What is the primary advantage of broadbanding?
Explanation
The main benefit of broadbanding is that it creates wide pay bands, which gives managers more flexibility to move employees to different jobs, reward them for skill development, and manage careers without being constrained by narrow, traditional pay grades.
Other questions
What are the two main components of employee compensation as described in the text?
According to the equity theory of motivation, what are the four forms of equity that managers should address in compensation?
Which law, originally passed in 1938, contains provisions for minimum wage, maximum hours, overtime pay, and child labor protection?
Under the FLSA, what was the minimum wage for the majority of covered employees in 2012?
What is the general salary threshold below which most employees are considered nonexempt and thus eligible for overtime pay, according to the text?
What is the primary purpose of a job evaluation?
According to the text, which job evaluation method is described as the simplest and most appropriate for small employers?
In the point method of job evaluation, what is the first step the evaluation committee usually performs?
What is the primary purpose of a wage curve?
What does a compa ratio of less than 1 signify?
Which of the following is NOT listed as one of the four main elements of top executive compensation?
What is the key difference between competency-based pay and traditional job evaluation-based pay plans?
What is the practice of consolidating salary grades into a few wide levels or bands called?
What does the concept of 'comparable worth' require?
According to a study cited in the text, women in the United States earn approximately what percentage of what men earn?
Which of these defines a job's worth based on a comparison to other jobs within the same company?
What type of pay ties compensation to the amount of production a worker turns out, such as the number of 'pieces' produced?
The Walsh-Healey Public Contract Act of 1936 sets basic labor standards for employees working on any government contract that amounts to more than what value?
Which of the following job titles is listed in Figure 1 as being typically 'exempt' from FLSA overtime provisions?
What are fundamental and compensable elements of a job, such as skills, effort, responsibility, and working conditions, called?
In the job classification method, what is the term for groups of jobs that are similar in difficulty but otherwise different (e.g., press secretary and fire chief)?
What is a 'red circle' or 'flagged' rate?
In the example of creating a market-competitive pay plan, what is step 1 of the 16-step process?
A recent study of CEO pay concluded that which three factors accounted for about two-thirds of executive compensation variance?
According to the text, a recent survey found what percentage of employers use skill-based pay?
The case of County of Washington v. Gunther (1981) was pivotal for which compensation concept?
Which law makes executives personally liable for corporate financial oversight lapses?
What is the primary reason an aligned reward strategy is important for a company?
The example of Wegmans Food Markets illustrates that a company can compete on factors other than low wages by focusing on what?
According to the text, a study of retail buyers found that turnover was significantly lower when what condition was met?
What does the 1931 Davis-Bacon Act allow the secretary of labor to do?
What is the primary risk for an employer who misclassifies an employee as an 'independent contractor'?
What did the National Labor Relations Board (NLRB) rule regarding a union's right to information about its members' salaries?
In the context of job evaluation, a 'job' used to anchor the employer’s pay scale and around which other jobs are arranged is known as a:
What is the key advantage of using a market-based approach to setting pay rates?
The job classification method of the U.S. government uses all of the following as compensable factors EXCEPT:
In a market-competitive pay plan, compensation for a job reflects what two things?
According to the text, a top hospital might have a policy of paying nurses what percentage above the prevailing market wage?
What is the primary function of the National Compensation Survey (NCS) provided by the Bureau of Labor Statistics (BLS)?
For a job with five degrees of complexity and a maximum of 600 points, how many points would the third degree be worth according to the chapter's example?
What is the primary reason professional jobs like 'engineer' are difficult to price using only job evaluation?
In the example from Table 5, what is the approximate starting annual salary for a federal employee in grade GS-10, Step 1?
What is meant by the term 'total rewards' in compensation?
A white-collar worker earning over what annual amount is automatically ineligible for overtime pay under the FLSA, regardless of their duties?
The Hay Group consulting firm's job evaluation method emphasizes which three compensable factors?
What is a major downside of using seniority-based pay, as mentioned in the chapter?
What is the primary reason employers use pay ranges for each pay grade?
In the study of monkeys trading pebbles for food, what caused the monkey to slam down the pebble?
According to the Equal Pay Act, which of the following is NOT a valid reason for differences in pay between men and women doing equivalent work?