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

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Questions # 41:

What does the regression line provide?

Options:
A.

The average market pay level

B.

The highest market pay level

C.

The lowest market pay level

D.

A line of best fit of market pay levels for each grade based on the benchmark jobs

Expert Solution
Questions # 42:

What is included in total direct compensation?

Options:
A.

Long-term incentives

B.

Direct benefits expenses

C.

Event tickets

Expert Solution
Questions # 43:

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

Options:
A.

Surveys that have a higher purchase price

B.

Surveys that exclude data from your relevant labor market

C.

Surveys with higher numbers of companies and/or incumbents reported

Expert Solution
Questions # 44:

Which one of the following terms refers to the act of adjusting pay rates based on a predetermined formula that takes into account factors such as cost of living and inflation?

Options:
A.

Market pricing

B.

Wage and salary surveys

C.

Pay compression

D.

Cost-of-living adjustments

Expert Solution
Questions # 45:

Which of the statistical data points answers this question: On average, what are incumbents in a particular job paid?

Options:
A.

Median

B.

Range

C.

Mode

D.

Weighted mean

E.

Unweighted mean

Expert Solution
Questions # 46:

Which of the following is the definition of blending?

Options:
A.

The process of allocating emphasis to a particular job and combining two or more salary surveys.

B.

The process of using market rates for two or more jobs to establish a market rate for a single hybrid job

C.

The process of analyzing a blend of data (scope, industry, location, etc. to determine worth of a position.

Expert Solution
Questions # 47:

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

Options:
A.

Short and vague questions

B.

Biased questions

C.

Survey sources are identified

D.

Low response rate

E.

All of the above

Expert Solution
Questions # 48:

Which of the following is an advantage of a published survey?

Options:
A.

You may receive a substantial discount if you participate in the survey

B.

Data is more reliable because it is self-reported

C.

It can be tailored to meet your needs and specifications

Expert Solution
Questions # 49:

Which of the following is the definition of blending?

Options:
A.

The process of allocating emphasis to a particular job and combining two or more salary surveys.

B.

The process of using market rates for two or more jobs to establish a market rate for a single hybrid job.

C.

The process of analyzing a blend of data (scope, industry, location, etc.) to determine worth of a position.

Expert Solution
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