Bus 409 week 5 quiz 4

BUS 409 Week 5 Quiz 4

1. Which gain sharing plan focuses on lowering the percentage of labor costs using a value-added formula?
2. Gunther Rohn was rewarded for making a suggestion that saved Ewe and Eye Electronics thousands of dollars. Which type of incentive compensation approach might have worked best?
3. What is the main objective of Scanlon plans?
4. Which gain sharing plan bases incentives on the ratio between labor costs and sales value of production (SVOP)?
5. Profit sharing plans and employee stock option plans are incentives on what level?
6. These profit sharing plans award cash to employees on a quarterly or annual basis as part of their regular compensation.
7. XYZ Manufacturing Co. uses a gain sharing plan that gives incentives to employees to finish products rather than to incentivize dollar savings. Therefore, this company measures productivity as the ratio of standard labor hours and actual labor hours. What kind of gain sharing program does XYZ Manufacturing Co. use?
8. This incentive plan has a buy-back provision.
9. Which of the following is true regarding group incentive plans as opposed to individual incentive plans?
10.In addition to the guaranteed hourly pay rate, John receives incentives for every item produced over the designated production standard. What kind of incentive plan is used in this situation?
12.The concept that a hard working employee is likely to stay at an incentive pay position is better known as this.
13. Which type of individual incentive plan requires the achievement of multiple, complex objectives without compromising the quality and quantity of output that is generated by employees?
14. To have better safety records, XYZ Company gives monetary incentive awards to its workers for lower accident rates due to improper use of heavy equipment.
15. This type of individual incentive plan rewards employees who recruit new customers or new employees.
16. On which teams is membership relatively permanent, with the members working full-time on the team?
17. This is another name for parallel teams.
18. John is a design engineer working at an auto manufacturer research and development department. In addition to his normal duties, he is assigned to a team of other engineers developing a highly automated assembly line for the new model of a passenger car. What type of team is John assigned to?
19. Which of the following is true concerning incentive pay?
20. Which of the following is true of incentive pay?
21. Customer satisfaction, labor cost savings, materials cost savings, and reduction in accidents were listed as typical performance measures for which type of incentive plan?
22. This method reinforces cooperation among team members except when team members perceive differences in other members’ performances.
23. This group incentive system was designed to provide employees with financial incentives for increasing customer satisfaction, increasing productivity, lowering costs, or improving safety.
24. XYZ Company pays a portion of company profits to its employees. The management offers this incentive plan as one kind of retirement program. What kind of companywide incentive plan does XYZ Co. offer?
25. This formula for determining the amount available for profit sharing uses a specific percentage of annual profits contingent upon the successful attainment of a specified profit goal.
26. This formula for calculating profit sharing awards gives the employees a higher percentage of the profits as the profits increase.
27. With which profit sharing formula does the profit sharing pool become funded only after profits exceed a predetermined level but fall below some established maximum level?
28. Which of the following is true of most general stock compensation plans?
29. Which of the following performance measures corresponds to individual/ group/ companywide incentive plans respectively?
30. Which of the following is true about the level of risk involved with incentive pay?
31. The general rule of thumb is that short-term company goals last less than how long?
32. Another name for incentive pay is ________ pay.
33. Individual incentive plans help to promote the relationship between pay and ________.
34. The ________ effect refers to a worker’s willingness to work diligently to produce more quality output rather than simply attending work without putting in the effort.
35. ________ teams consist of a group of people assigned to complete a one-time project.
36. The sales value of production (SVOP) is the sum of sales ________ plus the value of goods in inventory.
37. The Improshare bonus is based on a ________ ratio formula.
38. The main disadvantage of group incentive compensation is employee ________.
39. ________ profit sharing plans place cash awards in trust accounts for employees, and are set aside on employees’ behalf as a source of retirement income.
40. In a “pay at ________” profit sharing compensation package, base bay is set below the average for competing employers, and employees’ pay can be very meager or very large compared to a similar position elsewhere.
41. Stock ________ describe an employee’s right to purchase company stock.
42. How can incentive pay systems, when properly applied, contribute to companies meeting the goals of lowest cost and differentiation strategies?
43. Compare and contrast individual and group incentive plans.
44. In an effort to increase the productivity of its employees, a manufacturing company is considering adopting an incentive pay program. List and discuss the five factors the HR professionals should consider in the adoption of such a program.

