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HRM 200 chapter 12

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What incentive most likely motivate junior engineers who have recently graduated from university?
Variable pay
Term plan that refers to any plan that ties pay to productivity or to some other measure of the firm’s profitability is called:
Performance appraisals
Accurate ______ are a precondition for effective variable pay plans
Spot bonus
Amy received $2000 from her employer last week in order to recognize the extra hours that she had worked in past month. Amy received:
profit-sharing plan
Type of incentive plan that generally is organization-wide and that provides employees with a share of the organization’s profit
Gain-sharing program
Type of incentive plan that is an organization-wide plan designed to reward employees for improvements in organizational productivity.
Piecework plan
most common and Oldest type of incentive plan is the system of pay based on the number of items processed by each individual worker in time. Known as:
Straight piecework plan
Under this, each worker receives a set payment for each piece produced in a factory. It is known as:
Guaranteed piecework plan
Under this, each worker receives min-hourly wage plus incentive for each piece produced. this is:
Standard hour plan
Worker is rewarded by a percent premium that equals percent by which his/her performance is above standard, this is known as:
team or group incentive plan
production standard is set for specific work group, and its members are paid incentives if the group exceeds the production standard.
Each worker’s rewards are no longer based just on his/her own efforts
Cheif Disadvantage of group plans:
Most employers pay their managers and executives some type of:
Annual bonus
Short-term incentive plan that is designed to motivate the short-term performance of managers and is tied to company profitability is called:
Salary grade
Not to consider when implementing short term incentive plan for senior manager
Key position, salary level, salary grade
Following criteria to become eligible for a short-term incentive program
salary-level cutoff point
When all employees earning over a threshold amount are automatically eligible for consideration for short-term incentives, this is called criterion of:
Salary grade
Refinement of the salary cutoff approach to short-term incentive eligibility, assuming that all managers should be eligible for short-term incentives:
individual award
Target bonus is set for each eligible position and adjustments are made for greater/less then targeted performance:
profit sharing
Plan that offers each person a bonus based on company’s results regardless of individual’s effort
With true individual incentive, it is manager’s individual effort and performance that are rewarded with:
multiplier method
Way to get around paying too much to individuals in split-award, whose performance is not great:
Capital accumulation programs
Long-term incentives most often reserved for senior executives are called
Retained earning plan
NOT part of long-term incentive plans extended to employees
Performance plans
Long-term incentive plans whose payment or value is contingent on financial performance measured against objectives set at the start of a multi-year period are called:
Corporate strategy
Executive compensation is more likely to be effective if it is appropriately linked to:
Sales compensation relied heavily on incentives(sales commision) although this varies by:
salary and commissions
Most prevalent approach to compensating salespeople:
commission plan
Paying salespeople according to a plan that compensates them in direct proportion of their sales is:
white-collar employees
term “merit pay” most often used with respect to:
Merit pay
Amy received a salary increase based on her individual performance over the past year. Amy received the following type of compensation:
only pay tied directly to performance can motivate improved performance
NOT a backfire of merit pay
Paid in one lump sum once a year
One adaption of merit pay plans is merit raises that are:
merit raise is based on individual performance, although the overall level of company profits may affect the total sum for merit raises
Traditional merit pay plans have the following characteristics:
Professional employees
Employees whose work involves the application of learned knowledge to the solution of the employer’s problems are referred to as:
Salary and fringe benefit programs
NOT in incentive plans in which virtually all employees can participate
deferrer profit-sharing plan
When predetermined portion of profits is placed in each employee’s account under the supervision of a trustee is called:
employee stock ownership program
incentive plan that Corporation contributes shares of its own stock to a trust, and distributes the stock to employees on retirement or separation from service is:
Guaranteed minimum payouts
NOT Basic feature of Scanlon plan
One feature of Scanlon plan; company’s mission or purpose must be clearly stated, employees must understand how business operates in terms of customers, prices and costs
Scanlon plan has been successful at reducing costs and fostering a sense of sharing and cooperation among
Gainsharing plan
Engages may/all employees in a common effort to acheive a company’s productivity objectives by sharing the resulting cost savings among employees and the company is:
line of sight
There are several specific common-sense considerations in establishing any incentive plan. Of primary importance is:
lack of recognition and praise
Recent research indicates that primary cause of high employee turnover is:
High performers
Recognition is important for ______, who are driven by internal motivation.

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