You are free to type more than the 2 page minimum requirement. It’s totally up to you.
• ESSAY QUESTIONS: Type 2 pages for each question. Your first page should include theory from the text and/or other sources while the second page should include a real business example of how to apply the theory. If you don’t have an actual application, feel free to create a fictitious one.
1. How do stakeholders’s perspectives; e.g., unions, society, shareholders, creditors, employees, influence compensation decisions?
2. Why are there different approaches to job evaluation? What approaches does your employer use? Why?
3. Why bother with job evaluation? Why not simply market price? How can job evaluation link internal consistency to external market pressures?
4. What are the pros and cons of having employees involved in compensation decisions? What forms can employee involvement take?
5. What is a relevant market? What difference does it make when determining employee pay?
6. Which competitive pay policy would you recommend to an employer? Why? Does it depend on circumstances faced by the employer? If so, which ones?
7. How would you design a compensation survey to set pay for a factory worker? How would you design a survey financial managers? Will the techniques used and data collected differ? Why or why not?
8. What is a “pay for performance plan?” Does variable pay improve performance results? What evidence support your point of view?
9. What are gain-sharing plans? What are the pros and cons of implementing them?
10. Where is the bulk of time spent in implementing and administering a benefits program? How would you go about implementing and administering a new benefit plan if asked to by your employer? Be specific and cite action steps.