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HRCI: SPHR/PHR Ultimate Exam Prep Guide: Ace Your Test with Premium Q&A
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What are the 5 steps when implementing a strategic compensation plan? - Correct Answer ✔️ ✔️ 1. consider priorities and goals
Central Tendency - Correct Answer ✔️ ✔️ are used to help analyze
pay survey information
3 measures of central tendency are: - Correct Answer ✔️ ✔️ mean (average), median, and mode
Mean - Correct Answer ✔️ ✔️ the mean is the average of a set. To
calculate the mean, add all the values (numbers) in a series and divide the total by the number of values
Median - Correct Answer ✔️ ✔️ the median is the middle most number of a series of numbers once placed in numerical order
Mode - Correct Answer ✔️ ✔️ the mode is the most frequently
occurring member of a set
The Equal Pay Act (EPA) - Correct Answer ✔️ ✔️ is enforced by the Equal Employment Opportunity Commission (EEOC)
Age Discrimination in Employment Act (ADEA) - Correct Answer ✔️
✔️ prohibits discrimination against employees or job-seekers based
on age. The act protects all persons 40 years of age or older. It prevents organizations from hiring or promoting younger workers simply because they may be with the organization for longer. It protects workers from exclusion solely on the basis of age. In regards to
Patient Protection and Affordable Care Act (PPACA) - Correct Answer
✔️ ✔️ requires group health plans to provide dependent children
coverage (for those up to 26)
Older Workers' Benefits Protection Act (OWBPA) - Correct Answer ✔️
✔️ This Act applies to workers 40 years of age or older, and requires the employer to include several additional terms in a severance agreement/release
Older Workers' Benefits Protection Act (OWBPA) specifies: - Correct
Answer ✔️ ✔️ (a) that the employer must advise the worker, in writing, to get legal counsel before signing the release; (b) the worker must be given at least 21 days to consider the release before signing and (c) 45 days when they are part of an exit incentive or group termination program, where additional disclosures are also required. (d) It even provides that the worker can revoke the agreement for seven days after signing
What are the 5 steps in a benefits needs assessment? - Correct
Answer ✔️ ✔️ 1. Review the Orgs Strategy
What is used to gather data for benefits needs assessments? - Correct
Answer ✔️ ✔️ 1. Questionnaires and surveys (Rating Scales are used to help prioritize EE's interests and wants)
What are the 2 basic approaches to budgeting? - Correct Answer ✔️
✔️ Top Down and Bottom Up
national origin, gender, and religion. This includes discrimination in hiring, compensation, treatment of workers, and the firing of workers
Defined-Benefit Retirement Plan - Correct Answer ✔️ ✔️ A
retirement plan that assures the employee of an exact monthly payout upon retirement. The amount depends on the member's salary and years of employment
Defined-Contribution Retirement Plan - Correct Answer ✔️ ✔️ A retirement plan that receives regular contributions from both the organization and the employee and is invested on behalf of the employee. The amount of the payout upon retirement depends largely on how well the investment fared.
Internal Equity - Correct Answer ✔️ ✔️ A notion of the perceived fairness with which an organization pays different jobs within the organization i.e. red circle rate and green circle rate
Individual Equity - Correct Answer ✔️ ✔️ The perception of
fairness between employees who do the same job in the same organization
External Equity - Correct Answer ✔️ ✔️ A notion of the difference between what the organization pays for specific jobs compared to what competitors are offering. i..e. match, lead and lag policies
Midpoint - Correct Answer ✔️ ✔️ The middle most point within a
set (range) of data by adding the highest and lowest values and then dividing by 2
Range - Correct Answer ✔️ ✔️ the difference between the largest
and smallest numbers by substracting them
2 Bonus Types: - Correct Answer ✔️ ✔️ Discretionary and Non-
Discretionary
Discretionary - Correct Answer ✔️ ✔️ are not included in OT cals
i.e. spot awards, achievement awards
Job Analysis - Correct Answer ✔️ ✔️ A comprehensive study of a
job and process of gathering all the in-depth info on a position that makes way into the job description and job specification
Job Evaluation - Correct Answer ✔️ ✔️ Determines the relative internal value of the job and a process of determing the worth of one job in relation to that of the other jobs in a company so that fair & equitable wage & salary can be established
Job Description - Correct Answer ✔️ ✔️ A brief list of essential
elements of a job and a general summary of the tasks, duties, qualifications & responsibilities of a position
Job Specification - Correct Answer ✔️ ✔️ Identifies the KSAs need
to perform a job and defines the type of person best suited for an opening
Compa-Ratio - Correct Answer ✔️ ✔️ the actual salary of the ee
divided by the midpoint of the grade
What is the Business Life Cycle? - Correct Answer ✔️ ✔️ 1. Start up
Fair Labor Standards Act (FLSA) - Correct Answer ✔️ ✔️ the
prevailing law that governs wages and hours worked by the workforce
The Wage and Hour Division of the Department of Labor - Correct
Answer ✔️ ✔️ is chiefly responsible for the enforcement of many of
the provisions of the FLSA and is a primary source for clarification on rules, interpretations, and requirements of employers
$2,500 each. Service employees outlined in the act include security guards and others in some kind of recognized service trade.
