Module 5 - Rewards & Comp

Question 1

A subset of the reward system that addresses the economic or monetary component of the reward system

Answer 1

Compensation system

Question 2

EE’s inherently dislike work, but can be induced to work in order to satisfy their economic needs

Answer 2

Classical Managerial Strategy

Question 3

EE’s dislike work but work to satisfy social needs.

Answer 3

Human Relations managerial Strategy

Question 4

Rewards that satisfy basic needs for survival and security, social needs and needs for recognition. They are derived from the context of the job.

Answer 4

Extrinsic Rewards - Pay Supervisor/coworker behavours, working conditions

Question 5

Mix of intrinsic and extrinsic rewards (career advancement, the intrinsic characteristics of the job, work/life balance, and compensation)

Answer 5

Reward System

Question 6

A business strategy that focuses on dominating a narrow product or market segment and excelling in it, based on a combination of product quality and price.

Answer 6

Defender Business Strategy

Question 7

A managerial strategy that assumes that work can be intrinsically motivating if an organization is structured properly.

Answer 7

high-involvement managerial strategy

Question 8

Set of values, guiding beliefs, understandings, and ways of thinking that are shared by members of an org.

Answer 8

organizational Culture

Question 9

Rewards that satisfy higher level needs for self-esteem, achievement, growth, and development

Answer 9

Intrinsic Rewards - Job is challenging, variety, autonomy

Question 10

Foundational pay

Answer 10

Base Pay

Question 11

The pay for monetary rewards to some measure of individual, group, or organizational performance.

Answer 11

Performance Pay

Question 12

A business strategy that focuses on identifying and exploiting new opportunities quickly.

Answer 12

Prospector business strategy

Question 13

A business strategy that focuses on exploiting new opportunities at a relatively early stage while maintaining a base of traditional products or services.

Answer 13

Analyzer business strategy

Question 14

A pay component that includes non-cash items or services that satisfy specific EE needs, such as health protection or retirement security.

Answer 14

Indirect Pay

Question 15

The alignment between an organization’s mission, vision, and values, and various supportive strategies in the organization.

Answer 15

Vertical fit

Question 16

Alignment between and among strategies at the same level.

Answer 16

Horizontal fit

Question 17

A number of separate variables within an org structure that act as levers to produce the behavour the org desires. They interface with, and ultimately, impact, the reward and compensation systems.

Answer 17

Structural variables - job design, control system, decision making and leadership, communication and info, coordination and departmentation

Question 18

Factors in the firm’s context that indicate the most appropriate managerial strategy and org structure.

Answer 18

Contextual variables - Bus strategy, org size, tech, workforce

Question 19

A business strategy that depends on providing unique products or services to a broad range of customers

Answer 19

Differentiator business strategy

Question 20

The manner in which the total amount of work to be done in and org is divided into subtasks that are assigned to individual EE’s

Answer 20

Job design

Question 21

methods used to coordinate the work of individual EE and subunits to ensure the work of individuals supports achievement of the overall task

Answer 21

Coordination and departmentation

Question 22

Mechanisms through which decisions are made and types of leadership role played by those in managerial positions.

Answer 22

Decision-making and leadership

Question 23

methods used to communicate information and the amount and types of information communicated throughout an org

Answer 23

Communication and information

Question 24

Means used to control EE behaviour and to ensure they are doing what they are supposed to do

Answer 24

Control Structure

Question 25

Rewards vs Incentives

Answer 25

Rewards - positive consequences of performing behaviours

Incentives - induce valued behaviour (work to get promised reward)

Question 26

Promise of a specified reward if EE provides specified behaviour that might not otherwise be performed or at a higher level

Answer 26

Incentive i.e. exceeding sales by 5% get bonus