C17 WorldatWork Market Pricing - Conducting a Competitive Pay Analysis exact Exam Questions

Market Pricing - Conducting a Competitive Pay Analysis

Last Update 9 hours ago Total Questions : 165

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Question # 31

A compensation philosophy includes which of the following?

Information about each job in an organization

Information necessary to complete the job evaluation process

Principles that guide the design, implementation and administration of a compensation program.

Statement of what the organization believes about how people should be rewarded.

Question # 32

Which one of the following terms refers to the act of placing a job into a job worth hierarchy established by a method other than the organization's primary job evaluation method?

Pay range

Market rate composite

Slotting

Pay policy

Question # 33

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

Median

Mode

Mean

Trimmed mean

Range

Question # 34

What is "total rewards" in the context of compensation and benefits?

The combination of base pay, benefits, and bonuses that an employee receives

The total value of all compensation and benefits paid to employees in a given year

The rewards and recognition programs offered by an organization to motivate employees

The sum of all compensation and benefits paid to an employee over the course of their career

Question # 35

What are the disadvantages of using job ranking for job evaluation and pay structure design?

May be difficult to obtain data, may not be aligned with internal equity, not defensible on job content basis, may be overly time consuming

Simple to administer and update for currency, responsive to the market, not overly time consuming compared to other methods, high degree of transparency

Does not consider market rates, limited in accuracy, subjective, not useful for large organizations

May not accurately reflect job value, subjective, may not be useful for small organizations

Question # 36

Which of the following is an advantage of market-based job evaluation and pay structure design?

Any market inequities are built in

Simple to administer

TAkes into consideration the company's perceived value of a job

Legally defensible based on job content.

Question # 37

What should be done if outliers are found even after verification?

Eliminate them

Keep them in the dataset

Report them as errors

Average them with other data points

Question # 38

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

Surveys that have a higher purchase price

surveys that exclude data from your relevant labor market

Surveys with higher numbers of companies and/or incumbents reported

Question # 39

What are the advantages of market-based job evaluation and pay structure design?

Easy to understand and explain, aligned with internal equity, accurate for all types of jobs, provides high degree of transparency

May be difficult to obtain data, may not be aligned with internal equity, not defensible on job content basis, may be overly time consuming

Simple to administer and update for currency, responsive to the market, not overly time consuming compared to other methods, high degree of transparency

Based on job content, provides flexibility for job evaluation, accurate for all types of jobs, requires less market data