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Homework answers / question archive / COMP 598 Final Exam 1) (TCO A) You are the compensation director for the New York Fruit Pies Company, which has 100 employees & is located in a small city of 50,000 in a rural agricultural part of New York State
COMP 598 Final Exam
1) (TCO A) You are the compensation director for the New York Fruit Pies Company, which has 100 employees & is located in a small city of 50,000 in a rural agricultural part of New York State. You have just joined the company & have identified the need to create a revised compensation system.
You are familiar with the four strategic pay policies that are typically found in pay models. Discuss each of the strategic policies as they would apply to your company. Are there any goals that your compensation system should incorporate? (Points : 30)
6. (TCO D) The new HR VP is concerned about the performance appraisal process in the hand-held video game company where you are the compensation manager. You then review the results of the last performance appraisal cycle. It appears that supervisors & managers may be having difficulty in doing the appraisals. You are concerned about validity & reliability of the process.
In preparation for a training program for supervisors & managers, identify at least three common errors in the performance appraisal process & describe them. In addition, describe steps to minimize these errors. (Points : 30)
7. (TCO H) You are the HR VP for the Carringten Auto Brake Lining Company. A recent economic downturn has seriously affected the auto industry & your company, as well. Your company has merged with two other brake component companies in an effort to gain production efficiencies & lower unit costs. You are the lead HR person for the new entity. Based on your analysis of the three previous executive compensation approaches, you have decided with board approval to redesign the executive compensation for the new combined organization.
Describe the components of an executive compensation plan. Explain how these components can help support organizational strategies, attract candidates to the executive team vacancies, & retain the other current executives. (Points : 30)
8. (TCO G) As HR Director, you have arranged a management training program for managers & executives on the Fair Labor Standards Act (FLSA) because it is probably the most comprehensive & far-reaching legislation that affects compensation decisions in the organization. Describe the four key requirements & why they are important in compensation. (Points : 3)
9. (TCO E) The CEO of your company has just had lunch with several CEOs at an industry leadership group. He meets with you & explains what he heard about incentive plans such as gain-sharing & profit-sharing plans. He thinks you should research them & get back to him with a recommendation.
Briefly describe what gain-sharing & profit-sharing plans involve. What conditions should exist prior to implementation to make it easier to implement? What are the advantages & disadvantages of group incentives such as gain-sharing & profit-sharing plans? (Points : 30)