Jack Welch, past CEO of GE, popularized a performance appraisal system informally known as rank and yank. Under this system, managers were forced to place a specific number of employees into excellent, average, and poor categories. What is the formal name for this performance appraisal system?

Merit pay provides a permanent increase to base pay based on _____________ ratings of performance, usually by the supervisor.

The typical hourly wage paid to more than 50% of all laborers and mechanics in a local area is called the _____________.

Which compensation stakeholder group relies on compensation professionals to ensure that collective bargaining agreements have been followed?

Piecework or piece rate pay plans, management incentive plans, referral plans, and behavioral encouragement plans are all examples of incentives tied to performance metrics at the _____________ level.

Which of the following can be used to strengthen the pay-for-performance link?

In the Chapter 3 reading and lecture, one of the two traditional pay bases discussed was merit pay. What is the definition of merit pay? Why is it so popular in the United States? What are some of the advantages of this pay basis? What are some of the disadvantages of using merit pay?

Julie works in Joplin, MO and earns $60,000 per year. She wants to move to Los Angeles to pursue her dream of acting. When interviewing for jobs in L.A., what salary should Julie ask for and why?

Seniority and longevity pay plans both reward employees for their ____________.

Which of the following should be considered when designing an incentive pay plan?