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HRM 598 Compensation Final Exam

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1. (TCO A) The new CEO of your company, who just came from a competitor, has just

asked you to discuss the organizations compensation system. As the compensationmanager, you te him a!out the organizations neary "## empoyees in a!out $#different jo! tites who are ocated in three ocations in %.A. &e asks you to descri!e the

strategy used to guide compensation system decisions. 'ou e(pain that ordinariy, pay

modes are guided !y se)era strategic poicies. *escri!e what goas a compensation

system shoud ha)e and how four strategic pay poicies appy to theorganization. +oints - #/

0. (TCO B) The for &2 met with you, the compensation manager, to go o)er the new

strategies for attracting new empoyees for the offshore oi reco)ery di)ision. Thedi)ision works with oi production companies to hep pre)ent oi spis and reco)er oi

where eakages ha)e occurred. The di)ision empoys many engineers and scientists withe(pertise in hydrauics, oi production, chemistry, etc. Empoyee assignments are often

for three to si( months in different countries around the word. The for &2 indicatesthat you shoud use a jo!3!ased point method.

4n creatinga jo!3!ased point e)auation pan for the organization, identify and discuss

four compensa!e factors that you woud incorporate in the jo!3!ased point e)auationpan. ease descri!e a jo!3!ased point e)auation pan. 4n addition, define each factor,

justify why you seected it, and pro)ide the weights or scaes that you woud assign to

it. +oints - #/

. (TCO B) 'ou are the Compensation *irector for 5ore)er36reen ywood, 4nc. The

company !uys tim!er, manufactures pywood sheets, and ses on the internationamarket. The organizations three major units are tim!er purchasing +with fi)e empoyees/,

manufacturing pant +with 10# empoyees/, and saes and management +with 10empoyees/.

'ou need to de)eop a jo! e)auation pan for the organization. *escri!e the difference

!etween person3!ased pans and jo!3!ased pans. E(pain which one you woud use.7hat factors woud you consider8 7hat is one ad)antage and disad)antage of

each8 +oints - #/

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7/23/2019 HRM 598 Compensation Final Exam

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9. (TCO C) A high3tech start3up company has retained your ser)ices to assist them in

determining a competiti)e market pay poicy for the company to use as they staff up. 4n

order to hep them, what information woud you need a!out the company8 *escri!e fourcompetiti)e market pay poicies, and gi)e an e(ampe of when an organization might

want to use each poicy. +oints - #/

". 5. (TCO D) 'ou are a consutant who speciaizes in compensation. 'ou are working with

:idwest &ighway, %td., a road construction company housing fi)e pants that producematerias for road !uiding. The CEO of the company wants to know what type of

performance measurement too shoud !e used in its production faciities in the future.

The main production jo! in the fi)e pants +a!out ;" out of the tota of 10"/ in)o)esoperation of machines that mi( and form the surfacing materias. The production ines are

we esta!ished and product ines are consistent. The jo! appears to you to !e a ow3e)e

one with prescri!ed routines.The CEO asks you the foowing A2=/, a management

!y o!jecti)es +:>O/ format, or a ?#3degree muti3rater approach8 *escri!e the fourtypes of performance assessment approaches. 2ecommend one and justify why you ha)e

chosen it.+oints - #/

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1. (TCO D) As the Compensation :anager of a arge accounting firm, you ha)e re)iewed

the resuts of the ast performance appraisa cyce. 4t appears that super)isors andmanagers may !e ha)ing difficuty in doing the appraisas. 'ou are concerned a!out

)aidity and reia!iity of the process.

4n preparation for a training program for super)isors and managers, identify at east three

common errors in the performance appraisa process and descri!e them. 4n addition,descri!e steps to minimize these errors. +oints - #/

0. (TCO F) 'ou are a Compensation Consutant working with a Top 1## !ank on the East

Coast of the @.=. The >oard of *irectors of the !ank is in the process of hiring a newCEO. They indicate that they are concerned a!out pu!ic perception. 'ou are in)ited to a

Compensation Committee meeting to recommend an e(ecuti)e compensation strategy.

*escri!e the components of an e(ecuti)e compensation pan and e(pain how thesecomponents can hep support the organizationa strategy. +oints - #/

. (TCO !). The management team of the 5ossety 4ron 7orks has raised

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9. (TCO E). As a Compensation Consutant, you ha)e !een asked !y a cient organization

to !rief their management group on incenti)e pans ike gain3sharing and profit3sharing

pans.>riefy descri!e what gain3sharing and profit3sharing pans in)o)e. 7hat conditions

shoud e(ist prior to impementation to make it easier to impement8 7hat are the

ad)antages and disad)antages of group incenti)es ike gain3sharing and profit3sharingpans8 +oints - #/