The FLSA - Correct Answer ✔️ ✔️ The Act established specific
minimum requirements for employees' wages, hours of work, overtime entitlement, and payroll records
The FLSA - Correct Answer ✔️ ✔️ outlines administrative procedures by which covered work time must be compensated. Included in the Act are provisions relating to equal pay, child labor, and record-keeping standards
FLSA governs types of work 16 & 18 year olds can do. What are the regulations? - Correct Answer ✔️ ✔️ child must be at least 16 years old to work in most non-agricultural jobs and at least 18 years old to work in a hazardous job
Exempt employees - Correct Answer ✔️ ✔️ receive an established
monthly or annual salary and are expected to fulfill the duties of their positions regardless of the hours worked.
Non-exempt employees - Correct Answer ✔️ ✔️ under the FLSA, must be paid overtime at the premium (time-and-one- half) for actual time worked in excess of 40 hours per week
To be considered exempt from FLSA requirements, what two criteria must be met? - Correct Answer ✔️ ✔️ Salary Basis Test and Duties
Test
To be considered exempt from FLSA requirements, What does the Salary Basis Test include: - Correct Answer ✔️ ✔️ (a) must be paid
at least $684 per week on a salary basis; (b) must receive full, predetermined salary for any week in which the employee performs work regardless of number of days or hours worked or quality or quantity of work, and (c) are not paid overtime, being expected to work until the job is completed without additional compensation
retained for three years, whereas basic time sheets and earning cards are required to be retained for two years; 3. Store records in secure location - records must be kept in a secure location. Organizations may choose to keep records on site or use a specialized outside data storage organization; and 4. Provide timely access for record inspection - it is required under the FLSA that organizations be prepared for a record inspection in the event of an audit by the Department of Labor (DOL)
What are the most common violations of the FLSA: - Correct Answer
✔️ ✔️ misclassification of employees, impermissible pay deductions,
unpaid hours of work, and the improper substitution of compensatory time off.
What are the most commonly violated FLSA wage and hour regulations:
What financial penalties that the employer may incur for violating the FLSA regulations: - Correct Answer ✔️ ✔️ back wages; liquidated
damages; and the employee's court costs and attorney fees
What factors influence compensation approaches and strategies: - Correct Answer ✔️ ✔️ ECONOMIC - affect what compensation strategies need to offer; COMPETITION - defines where in the job market the compensation strategy will place the organization; and LEGISLATION - laws that influence compensation strategies include the Davis Beacon Act, the Walsh Healy Public Contracts Act, the Service Contract Act, and the FLSA that regulate minimum wage, overtime, and record keeping, and they specify exemptions
What factors influence compensation within an organization: - Correct
Answer ✔️ ✔️ INTERNAL CONDITIONS - such as the organization's
financial position; and ORGANZATIONAL CULTURE - reflects the values that the organization seeks in employees
Non-Qualified Plans for Executive Compensation include: - Correct
Answer ✔️ ✔️ Rabbi Trust, Split Dollar Life Insurance and Top Hat
Plan
Defined Contributions other Tax Deferred Plans are: - Correct Answer
✔️ ✔️ IRA, SIMPLE, Simplified Pension (SEP), 401K, 403b, Keogh, ESOPs
Name the Types of Reward Strategies: - Correct Answer ✔️ ✔️
Equity Theory (Adams); Expectancy Theory (Vroom); Hierarchy of Needs (Maslows); Reward Theory (Reinforcement Theory); Goal-Setting (MOB)
Intrinsic Rewards - Correct Answer ✔️ ✔️ are psychological and
intellectual rewards inherent to the job i.e. gain a sense of accomplishment
Extrinsic Rewards - Correct Answer ✔️ ✔️ are derive from sources
external to the job i.e. financial rewards, positive feedback
Gainsharing Plans are - Correct Answer ✔️ ✔️ Scanlon plan, The
Rucker plan and Improshare
Group incentives encompass - Correct Answer ✔️ ✔️ gainsharing, team incentives, cash profit sharing plans and combination plans
Types of Budgets: - Correct Answer ✔️ ✔️ Zero-Based Budget;
Formula-based Budget; Incremental Budgeting; Rolling Budget and Capital Budget
Balance Sheet - Correct Answer ✔️ ✔️ is a financial statement that summarizes a company's Assets, Liabilities and Shareholders' Equity. Also, provides investors idea as to what the company owns, owes and the amount invested by shareholders.
Profit & Loss Statement (P&L) or Income Statement - Correct Answer
✔️ ✔️ Financial statement that summarizes the Revenues, Costs and
Expenses incurred during a specific period of time, i.e. fiscal quarter or year
