FinalExamHRM324classstartDecember162014 1 1 1

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Final Exam HRM/324 Total Compensation

a) Once complete please post your exam as an Attachment into THE ASSIGNMENTS LINK. Color your T/F or multiple choice responses any color EXCEPT red.

b) This will allow me to grade your exam directly into your assignments link for feedback!

1) Why are applying organizational objectives important to Total Compensation Planning?

Doing so helps the organization to attract and retain employees with regard to appropriate skill levels and low turnover. Having happy and well-compensated employees helps the organization to accomplish and meet goals because of high productivity.
2) Please explain one law and regulation that guides Total Compensation.

One law and regulation that guides Total compensation is the Fail Labor Standards Act (FLSA) This is the oldest of labor laws and also called the wage and hour law. It provides concern for minimum wage, overtime pay, record keeping, and equal pay.

3) Please explain the Wage Management process for a business enterprise. One must understand the difference between exempt and nonexempt classification Must distinguish the terms between wages and salaries Obtain job descriptions, titles
4) Compare internal and external equity. Internal equity involves employees working for the same company doing the same job External equity is employees who compare their pay and jobs to pay and jobs in other organizations
5) Compare Direct and Indirect Compensation Systems.
Indirect compensation systems include mon monetary remuneration provided to employees including annual leave, overtime pay, health insurance, pension funds,
Direct compensation systems include rewards earned by employees in return for their labor such as wages, salaries, bonuses, commissions.

6) Describe one Performance-based Pay Strategy.
One performance based pay strategy is bonuses. This links an employees pay to performance results and

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