WGU C236 Compensation and Benefits Exam Questions and Correct Answers

WGU C236 Compensation and Benefits Exam Questions and Correct 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.