Strategic Compensation Exam 1 || with 100% Correct Answers.

strategic compensation correct answers refers to the design and implementation of compensation systems to reinforce the objectives of both HR strategies and competitive business strategies competitive business strategy correct answers multiple year time span, planned use of company resources including financial capital, equipment capital, and human capital human capital correct answers refers to sets of collective skills, knowledge, and abilities that employees can apply to create value for their employers compensation as a strategic business partner correct answers 1. well designed merit pay and incentive programs, which reinforce excellent job performance 2. incentive programs which reduce employee entitlement 3. person focused pay which is based on extensive employer-sponsored training that enables employees to work in changing environments low cost strategy effective when jobs: correct answers 1. include predictable behaviors 2. have a ST focus 3. require autonomous activity 4. focus on quantity of output differentiation strategy effective when jobs: correct answers 1. require highly creative behaviors 2. have a LT focus 3. demand cooperation and independence 4. involve risk taking extrinsic compensation correct answers core compensation, adjustments to core compensation, legally required employee benefits, discretionary employee benefits base pay adjustments correct answers COLAs, seniority pay, merit pay, incentive pay, pay for knowledge plans, skills based pay discretionary benefits correct answers protection programs, paid time-off, services legally required benefits correct answers comes from federal legislation designed to promote worker safety and health, maintain family income, assist families in crisis, provide assistance in case of disability or unemployment internal consistency correct answers 1. achieved when the value of each job is clearly defined 2. represents job structure and hierarchy 3. achieved using job analysis and job evaluation market competitiveness correct answers 1. compensation policies that fit with business objectives