval
Companies must only use multisource
feedback primarily as an administrative tool
Peer and team ratings are especially
useful only when supervisors have the opportunity to observe each employee’s
performance
The performance management process
starts by identifying the strategic goals an organization needs to accomplish
to remain competitive and profitable.
With the ranking method, the ratings of
employees’ performance are distributed along a bell-shaped curve.
A major concern for managers in
performance management is how to emphasize the positive aspects of the employee’s
performance while still discussing ways to make needed improvements.
In the performance-driven organizational
culture, employee rewards vary little from person to person and are not much
based on individual performance differences
The compa-ratio is calculated by
dividing the individual’s pay rate by the lowest point in the pay range
Not having to pay social security,
unemployment, or workers’ compensation costs to independent contractors offers
major advantages to the employer
The most common indirect compensation is
employee benefits.
Compliance with FLSA provisions on
employee compensation is enforced by the National Labor Relations Board.
Match-the-market strategy is also called
third-quartile strategy.
The practice of using fewer pay grades
with much broader ranges than in traditional compensation systems is called
broadbanding
Market banding groups jobs into pay
grades based on similar market survey amounts
The home-country-based approach
compensates the expatriate at the same level as workers from the country where
the expatriate has been sent from the headquarter
Intangible rewards can be measured and
it is possible to calculate the value of each reward
A pay survey is a report based on
research of compensation rates for workers performing similar jobs in other
organizations.
The straight commission system combines
the stability of a salary with the performance aspect of a commission
The most prevalent forms of organization-wide
incentives are piece-rate systems, sales commissions, and individual bonuses
Perquisites (Perks) are special
benefits, usually noncash items, for executives
A straight salary has no additional
commission incentive, while a straight commission has all compensation tied to
the incentive
The salary-only approach is useful only
when an organization emphasizes generating new sales and accounts.
Employee stock ownership plan designed
to give employees significant stock ownership by their employers
The reason for giving compensation in
the form of incentives is that it is thought to be effective in motivating
employees and increasing corporate performance and stock values
The advantage of a
salary-plus-commission system is that it requires the sales representative to
sell to receive any form of payment
A draw is a system in which sales representative
can draw advance payments against future commissions.
The “clawbacks” provision in Civil
Rights Act of 1964 allows a company to recover any incentive-based pay that was
paid out during the prior three years if it would not have been paid under
restated financial statements.
Variable pay plans attempt to provide tangible rewards, or incentives, to
employees for performance beyond normal expectations
Nonfinancial rewards cannot be used as incentives in pay-for-performance
plans
The most common means of providing individual variable pay are profitsharing
plans and employee stock plans
The most prevalent forms of organization-wide incentives are piece-rate
systems, sales commissions, and individual bonuses
Cost reduction is classified as a group/team incentive
Under a straight piece-rate system, wages are determined by dividing the
number of units produced by the piece rate for one unit
A differential piece-rate system pays employees one piece-rate wage for
units produced up to a standard output and a higher piece-rate wage for units
produced over the standard
To ensure that spot bonuses works efficiently, employers must keep the
amounts reasonable and provide them only for exceptional performance
accomplishments
Merchandise, gift certificates, and travel are the most frequently used
incentives for recognition awards
Recognition awards ensure that the award winners are determined
objectively
A straight salary has no additional commission incentive, while a straight
commission has all compensation tied to the incentive
A free rider is a member of the group who contributes the most in a group
venture
The focus of gainsharing is to increase “discretionary efforts.”
The Improshare approach uses employee committees to calculate and pass on
savings to the employees
The Scanlon plan approach sets group piece-rate standards and pays weekly
bonuses when those standards are exceeded
Profitsharing distributes some portion of organizational profits to
employees
A stock option plan gives employees the right to purchase an unlimited
number of shares of company stock at a specified exercise price for a limited
period of time
Employee stock ownership plan is a plan designed to give employees
significant stock ownership by their employers
The salary-only approach is useful only when an organization emphasizes
generating new sales and accounts
The straight commission system combines the stability of a salary with the
performance aspect of a commission
A draw is a system in which sales representatives can draw advance
payments against future commissions
The advantage of a salary-plus-commission system is that it requires the
sales representative to sell to receive any form of payment
According to the Dodds-Frank Act, publicly listed companies now must allow
shareholders to vote on executive compensation
The “clawbacks” provision in Civil Rights Act of 1964 allows a company to
recover any incentive-based pay that was paid out during the prior three years
if it would not have been paid under restated financial statements
Supplemental benefit plans are plans that are available to nonexecutive
employees.
