WGU C202 Managing Human Capital All Exam: Questions and Answers (2024/2025) (Verified Answers by Expert) Assured A+.

WGU C202 Managing Human Capital All Exam: Questions and Answers (2024/2025) (Verified Answers by Expert) Assured A+. 1. Direct financial compensation - compensation received in the form of salary, wages, commissions, stock options or bonuses 2. indirect financial compensation - all the tangible and financially valued rewards that are not included in direct compensation including free meals, vacation time and health insurance 3. nonfinancial compensation - rewards and incentives given to employees that aren't financial in nature 4. base pay - reflects the size and scope of an employee's responsibilities 5. severance pay - give to employees upon termination of their employment 6. fixed pay - pays employees a set amount regardless of performance 7. variable pay - bases some or all of an employee's compensation on employee, team, or organizational 8. pay structure - the array of pay rates for different work or skills within a single organization 9. pay mix - the relative emphasis give to different compensation components 10. pay leader - organization with a compensation policy of giving employees greater rewards than competitors WGU C202 Managing Human Capital All Exam (2024/2025) P a g e 2 | 134 11. pay follower - an organization that pays its front-line employees as little as possible 12. resource dependence theory - proposition that organizational decisions are influenced by both internal and external agents who control critical resources 13. wage differentials - differences in wage between various workers, groups of workers, or workers within a career field 14. labor market - all of the potential employees located within a geographic area from which the organization might be able to hire 15. cost of living allowances - clauses in union contacts that automatically increase wages base on the U.S. Bureau of Labor Statistics' cost of living index 16. market pricing - uses external sources of information about how others are compensating a certain position to assign value to a company's similar job 17. Compensation surveys - surveys of other organizations conducted to learn what they are paying for specific jobs or job classes 18. benchmark jobs - jobs that tend to exist across departments and across diverse organizations allowing them to be used as a basis for compensation comparisons 19. job evaluation - a systematic process that uses expert judgement to assess differences in value between jobs 20. ranking methos - subjectively compares jobs to each other based on their overall worth to the organization 21. job classification method - subjectively classifies jobs into an exiting hierarchy of grades and categories P a g e 3 | 134 22. point factor method - uses a set of compensable factors to determine a job's value. skill, resp, effort, working cond. 23. compensable factor - any characteristic used to provide a basis for judging a job's value 24. skills, responsibilities, effort, working conditions - Four categories of compensable factors 25. Hay Group Guide Chart - Profile Method - a point-factor system is used to produce both a profile and a point score for each position. 26. know how 27. problem solving 28. accountability 29. working conditions 30. Know-how, problem solving, accountability, working conditions -Hay Group Method based on four main factors 31. Position Analysis Questionnaire - a structured job evaluation questionnaire that is statistically analyzed to calculate pay rates based on how the labor market is valuing worker characteristics. a copyrighted, standardized, structured job analysis questionnaire. 6 sections covering 187 job elements. 32. job pricing - the generation of salary structures and pay levels for each job based on the job evaluation data 33. single rate system, pay grades and broadbanding -Three most common job pricing systems .