SPHR/PHR Study Guide questions with correct answers

Replacement Cost - Answer The amount it would cost to replace an asset at current prices. It would include recruiting, hiring and training a totally new work force. Outlay Cost - Answer Also known as explicit costs. Any concrete costs that can be identified in the past, present or future Turnover Efficiency - Answer The measure of how well assets are being used to produce revenue. Self Nomination - Answer If a company wants to promote employees to higher level positions from within , the best method of recruitment is to all for job bidding or self nomination. Performance Expectations - Answer When an employee is not meeting performance expectations, the supervisor should review with the employee intermittently before the final timeline to work with him/her on meeting his/her objectives. The objectives should be specific, realistic and a timeline should be identified. Additionally, reviewing performance expectations intermittently will reduce discriminatory action.