WGU C236 Compensation and Benefits Exam (2024 Updates) || All Questions & Solutions (100% Verified)

WGU C236 Compensation and Benefits Exam (2024 Updates) || All Questions & Solutions (100% Verified) WGU C236 Compensation and Benefits Exam (2024 Updates) || All Questions & Solutions (100% Verified) Total Rewards - ANSWER - All forms of pay and compensation, tangible benefits, and other intangible rewards that an organization provides What are some examples of intangible rewards? - ANSWER - Meaningful work Playing a key role in a company Rewarding relationships Strategy - ANSWER - The process by which an organization decides on which products or services to market and sell, which industries to enter, and how the organization is going to reach its desired goals in the marketplace. How an organization is going to compete. In this course, you will learn that as a compensation manager, you will: - ANSWER - Improve compensation systems and better enable your organization to meet its goals As a compensation manager, you will - ANSWER - Understand the compensation plan Explain the compensation plan to others Manage company goals Cash Compensation - ANSWER - Monetary pay that employees receive in exchange for their work Base Pay - ANSWER - Salary or hourly wages Variable Pay - ANSWER - Rewards that vary as performance varies. What is another term for "fringe benefits"? - ANSWER - Perks An effective rewards system will require you to have a clear understanding of: - ANSWER - how your business competes in the market, meets customer needs, and remains profitable. Variable Pay can include: - ANSWER - performance-based rewards such as bonuses and commissions, as well as longer-term equity rewards such as stock options. What is base pay? - ANSWER - The salary or hourly wage in exchange for the employee's contribution to the organization 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. Employees who go beyond their defined responsibilities to help a colleague at work contribute significantly to an organization's success.