Shared Flashcard Set

Details

HRM300 Compensation Test 3 Set 1
Compensation 10th Ed.
30
Business
Undergraduate 3
02/25/2013

Additional Business Flashcards

 


 

Cards

Term
A major complaint of managers and employees regarding the appraisal process
Definition

appraisals are too subjective.

And lurking behind subjectivity is the possibility of unfair treatment by a supervisor.

 

Term
Recency error
Definition
The opposite of first impression error. Allowing performance, either good or bad, at the end of the review period top play too large a role in determining an employee's rating for the entire period.
Term
MBO
Definition
The most common descriptor of an outcome used as a standard. It is both a planning and an appraisal tool that has many different variations across firms.
Term
MBO
Definition
Part of Strategy 1: Improve Appraisal Formats Types of formats include ranking and rating The rating format uses a continuum from good to bad. It is the types of descriptors used in anchoring this continuum that provide the major difference in rating scales. These descriptors may be adjectives, behaviors, or outcomes
Term
The best appraisal format across the five criteria for evaluating rating formats?
Definition
Behaviorally anchored rating scales (Bars) Or it depends
Term
Total costs of employee benefits in the USA?
Definition
Four Trillion Dollars
Term
What are the "mandated" benefits?
Definition

•Workers’ compensation

•Social Security

•Unemployment compensation

Term
“Rank and Yank”
Definition
straight ranking (forced ranking) a type of rating format.
Term
“mandated” benefits
Definition
      • worker’s compensation (state),
      • unemployment insurance (federal),
      • social security (federal).
Term
FMLA allows how many weeks of leave per year?
Definition
12 weeks
Term
flexible benefit plan,
Definition
An empirical method of identifying individual employee preferences.  Employees are allotted a fixed dollar amount and permitted to choose how it is spent on the purchase of benefits.
Term
Benefits required by statutory law are
Definition
        • worker’s compensation,
        • social security,
        • unemployment compensation.
Term
HIPPA is designed to reduce:
Definition

1) lessen an employer’s ability to deny coverage for a preexisting condition and

 

 2) prohibit discrimination on the basis of health-related status.

Term
How is unemployment insurance usually financed?
Definition
In the majority of states, THIS____ is paid out to eligible workers is financed exclusively by employers that pay federal and state unemployment insurance tax. The federal tax amounts to 6.2 % of the first $7,000 earned by each worker. In addition states impose a tax above the $7,000 figure. The extra amount a company pays depends on its experience rating—lower percentages are charged to employers who have terminated fewer employees. The tax rate may fall to almost 0 percent in some states for employers that have had no recent experience (hence the term “experience rating”) with downsizing and may rise to 10 percent for organizations with large numbers of layoffs.
Term
What was "HIPPA" designed to reduce?
Definition
the most significant element began when a stringent no privacy provisions added considerable compliance problems for both the HR people charged with enforcement and the information technology people delegated the task of building secure health information systems.
Term

Today, what percentage of the workforce is covered under pension plans?

Definition
43%
Term

What is an HMO?

Health maintenance organizations

Definition
One of the health-care systems, it provides comprehensive benefits for a fixed fee. THESE____ offer routine medical services at a specific site. Employees make prepayments in exchange for guaranteed health-care services on demand.
Term
Surveys indicate the most highly valued benefit is?
Definition

Pensions

 (or Medical benefits)

Term
An HMO (Health Maintenance Organization)
Definition
a medical coverage delivery system that provides comprehensive benefits for a fixed fee.
Term
Why do executives, supervisors and sales staff often receive special compensation?
Definition
special groups tend to be strategically important to the company. If they don’t succeed at their jobs, success for the whole organization is in jeopardy. Second, their positions tend to have built-in conflict, conflict that arises because different factions place incompatible demands on members of the group.
Term
The biggest trend in supervisory pay is?
Definition
centers on increased use of variable pay.
Term
What component of executive compensation has grown most since the 1970s?
Definition
long-term incentive
Term
Which is the most popular executive perk offered by most companies?
Definition
physical examination.
Term
Today, top executive pay is how many times more than the average worker?
Definition
364 times
Term
“Rank and Yank”
Definition
straight ranking (forced ranking) a type of rating format.
Term

 

What is the first question to ask in determining how much retirement income to provide?

 

Definition

 

What level of retirement compensation would a company like to set as a target, expressed in relation to pre-retirement earnings?

 

Term

 

What is an HMO?

 Health maintenance organizations

Definition

One of the health-care systems, it provides comprehensive benefits for a fixed fee. THIS_____offers routine medical services at a specific site. Employees make prepayments in exchange for guaranteed health-care services on demand. By law, employers of more than 25 employees are required to provide employees the option of joining a federally qualified ________. If the employee opts out of coverage, the employer is required to pay the premium or an amount equal to the premium for previous health coverage, whichever is less.

 

Term
MBO
Definition
 Management by Objectives
Term

HMO

Health Maintenance Organization

Definition
By law, employers of more than 25 employees are required to provide employees the option of joining a federally qualified ______. If the employee opts out of coverage, the employer is required to pay the premium or an amount equal to the premium for previous health coverage, whichever is less.
Term
flexible benefit plan
Definition
also known as a cafeteria plan or supermarket plan.
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