WGU c236 - Comp and Benefit Study Guide 2023 Update

Total Rewards - ANSWER all forms of pay including cash benefits, tangiable/intangiable etc... what forms of pay are invoved in Total Reward for the Organization? - ANSWER cash, benefits, intangiables. cash compensation - ANSWER ____________ influences the employee in an organization HR Generalist impacts compensation by. - ANSWER making the reward strategy and a business strategy line up. Compensation Manager's responsibility in the compensation plan? - ANSWER improve compensation systems and beter enable the organization to meet goals. What are the forms of pay and compensation? Define Each? - ANSWER cash compensation - 1. monetery pay exchanged for work base pay (hourly or salary) 2.. variable pay- bonus or commission Intangiable rewards - ANSWER meaningful work, positive relationships, work location The outcomes of a ___________________ represent the goals or the criteria by which a rewards system can be judged? - ANSWER total rewards system _______________ comprises the joint or collective actions of groups of employees ? - ANSWER Team Performance An objective of a total rewards system is to ___________________ - ANSWER sustain quality performance in each area over time Define the concept of Organiztaional Citizenship Behaviors (OCB) - ANSWER value creating activities in which employees engage but its not part of their job. Explain Organizational Performance. - ANSWER effectiveness at meeting needs, new product, gains in parket, shares, financial gain. How are Cost and Efficiency related to the outcomes of the rewards System - ANSWER the cost of the rewards system is a large expense that is a huge investment for human capital. Which of the following does organiztainal performance not include? - ANSWER Developing employees Which of the following laws relates to total rewards? - ANSWER Civil Rights Laws Which of the following is not considered a guide to fairness in total rewards? - ANSWER Extreme Business Strategy - ANSWER the collection of decisions, approaches, and activities that allow an organization to compete and win. What does a Cost Leadership Strategy emphasize? - ANSWER focuses business priorities on having a lower cost product or service as a high priority. differentiation strategy? - ANSWER high priority is placed on providing innovative, exceptional, and high-quality products to customers. Niche-Focused Strategy - ANSWER company uses a small segmented market and competes only in that arena. Hybrid Strategy - ANSWER has cost-differentiation, and niche-focused approach to business. (takes a multi-faceted focus) critical success factors and how an organization can use the process - ANSWER capabilities, activities, customer perceptions, market positions that allow an organization to outcompete rivals. Human Resource Strategy? - ANSWER policies, practices, systems that manage the interface between company and employees, long-term performance functions of Human Resources. - ANSWER HR info system, refruiting, performance management, payroll, etc... Strategic Human Resource Management ensures that HR practices are aligned with the ______________ in general and critical success factors in particular? - ANSWER Business Strategy ______ plays a vital role in the Business Strategy? - ANSWER Total Rewards Explain what an organizations Total Rewards Strategy is composed of? - ANSWER composed of combination of pay forms, plans, policies, practices that enable long-term organization performance. Total Rewards Content Strategy - ANSWER specifies type, level, combo of rewards offered to employees Reward Form Combination Strategy - ANSWER refers to reward forms offered. The level of reward offered for a job can be understood in two ways - ANSWER Absolute Level or Relative Level Relative Level - ANSWER states the rewards strategy as greater than, equal to, or less than some labor reference point What is the difference between Leading the Market, Lagging the Market, and Matching the Market? - ANSWER where the reward strategy stands in comparison to the market. How does the organization use Total Rewards Process Strategies? - ANSWER decisions, policies, practices that define how rewards are designed and implemented. Principles of Transparency? - ANSWER clear info on who/what/where/when/why How are Data and Broad Input used in developing the Design Strategy? - ANSWER they are able to get the info from all employees to implement the best strategy Communication Strategy - ANSWER plan for creating, sharing, and receiving info Role and Control Strategy (two approaches) - ANSWER policies and practices that allocate design implement control of rewards system...centralized (HR DEPT) or Decentralized (Manager or Supervisor) Which questions help in in determining the effectiveness of the compensation plan? - ANSWER does it help? Is it fair? Does it accomplish objectives? Business Strategy Support - ANSWER supporting a business approach to establish changes in order to win. Reward Strategy Coherence. - ANSWER extent to which everything fits together Organizational Cultural Fit as it relates to the Total Rewards System. - ANSWER extent to which rewards strategy aligns with companies culture Reward System - ANSWER helps two parties meet a goal. Mechanisms for exchanging value between two parties Job Analysis. - ANSWER process of systematically analyzing positions that result in completed work in organizations. Implications of Job Analysis on the compensation system - ANSWER 1. provides a process for understanding how work is organized. 2. details KSA for a job. 3. defines nature of work as exempt/ non-exempt. 4. under