Perquisites (Perks) are special benefits, usually noncash items, for
executives
A restricted stock option indicates that company stock shares will be paid
as a grant of shares to individuals
Compensation given to an executive if he or she is forced to leave an
organization is called golden parachute
The reason for giving compensation in the form of incentives is that it is
thought to be effective in motivating employees and increasing corporate
performance and stock values
The compensation committee usually is a subgroup of the board of directors
that is composed of directors who are currently the officers of the firm
The total rewards
package includes all forms of compensation, the monetary and nonmonetary
rewards provided by a company to attract, motivate, and retain employees
Tangible rewards
cannot be easily measured or quantified
Intangible rewards
can be measured and it is possible to calculate the value of each reward
The most common
indirect compensation is employee benefits
Compliance with
FLSA provisions on employee compensation is enforced by the National Labor
Relations Board
The child labor
provisions of the FLSA set the minimum age for employment with unlimited hours
at 19 years
The Equal Pay Act
of 1963 prohibits companies from using different wage scales for men and women
performing substantially the same jobs
Not having to pay
social security, unemployment, or workers’ compensation costs to independent
contractors offers major advantages to the employer
The entitlement
philosophy assumes that compensation decisions reflect performance differences
Across-the-board
raises are most common in organizations that follow the pay-for-performance
philosophy
The expectancy
theory says that an employee’s motivation is based on several linked concepts
The equity theory
states that individuals judge fairness in compensation by comparing their
inputs and outcomes against the inputs and outcomes of referent others
Distributive
justice is the perceived fairness of the process and procedures used to make
decisions about employees, including their pay
Procedural justice
is the perceived fairness in how rewards are distributed
If an organization
has implemented competitive pay practices and has a fair and reasonable pay
structure, employee concerns about inequity can be reduced by sharing this
information
An employer using
the first-quartile strategy chooses to “lag the market.”
Match-the-market
strategy is also called third-quartile strategy
In knowledge-based
pay (KBP) or skill-based pay (SBP) systems, employees start at a base level of
pay and receive increases as they learn to do other jobs or gain additional
skills and knowledge and thus become more valuable to the employer
The overall
objective of the host-country-based approach is to maintain the expatriate’s
standard of living in the country where the company is headquartered
The
home-country-based approach compensates the expatriate at the same level as
workers from the country where the expatriate has been sent from the headquarter
The ranking method
is a simple system of job evaluation that places jobs in order, from highest to
lowest, by their value to the organization
A major difficulty
with the factor-comparison method is that subjective judgments are needed to
develop the class descriptions and to place jobs accurately in them
A pay survey is a
report based on research of compensation rates for workers performing similar
jobs in other organizations
Market banding
groups jobs into pay grades based on similar market survey amounts
The practice of
using fewer pay grades with much broader ranges than in traditional
compensation systems is called broadbanding
A red-circled
employee is an employee who is paid above the range for the job
An individual whose
pay is above the range for a job is referred to as a green-circled employee
Integrating
performance appraisal ratings with pay changes can be done through the
development of a merit-based performance matrix
A pay adjustment
matrix considers two factors—the employee’s level of performance as rated in an
appraisal and the employee’s position in the pay range, which is often related
to experience and tenure
The compa-ratio is
calculated by dividing the individual’s pay rate by the lowest point in the pay
range
The performance management process starts by identifying the strategic
goals an organization needs to accomplish to remain competitive and profitable
Performance appraisal is the entire series of activities designed to
ensure that the organization gets the performance it needs from its employees
In the performance-driven organizational culture, employee rewards vary
little from person to person and are not much based on individual performance
differences
The entitlement approach of organizational culture links performance evaluations
to employee compensation and development
Firms with maintenance-orientation cultures have more positive performance
than those with performance-focused cultures
Employee attitude is classified as trait-based information
Menu up-selling by a waiter is classified as behavior-based information
The number of cars sold by a car salesman is classified as a subjective
measure of performance
A supervisor’s rating of an employee’s attitude is classified as an
objective measure of performance
Both numerical and nonnumerical performance standards can be established
The administrative role of performance appraisals often creates stress for
managers doing the appraisals and the employees being evaluated, because the
rater is placed in the role of judge
The developmental function of performance appraisals can identify areas in
which the employee might wish to grow
An informal appraisal is used when a system is in place to report
managerial impressions and observations on employee performance and feature a
regular time interval
Peer and team ratings are especially useful only when supervisors have the
opportunity to observe each employee’s performance
A disadvantage of the outsider rating approach is that outsiders may not
know the important demands within the work group or organization
The major purpose of 360-degree feedback is to increase uniformity by
soliciting like-minded views
