WGU C236 Compensation and Benefits Test (2024 Update) || All Questions & Answers (Rated A+)

WGU C236 Compensation and Benefits Test (2024 Update) || All Questions & Answers (Rated A+) WGU C236 Compensation and Benefits Test (2024 Update) || All Questions & Answers (Rated A+) Total Rewards - ANSWER - Refers to all forms of pay and compensation. Three forms of rewards - ANSWER - - Cash - Benefits - Intangibles Strategy - ANSWER - Process by which an organization decided which products and services to sell Cash Compensation - ANSWER - Monetary pay that employees receive in exchange for their work Variable Pay - ANSWER - Can include performance-based rewards such as bonuses and commissions, as well as longer-term equity rewards such as stock options. Outcomes - ANSWER - Goals or the criteria by which a rewards system can be judged Organizational Citizenship Behaviors (OCB) - ANSWER - Represent those value-creating activities in which employees engage but which are not part of their job. Organizational Performance - ANSWER - Can include effectiveness at meeting customer needs, new product creation, and gains in market share, profits, and other measures of financial return on the firm's assets. Fair Labor Standards Act (FLSA) of 1938 - ANSWER - Federal law that requires employers to determine the "employee status" of each job so that certain protections (minimum wage, overtime pay, and child labor) can be provided to non-exempt employees. Business Strategy - ANSWER - Is the collection of decisions, approaches, and activities that allow an organization to compete and win. Cost Leadership Strategy - ANSWER - Emphasizes having a lower cost product or service as the highest priority throughout its processes. Differentiation Strategy - ANSWER - Places a high priority on providing innovative, exceptional, and high-quality products and/or services to customers. Niche-Focused Strategy - ANSWER - In which an organization chooses a small and segmented market and competes only in that small arena. Hybrid Strategy - ANSWER - Employing a combination of cost leadership, differentiation, and niche focused business strategies. Critical Success Factors - ANSWER - Are those capabilities, activities, customer perceptions, and market positions that allow an organization to outcompete its rivals