WGU C202 (Managing Human Capital - Chapter 1) exam questions with answers

WGU C202 (Managing Human Capital - Chapter 1) exam questions with answers Total Rewards - ANSWERS the sum of all the rewards employees receive in exchange for their time, efforts, and performance Direct financial compensation - ANSWERS compensation received in the form of salary, wages, commissions, stock options, or bonuses Human Resource Strategy - ANSWERS links the entire human resource function with the firm's business strategy Indirect Financial Compensation - ANSWERS all the tangible and financially valued rewards that are not included in direct compensation, including free meals, vacation time, and health insurance Human resource Management - ANSWERS the organizational functions for attracting, hiring, developing, rewarding, and retaining talent human resource strategy - ANSWERS links the entire human resource function with the firm's business strategy rewards & benefits - ANSWERS the HR function that refers to the sum of all of the rewards employees receive in exchange for their time, efforts, and performance nonfinancial compensation - ANSWERS rewards and incentives given to employees that are not financial in nature including intrinsic rewards received from the job itself or from the work environment strategic risk - ANSWERS risk related to talent strategy, company culture, ethics, investments in people, and the implementation of change initiatives competitive advantage - ANSWERS doing something differently from the competition that leads to outperformance and success talent philosophy - ANSWERS a system of beliefs about how a firm's employees should be treated staffing - ANSWERS the HR that refers to the process of planning, acquiring, deploying, and retaining employees that enables the organization to meet its talent needs and execute its business strategy business strategy - ANSWERS defines how the firm will compete in its marketplace training and development - ANSWERS the HR function that refers to the growth of employee capabilities through both formal and informal activities; also includes career planning, organizational development, and legal compliance operational risk - ANSWERS risk related to the speed and the effectiveness of talent acquisition, development of employees' skills, and the identification and retention of top performers performance management - ANSWERS the HR function that refers to aligning individual employees' goals and behaviors with organizational goals and strategies, appraising and evaluating past and current behaviors and performance, and providing suggestions for improvement employee-management relations - ANSWERS the HR function that refers to industrial relations, more commonly known as unionized employment situation employee handbooks - ANSWERS print or online materials that document the organization's HRM policies and procedures financial risk - ANSWERS risk related to an organization's workforce costs and productivity directly through compensation, benefits, turnover, overtime, and time-to-hire and indirectly through errors, accidents, delays, and lost production health & Safety - ANSWERS the HR function that refers to topics ranging from wellness, fire and food safety, ergonomics, injury management, disaster preparedness, industrial hygiene, bullying, and workplace violence The 6 functions of human resource management - ANSWERS staffing, training & development, performance management, rewards & benefits, health & safety, employee-management relations compliance risk - ANSWERS risk related to employment-related decisions that can have legal ramifications, particularly in the areas of diversity, health and safety, union relations, whistleblowers, and harassment What two broad areas does HRM manage? - ANSWERS 1. People related issues 2. Employment related legal compliance There are many laws and regulations that affect the employment relationship. Why is this a primary concern of HRM? - ANSWERS Failure to follow laws and regulations can become costly for the organization and be detrimental to the reputation and future business success List the three ways in which HRM adds value to organizations and impacts organizational performance. - ANSWERS 1. Improving efficiency 2. Contributing to revenue growth 3. managing risk Describe why human resource management is critical to any organization. - ANSWERS HRM's ability to convert potential employee performance to actual performance—and to strategic execution—is critical to any organization HRM create value within an organization - ANSWERS by making the company better at executing its strategy The purpose of the organizational functions of HRM is to___ - ANSWERS attract, hire, develop, reward, and retain talent Taking workplace health and safety serious