 

45. Which pay plan generally rewards employees for acquiring job-related competencies, knowledge, or skills rather than for demonstrating successful job performance?
46. This type of pay system rewards employees for successfully acquiring new job-related knowledge.
47. Pay-for-knowledge and skill-based pay are two types of person-focused pay programs that fall under this pay category.
48. This type of pay program rewards employees for successfully learning specific criteria.
49. This type of pay system is used by unions and contractors to reward their carpenters for increasing their carpentry abilities.
50. When a filing clerk is trained to maintain employee attendance records, it is an example of acquiring which type of skills?
51.Employees would need to learn these types of skills in order to develop self-managed work teams.
52. Teams that have members learn scheduling, coordinating, training, and leading others are emphasized in what type of work team?
53. This term refers to the level of specialization or expertise an employee possesses in a particular job.
54. The level of specialization or expertise an employee brings to a job are what type of skills?
55. Which company emphasizes globalization, product services, and six sigma quality improvements for corporate growth? This company also offers a renowned two-year global program for high potential HR professionals that includes the opportunity for cross-functional experience.
56. Which of the following are the two main reasons given for adopting pay-for-knowledge programs?
57. Which of the following is a reason many European and Japanese employees are better skilled and able to work more productively than American workers?
58. Jamie earned a raise in pay when he finished the training for the Technician 2 position. He will receive another raise when he finishes the training for the Technician 3 position. The company is probably using which type of pay program?
59. Which person-focused model links pay levels to increased knowledge and skills within the same general job category?
60. In this person-focused pay model, employees are rewarded for increasing their skills within a single job family, even if the skills do NOT build on each other.
61. Which one of the following would be correct regarding person-focused pay programs?
62. Which pay model promotes learning and skills development for a wide variety of jobs from different job families?
63.This model is geared to promoting staffing flexibility in a company, by training employees in one department with some of the critical skills that are needed to perform effectively in another department.
64. A company that designs, manufactures, and sells only Halloween costumes would probably benefit most from this type of pay program.
65. Which of the following is a characteristic of job-based pay?
66. This term reflects an approach to job design that results in the development of more intrinsically motivating and interesting work.
67. In the garment factory of XYZ Co., line workers are trained to be able to work at different manufacturing steps such as grading, cutting, sewing and assembling, pressing, etc. XYZ Co.’s strategy of training its workers to do different tasks is an example of which following term?
68. In a TV set manufacturing facility of XYZ Inc., although there are different assembly lines in which workers focus on certain aspects of production, senior line workers are capable of producing the TV sets from start to finish. Senior workers’ capability of doing the entire operation from start to finish is an example of which following term?
69. In the XYZ Corp. passenger car manufacturing plant, assembly line station team leaders are allowed to stop the assembly line by pulling a cord available at each station whenever they notice a serious quality problem in the assembly process. This is an example of which of the following terms?
70. Skill variety, task identity, autonomy, and feedback are the elements that make up this theory.
71. According to the job characteristics theory, this core characteristic refers to the amount of freedom, independence, and discretion the employee enjoys in determining how to do the job.
72. Which of the following is a main reason for the increased costs associated with person-focused pay programs?
73. This is considered “at the heart” of person-focused pay programs.
74. Which company discussed in the chapter tests its employees twice per year, and has abnormally high training costs in assessing the skill levels of its employees?
75. Both unions and contractors who employ carpenters use ________ pay plans.
76. ________ skills refer to similar skills or knowledge.
77. ________ skills are those skills typically considered supervisory.
78. ________ of skills is the level of expertise or specialization an employee brings to a job.
79. ________ pay programs have been used most widely in service and manufacturing industries.
80. Core ________ are often derived from the overall strategic statements of companies, and are very general knowledge and skills.
81. A ________ encourages employees to develop skills and learn to perform jobs from different job families.
82. ________ pay compensates employees for jobs they currently perform.
83. ________ is the degree which an employee receives clear and direct information about job performance from his or her employer.
84. Person-focused pay programs depend in large part on well-designed ________ programs.
85. Compare and contrast horizontal skills, vertical skills, and depth of skills.
86. Compare and contrast the stair-step model and the skill blocks model. What kinds of skills are applicable in each model?
87. Compare and contrast person focused pay and job-based pay. Discuss the advantages of person-focused pay to employers.

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