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  5. Market Pricing - Conducting a Competitive Pay Analysis Questions and Answers

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Questions # 31:

Which of the following is a component of data integrity?

Options:
A.

The extent to which the survey has been audited

B.

The number of jobs matches found in the survey

C.

The availability of the results in both hard copy and electronic form

Expert Solution
Questions # 32:

What is the definition of total cash compensation?

Options:
A.

Compensation, benefits and work-life programs.

B.

Base pay plus short-term variable pay.

C.

Compensation and health care benefits

Expert Solution
Questions # 33:

If cost is a major factor, which of the following survey data sources would you least likely consider?

Options:
A.

Published survey

B.

Custom third-party survey

C.

complimentary survey

D.

Survey you conduct on your own.

Expert Solution
Questions # 34:

In which of the statistical data points the middle of mean is used and extreme values are excluded?

Options:
A.

Median

B.

Mode

C.

Mean

D.

Trimmed mean

E.

Range

Expert Solution
Questions # 35:

Which of the following is a consideration in determining if a survey should receive greater weight?

Options:
A.

Surveys with higher response rates

B.

Surveys with lower numbers of companies and/or incumbents reported

C.

Surveys with older data

D.

Surveys with lower quality benchmarks jobs

Expert Solution
Questions # 36:

What factors should be considered when aging the data in salary surveys?

Options:
A.

Different rates, market research, and salary increase movements

B.

Market research and aging factor

C.

Salary increase movements and aging over two calendar years

D.

Lead or lag approach and market research

E.

All of the above

Expert Solution
Questions # 37:

Which of the following is a purpose of communication from an employee's perspective?

Options:
A.

Increase workplace hierarchy

B.

Decrease workload

C.

Clarify expectations

D.

Eliminate the need for feedback

Expert Solution
Questions # 38:

What is the definition of total rewards?

Options:
A.

The combination of base pay and long-term incentives

B.

The sum of total cash compensation and benefits

C.

The amount of compensation that an employee receives in relation to their performance

D.

The non-financial aspects of the employment experience

Expert Solution
Questions # 39:

Which of the following is a characteristic of a good survey?

Options:
A.

Survey sources are identified

B.

A limited sample size

C.

Aggregate data is trimmed

Expert Solution
Questions # 40:

What is job worth hierarchy?

Options:
A.

A ranking of jobs based on the number of years of experience required

B.

A ranking of jobs based on the level of education required

C.

A ranking of jobs based on their worth to the organization

D.

The process of grouping or categorizing jobs relative to other jobs, based on factors such as skills, responsibilities, and pay level

Expert Solution
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