SPHR/PHR Study Guide Exam Review 2023

SPHR/PHR Study Guide Exam Review 2023 Replacement Cost - ANS-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 - ANS-Also known as explicit costs. Any concrete costs that can be identified in the past, present or future Turnover Efficiency - ANS-The measure of how well assets are being used to produce revenue. Self Nomination - ANS-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 - ANS-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. Three Components of Retention Management - ANS-measurement and assessment, retention interventions and selection procedures and followup tactics. The biggest component to employee retention management is getting the right people in an organization. In addition, continual measurements and assessment are essential. Transparency and free flow of communication channels is also an essential step for maintaining strong employer-employee relationships. Primary Objective of a contract negotiation - ANS-1. To establish a good working relation with the seller 2. To obtain a reasonable and fair price for the contract. Sunset Clause - ANS-Identifies a time period after the defined end of an incentive pay plan. Golden Handcuffs - ANS-Represents employee incentives linked to an individual's continued employment with an organization so that key performers have strong incentives to stay with the organization due to significant losses if they were to leave. Expert Power - ANS-When important employees demand an increase in pay because they know they are invaluable to the organization due to their level of expertise or skill set. Continues...