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Exam 7: Building Market-competitive Compensation Systems

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Question 21

Multiple Choice

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If the means salary for B42DA,Inc.,is $30,000 and the median salary is $32,000,what would Yolanda's salary of $165,000 be considered?

A) overlie
B) outsider
C) outlier
D) over layer

E) All of the above
F) A) and B)

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Question 22

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This term refers to the distance of each salary figure from the mean.

A) standard deviation
B) quartile
C) percentile
D) deviated mean

E) A) and D)
F) A) and C)

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Question 23

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The market ________ policy most closely follows the typical market pay rates because companies pay according to the market pay line.

In which type of document do compensation professionals represent the selection and implementation of pay level and pay mix policies over a specified time period,usually one year?

What does it mean when the distribution of data is skewed to the right?

Elaborate on the link between a company's pay level policy and its strategic mandate.

HR professionals rely on ________ jobs as reference points for setting pay levels.

Which of the following surveys are tools used by employers to determine the pay levels needed to recruit highly qualified employees?

________ represents the amount of spread or dispersion in a set of data.

________ analyses enable compensation professionals to establish pay rates for a set of jobs that are consistent with typical pay rates for jobs in the external market.

These are used as reference points for setting pay levels.

Compensation professionals in the XYZ Company use regression analysis to determine the pay rates of its marketing professionals.There are 4 different marketing job titles in the XYZ Company.Compensation professionals use job evaluation points assigned to each marketing job title and a salary survey data.In other words,they regress job evaluation points on the salary data to indicate the amount of variation in market pay rates that can be explained by a company's job structure.Which of the following best describes this amount of variation when the R2 value turns out to be 0.85?

The XYZ Company is a world leader in medical device manufacturing.Aiming to continue its market position in this industry,the XYZ Company pursues a differentiation strategy.As a result,this company compensates its employees higher than competitors in order to attract and retain the best employees.What kind of pay level policy does the XYZ Company follow?

Which of the following are the two types of central tendency measures that are pertinent to compensation?

Which process can companies use to make corrections for differences between their jobs and external benchmark jobs?

Identify and describe the four steps for establishing market competitive pay systems.

Which of the following entails an examination of a company's external market context and internal factors?

Market match policies are generally set to which quartile in the salary survey?

What does Quartile 3 represent?

Suppose that a compensation professional would like to calculate the median salary.He orders four salaries as follows: $20,000,$22,000,$24,000,$26,000.What is the median salary for this data set?