WORLD AT WORK EXAM PREP EXAM SCRIPT
EXAM STUDY SHEET 2026 GRADED A+.
⫸ Essential Elements of Formal Recognition Programs. Answer:
Link recognition with the achievement, Widely communicated, Well-
defined program criteria, Encourage Employee Involvement, Manager
training and support, Employ meaningful rewards, Reward group or
team accomplishments, Clearly define monitors, Link to performance
evaluation
⫸ External Influences. Answer: Economic
Labor Market
Cultural Norms
Regulatory
⫸ Drivers of Total Rewards Strategy. Answer: Business Strategy,
Human Resources Strategy and Organizational Culture
⫸ Business Strategy. Answer: Broad framework of principles and
approaches that guide the day-to-day decisions affecting the business.
A broad plan for competitively positioning its products or services
with the intent to accomplish or support the company's mission.
,⫸ Corporate Vision. Answer: A statement about what the
organization wants to become. It drives the direction of an
organization.
⫸ Corporate Mission. Answer: A precise description about what the
organization does, its reason for existence or its purpose for being.
⫸ Operational Excellence Strategy. Answer: Primarily a price/cost-
based strategy. Includes a combination of price, quality, dependability
and ease of purchase. Minimize waste and reward efficiency.
⫸ Product/Service Leadership. Answer: Focuses on innovation,
product development and market exploitation.
⫸ Customer Intimacy. Answer: The business strategy designed to
create close relationships with customers
⫸ Business life cycle. Answer: The stages of growth and
development a business can experience. The four stages are Start-Up,
Growth, Mature and Decline.
⫸ Organizational Culture. Answer: Subject to internal and external
influences, greatly influenced by leadership. Determines how and
why a company operates.
⫸ Human Resources Strategy. Answer: Organization's overall plan
for attraction, motivation, engagement and retention of employees.
,The Business Strategy and organizational culture are key to the
development of the HR strategy.
⫸ Total rewards strategy. Answer: Total rewards are the monetary and
nonmonetary return provided to employees in exchange for their time,
talents, efforts and results.
⫸ Six Elements of total rewards. Answer: Compensation, Benefits,
Work-life Effectiveness, Recognition, Performance Management and
Talent Development.
⫸ Compensation. Answer: Pay provided by an employer to an
employee for services. Both fixed and variable pay.
⫸ Benefits. Answer: Supplements cash compensation - health,
income protection, savings and retirement programs provide security
for employees and their families.
⫸ Work Life Effectiveness. Answer: Policies and practices to help
employees thrive at work and home
⫸ Recognition. Answer: Acknowledges or gives special attention to
employee actions, efforts, behavoir or performance that contribute to
organizational success.
, ⫸ Performance Management. Answer: The alignment of
organizational, team and individual efforts toward the achievement of
business goals and organizational success.
⫸ Talent development. Answer: Provides the opportunity and tools
for employees to advance their skills and competencies in both their
short and long term careers.
⫸ Defines what employees give to the company and what they get in
return. Encompasses every aspect of the employment relationship in a
way employees can relate to. "Why people work here.". Answer:
Employee Value Proposition (EVP)
⫸ Key Players involved in Total Rewards Strategy. Answer: Senior
Management - typically gives approval to the strategy.
Human Resources Leadership - Articulates the HR Strategy
Employees - Surveys may provide guidance
Outside Consultants - works closely with HR to facilitate the process.
⫸ Total Rewards Approach. Answer: Attract, Motivate, Engage and
Retain
⫸ Advantages of a Total Rewards Approach. Answer: higher
profitability, lower labor costs, greater flexibility
⫸ Factors Influencing Compensation. Answer: Competitive
Environment, Collective Bargaining/Unions, Global Growth,
EXAM STUDY SHEET 2026 GRADED A+.
⫸ Essential Elements of Formal Recognition Programs. Answer:
Link recognition with the achievement, Widely communicated, Well-
defined program criteria, Encourage Employee Involvement, Manager
training and support, Employ meaningful rewards, Reward group or
team accomplishments, Clearly define monitors, Link to performance
evaluation
⫸ External Influences. Answer: Economic
Labor Market
Cultural Norms
Regulatory
⫸ Drivers of Total Rewards Strategy. Answer: Business Strategy,
Human Resources Strategy and Organizational Culture
⫸ Business Strategy. Answer: Broad framework of principles and
approaches that guide the day-to-day decisions affecting the business.
A broad plan for competitively positioning its products or services
with the intent to accomplish or support the company's mission.
,⫸ Corporate Vision. Answer: A statement about what the
organization wants to become. It drives the direction of an
organization.
⫸ Corporate Mission. Answer: A precise description about what the
organization does, its reason for existence or its purpose for being.
⫸ Operational Excellence Strategy. Answer: Primarily a price/cost-
based strategy. Includes a combination of price, quality, dependability
and ease of purchase. Minimize waste and reward efficiency.
⫸ Product/Service Leadership. Answer: Focuses on innovation,
product development and market exploitation.
⫸ Customer Intimacy. Answer: The business strategy designed to
create close relationships with customers
⫸ Business life cycle. Answer: The stages of growth and
development a business can experience. The four stages are Start-Up,
Growth, Mature and Decline.
⫸ Organizational Culture. Answer: Subject to internal and external
influences, greatly influenced by leadership. Determines how and
why a company operates.
⫸ Human Resources Strategy. Answer: Organization's overall plan
for attraction, motivation, engagement and retention of employees.
,The Business Strategy and organizational culture are key to the
development of the HR strategy.
⫸ Total rewards strategy. Answer: Total rewards are the monetary and
nonmonetary return provided to employees in exchange for their time,
talents, efforts and results.
⫸ Six Elements of total rewards. Answer: Compensation, Benefits,
Work-life Effectiveness, Recognition, Performance Management and
Talent Development.
⫸ Compensation. Answer: Pay provided by an employer to an
employee for services. Both fixed and variable pay.
⫸ Benefits. Answer: Supplements cash compensation - health,
income protection, savings and retirement programs provide security
for employees and their families.
⫸ Work Life Effectiveness. Answer: Policies and practices to help
employees thrive at work and home
⫸ Recognition. Answer: Acknowledges or gives special attention to
employee actions, efforts, behavoir or performance that contribute to
organizational success.
, ⫸ Performance Management. Answer: The alignment of
organizational, team and individual efforts toward the achievement of
business goals and organizational success.
⫸ Talent development. Answer: Provides the opportunity and tools
for employees to advance their skills and competencies in both their
short and long term careers.
⫸ Defines what employees give to the company and what they get in
return. Encompasses every aspect of the employment relationship in a
way employees can relate to. "Why people work here.". Answer:
Employee Value Proposition (EVP)
⫸ Key Players involved in Total Rewards Strategy. Answer: Senior
Management - typically gives approval to the strategy.
Human Resources Leadership - Articulates the HR Strategy
Employees - Surveys may provide guidance
Outside Consultants - works closely with HR to facilitate the process.
⫸ Total Rewards Approach. Answer: Attract, Motivate, Engage and
Retain
⫸ Advantages of a Total Rewards Approach. Answer: higher
profitability, lower labor costs, greater flexibility
⫸ Factors Influencing Compensation. Answer: Competitive
Environment, Collective Bargaining/Unions, Global Growth,
