C236 WGU FINAL EXAM 2024/2025 QUESTIONS WITH VERIFIED SOLUTIONS

C236 WGU FINAL EXAM 2024/2025 QUESTIONS WITH VERIFIED SOLUTIONS Job and pay form-specific reward strategies allows for: - ANSWERS Maximum customization as the organization positions its pay relative to the market differently for different jobs and pay forms As a general rule, base pay strategies rarely lead the market by more than - ANSWERS 10% The benefits of incorporating individual-based pay into the total rewards system - ANSWERS Allows the organization to build human capital What represents the most straightforward way to compare company or individual pay rates to the market pay rates? - ANSWERS Percentages A variable distance scale uses: - ANSWERS Different point distances between each level in the scale All compensable factors are probably not equally valuable to the organization. - ANSWERS True Which statistical analysis will produce a value-reward line? - ANSWERS Regression Blue-collar workers are always - ANSWERS Non-exempt EPO stands for - ANSWERS Exclusive Provider Organization An effective performance system will need to have more frequent payouts in the - ANSWERS Beginning of the rollout Absolute Level - ANSWERS The reward can be defined. Uses examples or definitions of typical behaviors to define each point along the scale - ANSWERS Anchored rating scale Bad data challenge - ANSWERS Exists because the data a company obtains about market rates may not be an accurate representation of the market. It is often difficult to fully understand the quality of the data obtained from various sources, or how best to integrate this information, which adds error to any reward system based on that data. Benchmark competitors - ANSWERS A selection of primary organizations that exemplify the labor and product/service markets in which the organization competes. Benchmark jobs - ANSWERS Jobs that are representative of the type, content, and level of jobs in the organization. Benefit Benchmark Survey - ANSWERS A tool that helps organizations better understand how employee benefits may impact their ability to attract and retain qualified employees. Benefit level strategy - ANSWERS Refers to the level of each benefit type provided as well as the overall company expenditure. Benefit mix strategy - ANSWERS Refers to the particular combination of benefit types that an organization offers. Broadbanding - ANSWERS Entails the use of a few broad bands (or grades) to organize work for pay purposes. Capability based pay - ANSWERS When a reward system explicitly attempts to vary rewards based upon capabilities of the employees. Types include Skill-based pay, Competency-based pay, and Seniority-based pay. Central tendency - ANSWERS Describes what's typical for a set of data, usually measured by the arithmetic mean, median, or mode. Centralized approach - ANSWERS The Human Resources department makes all decisions relating to pay strategy, as well as specific reward decisions. Centralized Global rewards strategy - ANSWERS Organizations attempt to have a single set of policies that are determined by the organization and utilized at all locations. Classification approach - ANSWERS Uses logical categories and descriptions to organize jobs. Co-pay policy - ANSWERS A policy that requires employees to pay a set amount for each time any service is used. Compa-ratio - ANSWERS A ratio frequently used to measure the conformity of pay rates to the pay plan. Compensable factor - ANSWERS Job elements or criteria that identify what the organization values for purposes of job evaluation. Idenifying compensable factors is step one in the Point factor Approach. Compensatory time - ANSWERS Paid time off instead of overtime pay. Competencies - ANSWERS Configurations of knowledge, skills, and traits that enable employee performance. Consolidated Omnibus Budget Reconciliation Act (COBRA) - ANSWERS An Act which established that employees have a right to continue their employer-sponsored health care plan, at the employees' expense, for up to 18 months. Control costs - ANSWERS Without a variable pay component, labor costs remain the same even when revenues, sales, or profits drop. Performance-based pay helps ensure that when performance is low, the company's cost structure is also reduced. Cost-sharing - ANSWERS An approach in which the insurance only pays for a portion of medical expenses. Critical success factors - ANSWERS Capabilities, activities, customer perceptions, and market positions that allow an organization to outcompete its rivals Decentralized approach - ANSWERS Decisions can be made by the employee's immediate supervisor or manager. Defined benefit - ANSWERS A plan in which an organization uses a time-based formula to calculate how much pension an employee has earned, and upon retirement the organization pays the employee a guaranteed amount per year throughout retirement. Differential piece rate - ANSWERS A system in which a lower rate is paid for the first 10 units assembled, and then a higher rate is paid for each unit over 10 assembled. Differentiation strategy - ANSWERS Providing innovative, exceptional, and high-quality products and/or services to customers Distributive Justice - ANSWERS Perceptions are based upon employees' views of the distribution of rewards in the organization. Employee Retirement Income Security Act (ERISA) - ANSWERS An Act that regulates retirement plans offered by organizations. Employer mandate - ANSWERS A Mandate which states that organizations with 50 or more employees are required to either offer health insurance to their employees or pay an additional tax for not having done so. Employer matching - ANSWERS When an organization matches an employee's contribution to a retirement account, typically up to 3-5% of an employee's salary. Employment based rewards - ANSWERS Rewards that are only contingent on an employee maintaining employment with the organization.