One concern of multisource rating is that those peers who rate
poor-performing coworkers tend to inflate the ratings so that the peers
themselves can get higher overall evaluation results in return
Companies must only use multisource feedback primarily as an
administrative tool
The category scaling method allows the rater to mark an employee’s
performance on a continuum indicating low to high levels of a particular
characteristic
When creating a BARS system, identifying important job dimensions, which
are the most important performance factors in a job description, is done first
The forced distribution method lists the individuals being rated from
highest to lowest based on their performance levels and relative contributions
With the ranking method, the ratings of employees’ performance are
distributed along a bell-shaped curve
In the critical incident method, the manager keeps a written record of
both highly favorable and unfavorable actions performed by an employee during
the entire rating period
Development of performance standards is typically the first stage of
management by objectives
The recency effect occurs when a rater gives greater weight to information
received first when appraising an individual’s performance
The leniency error occurs when ratings of all employees fall at the high
end of the scale
The contrast error occurs when a rater
scores an employee high on all job criteria because of performance in one area
The halo effect is the tendency to rate people relative to one another
rather than against performance standards
A major concern for managers in performance management is how to emphasize
the positive aspects of the employee’s performance while still discussing ways
to make needed improvements
When a key part of performance management, the performance appraisal, is
used to punish employees, performance management is less effective
The nature of a
business and the environment in which it operates has a bearing on the
strategies used for talent management
An automated talent
management system helps in avoiding the termination of talented employees
Talent management
is growing in importance because it is concerned with the attraction,
development, and
retention of Human Resources
It is best for an
organization to limit its intensive talent management efforts to its
high-potential employees, to avoid resentment among the employees
Succession planning
should be done for all key jobs in the organization, even if they are low in
the hierarchy
Succession planning
focuses both on emergency replacements for critical positions and making sure
that other successors will be ready with some additional development
Succession planning
is not important in countries like China and India, which have growing native
workforces
The implementation
of formal succession planning is frequently viewed as one of the biggest
threats facing small businesses
David is a junior
employee who has been identified as having high potential. However, he is
performing poorly in his current job. This is a strong indication that the
assessment of David’s potential was wrong, and that David should be taken off
the company’s fast track development program
As companies become
larger, the benefits of informal succession planning become greater
Organization-centered
career planning requires an individual employee to take charge of his/her
career and chart a path of advancement through his/her organization
At present,
employees are less mobile and organizations are more stable as long-term
employers
Although most
career paths are thought of as leading upward, good opportunities also exist in
cross-functional or horizontal directions
During the late
career phase, an employee is typically concerned with external rewards and
acquiring capabilities
Careers are not
predictably linear but cyclical
A plateaued
employee who is capable of meeting performance expectations is a good candidate
for a lateral move
Job loss as a career
transition has been most associated with downsizing, mergers, and acquisitions
Phased-in
retirement is generally used as a means of allowing older employees to
gradually leave an organization
The career stage
that hinders the job progression of many women with family responsibilities and
blocks them from advancing to executive ranks is the late career stage
Job sequencing
allows women to interrupt their careers for family considerations without
having a negative impact on their ultimate advancement
Glass ceiling
describes the situation in which women rapidly progress into top and senior
positions
When an HR manager
does career planning for a high-potential employee who has a spouse with a
professional occupation, it would be a good idea to consult with both the
employee and the spouse
Most global firms
find it is better to have expatriates rather than local staff at the management
positions of their foreign operations because expatriates require less training
and development than do the locals
Organizations that
have extensive employee development programs run the risk of being training
centres for other firms that hire away their employees. Consequently,
organizational development efforts need to be strictly tied to current and
immediate organizational needs
One purpose of
employee development is to help employees improve skills that they might not be
able to improve in their ordinary life experiences
Job rotation tends
to be an expensive form of employee development because it takes time for employees
to become familiar with their new units
Anne’s supervisor
is enthusiastic about introducing outdoor training into their organization.
Anne is concerned that it may not be appropriate because of the physical nature
of the training and the hazards involved. A number of Anne’s subordinates are
over 50 and some are physically challenged. Anne’s concerns are realistic
The modeling
process involves only straightforward imitation and copying
In an effort to
decrease turnover and increase management development capabilities,
organizations are using specialized education for executives
Encapsulated
development occurs when a single work unit in an organization is used to pilot
test new training programs
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