HRM 598 Final Exam - Compensation

HRM 598 Final Exam - Compensation 

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1. (TCO A) You are the compensation director for the New York Fruit Pies Company, which has 100 employees and is located in a small city of 50,000 in a rural agricultural part of New York State. You have just joined the company and have identified the need to create a revised compensation system.  
 

2. (TCO B)  The VP for HR met with you, the compensation manager, to go over the new strategies for attracting new employees for the offshore oil recovery division. The division works with oil production companies to help prevent oil spills and recover oil where leakages have occurred. The division employs many engineers and scientists with expertise in hydraulics, oil production, chemistry, etc. Employee assignments are often for three to six months in different countries around the world. The VP for HR indicates that you should use a job-based point method.

In creating a job-based point evaluation plan for the organization, identify and discuss four compensable factors that you would incorporate in the job-based point evaluation plan. Please describe a job-based point evaluation plan. In addition, define each factor, justify why you selected it, and provide the weights or scales that you would assign to it. (Points : 30)

3. (TCO B) You are the Compensation Director for Forever-Green Plywood, Inc. The company buys timber, manufactures plywood sheets, and sells on the international market. The organization's three major units are timber purchasing (with five employees), manufacturing plant (with 120 employees), and sales and management (with 12 employees).

You need to develop a job evaluation plan for the organization. Describe the difference between person-based plans and job-based plans. Explain which one you would use. What factors would you consider? What is one advantage and disadvantage of each? (Points : 30)

4. (TCO C) You are the compensation manager in an established video game company that is having difficulty in hiring staff members in the game development division. Until recently, this division has been able to attract some of the best new graduates of computer science colleges but has seen candidates accept positions with other companies.

What competitive market pay policy would you recommend for the company to use? In order to make your recommendation, what additional information would you need about the company? Describe four competitive market pay policies, and give an example of when an organization might want to use each policy. (Points : 30)

5. (TCO D) One of your established clients, a Wall Street Financial Services company, has hired a new CEO who wants to change the culture of the organization as a way to better deal with the recent criticism of Wall Street. He asks you for advice on designing a new performance assessment approach. He believes that training and education of brokers is the key to success in the future. He says that the learning should be the result of performance appraisal.

The CEO asks you the following question: Should the organization consider a straight ranking approach, a rating system like a behavioral anchored rating scale (BARS), a management by objectives (MBO) format, or a 360-degree multi-rater approach? Describe the four types of performance assessment approaches. Recommend one and justify why you have chosen it. (Points : 30)

6. (TCO D) As the Compensation Manager of a large accounting firm, you have reviewed the results of the last performance appraisal cycle. It appears that supervisors and managers may be having difficulty in doing the appraisals. You are concerned about validity and reliability of the process.

7. (TCO F) You are the HR Director for the Chicago Farm Implements Company. Given that a recent economic downturn has seriously affected your industry, you are leading a restructuring effort that will result in the elimination of four VP positions and one Sr. VP position. You need to develop a new executive compensation strategy and plan for the remaining nine VPs, three Sr. VPs, the COO, and CEO. The CFO and head of legal affairs are vacant due to recent resignations. 

Describe the components of an executive compensation plan. Explain how these components can help support organizational strategies, attract candidates to the executive team vacancies, and retain the other current executives. (Points : 30)

8. (TCO G). The management team of the Fossety Iron Works has raised questions about compensation policies and procedures. They do not seem to understand the basic laws and regulations that affect compensation. The chairperson of the team has asked you, as Compensation Manager, to explain the most important laws to them. You selected Fair Labor Standards Act (FLSA) to start with because it is probably the most comprehensive and far-reaching legislation that affects compensation.

Describe the four key requirements and why they are important in compensation. (Points : 30)

9. (TCO E). As a Compensation Consultant, you have been asked by a client organization to brief their management group on incentive plans like gain-sharing and profit-sharing plans. 

Briefly describe what gain-sharing and profit-sharing plans involve. What conditions should exist prior to implementation to make it easier to implement? What are the advantages and disadvantages of group incentives like gain-sharing and profit-sharing plans? (Points : 30)