Practice Free C17 Market Pricing - Conducting a Competitive Pay Analysis Exam Questions Answers With Explanation

The process of analyzing internal pay data to determine the prevailing rates of jobs in the organization.

The process of analyzing external pay data to determine the pay for individual employees.

The process of analyzing internal and external pay data to determine the pay for individual employees.

The process of analyzing external pay data to determine the prevailing rates of jobs in the market.

Provides key competitive information on how the organization's compensation levels compare to the market

Achieves the goal that no employee should leave the organization due to pay issues

Ensures that the organization will always lead the market regardless of financial resources

The geographic location of the companies reported in the survey

The job levels reported in the survey

The quality of the survey vendor

All of the above

A system for distributing bonuses to employees

A set of policies and procedures for administering employee pay

The organization's approach to paying employees

The specific salary levels and ranges for each job in the organization

Start-Up

Growth

Mature

Decline

The number of participants in each survey used to price the job

The name of the survey vendor used for each survey

The method of aging the data from multiple surveys to a common point in time

The specific individuals who conducted the job evaluation

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

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

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.

A letter to an employee announcing a promotion

A letter to an employee terminating their employment

A letter to a candidate offering them a job

A letter to an employee outlining their performance evaluation

Lead

Lead-lag

Lag

Lag-lead

The extent to which the survey has been audited.

The number of jobs matches found in the survey.

The availability of the results in both hard copy and electronic form.

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

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

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

Salary increase

Promotion

Flexible work arrangements

Performance bonus

The price of the survey source and whether it has increased over time

The average time needed to match a job to the survey source

How many times per year the survey source is updated

The method of aging the data from multiple surveys to a common point in time.

As part of total cash compensation

As a monetary figure

As the number of share granted

The minimum pay rate for a job

The maximum pay rate for a job

The range of pay rates for a job

The midpoint pay rate for a job

No. of months to age x annual aging factor

No. of months to age/12 months

No. of months to age/12 months x annual aging factor

Annual aging factor x 12 months

The company's mission and vision statement

Employee training and development

Employee hiring practices

The design, implementation, and administration of a compensation program