WGU C236 Compensation and Benefits Exam Questions and Answers

WGU C236 Compensation and Benefits Exam Questions and Answers Business Strategy - Answer- The collection of decision, approaches, and activities that allow an organization to complete and win. Cost Leadership Strategy - Answer- Focusing business priories on providing a lower- cost product or service. Differentiation Strategy - Answer- Providing innovative, exceptional, and high quality products and/or services to customers. Niche-Focused Strategy - Answer- Targeting business priorities toward addressing a specific section of the market Hybrid Strategy - Answer- Employing a combination of cost-leadership, differentiation and niche-focused business strategies. Critical Success Factors - Answer- Capabilities, activities, customer perceptions and market positions that allow an organization to out-compete its rivals. Total rewards strategy - Answer- The combination of pay forms, plans, policies and practices that enable long-term organizational performance. Total Reward Content Strategy - Answer- Specifies the type, level and combination of rewards offered to employees. Reward Form Combinations Strategy - Answer- The reward forms offered (cash, benefits, etc.) and the way in which they relate to each other. Reward Level Strategy - Answer- How much is being offered? Absolute level - Answer- The reward can be defined. Relative Level - Answer- States the rewards strategy as greater than, equal to, or less than some labor market reference point. Centralized approach - Answer- Human Resources makes all the decisions Decentralized approach - Answer- Decisions are made by the employee's immediate supervisor or manager. Job Analysis - Answer- The process of systematically analyzing positions that result in completed work in organizations. Traditional interview method - Answer- The job analyst asks the job incumbent preset questions about the content, skills needed and time spent on activities in the job. Panel Interview - Answer- Multiple job incumbents (and sometime multiple job analysts) all meet together to analyze the job. Custom Questionnaires - Answer- A series of questions that job incumbents complete on their own. Generic Questionnaire - Answer- Purchased from a third party and use general questions to which incumbents respond using scaled ratings. Occupational Information Network (O*NET) - Answer- Online database created by the US DOL that provides an exhaustive listing of jobs and occupations PayScale - Answer- Web site that hosts a continuous compensation and benefits survey that is based on data gathered from individuals who visit its site. Occupational Outlook Handbook - Answer- Searchable database provides more occupation-level information about jobs and work in organizations. Job Design - Answer- Process of systematically constructing jobs to make them functional, efficient and motivational. Job Title - Answer- The name by which the job is known within the company. Reference ID - Answer- A letter and/or numeric code used to reference the job, often in databases. Job Family - Answer- Grouping of jobs that have similar functions or content. Job specification - Answer- Translates the tasks, duties