C12 - TOTAL REWARDS AND VARIABLE PAY EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)

total rewards - ANS monetary and non-monetary returns provided to employees for their time, talents, efforts and results total rewards strategy - ANS the art of combining the five key elements into tailored packages designed to achieve optimal engagement. five elements of total rewards strategy - ANS compensation, benefits, work-life, performance an recognition, development and career opportunities. elements of compensation - ANS fixed pay and variable pay fixed pay - ANS nondiscretionary compensation that does not regulary vary according to performance or results achieved. based on employee value: market based, performance based, skill based variable pay - ANS discretionary or contingent on performance or results achieved and can be designed for any individual or combination of individuals. rewards for accomplishments, and results three categories of variable pay - ANS incentives, bonuses and recongition incentives - ANS criteria determined in advance, amount of payment varies, monetary or non-monetary, self-funded or budgeted, non-discretionary. Bonuses - ANS reward the completion of a specific task, amount is determined in advance, budgeted, non-discretionary Recognition - ANS criteria broadly defined and subjective, awarded spontaneously, decisions made after the fact, focused on behaviors, budgeted, discretionary Short term incentive - ANS consist of plans for which desired results will be achieved in one year or LESS. profit sharing, performance sharing, individual performance based. Profit sharing plans - ANS share profits with employees, base rewards on fiscal performance, typically include the entire organization, payout in equal or graduated amounted. Objects of profit sharing are to foster EE indentification with org success and create a common focus. Profit sharing plan approaches - ANS first return plans, threshold plans, operating budget, peer comparisons Profit sharing plan considerations - ANS promote awareness/focus, payout only when the company has profit, EE ability to influence overall profit, SIMPLE administration. Performance sharing plans - ANS define performance by selected criteria, focus on more than fiscal results, exist at all organizational levels, measure performance based on predetermined objectives, defined for a specific period. Performance sharing plan appproaches - ANS improve org performance, foster EE identification with org success, increase EE understanding, promote a more balanced approach. Performance sharing plan considerations - ANS promote focus, self-funding, EE ability to influence overall performance, flexibility of design, increases administrative requirements Individual performance based plans - ANS base payouts on individual performance, focus on more than fiscal results Individual performance sharing plans objectives - ANS fosus on personal performance improvement, increase employee understanding, link rewards with personal performance.