WGU C236 - Comp and Benefit Study Guide Already Passed

WGU C236 - Comp and Benefit Study Guide Already Passed Total Rewards ✔✔all forms of pay including cash benefits, tangiable/intangiable etc... what forms of pay are invoved in Total Reward for the Organization? ✔✔cash, ...

WGU C236 - Comp and Benefit Study Guide Already Passed Total Rewards ✔✔all forms of pay including cash benefits, tangiable/intangiable etc... what forms of pay are invoved in Total Reward for the Organization? ✔✔cash, benefits, intangiables. cash compensation ✔✔____________ influences the employee in an organization HR Generalist impacts compensation by. ✔✔making the reward strategy and a business strategy line up. Compensation Manager's responsibility in the compensation plan? ✔✔improve compensation systems and beter enable the organization to meet goals. What are the forms of pay and compensation? Define Each? ✔✔cash compensation - 1. monetery pay exchanged for work base pay (hourly or salary) 2.. variable pay- bonus or commission Intangiable rewards ✔✔meaningful work, positive relationships, work location The outcomes of a ___________________ represent the goals or the criteria by which a rewards system can be judged? ✔✔total rewards system _______________ comprises the joint or collective actions of groups of employees ? ✔✔Team Performance An objective of a total rewards system is to ___________________ ✔✔sustain quality performance in each area over time Define the concept of Organiztaional Citizenship Behaviors (OCB) ✔✔value creating activities in which employees engage but its not part of their job. Explain Organizational Performance. ✔✔effectiveness at meeting needs, new product, gains in parket, shares, financial gain. How are Cost and Efficiency related to the outcomes of the rewards System ✔✔the cost of the rewards system is a large expense that is a huge investment for human capital. Which of the following does organiztainal performance not include? ✔✔Developing employees Which of the following laws relates to total rewards? ✔✔Civil Rights Laws Which of the following is not considered a guide to fairness in total rewards? ✔✔Extreme Business Strategy ✔✔the collection of decisions, approaches, and activities that allow an organization to compete and win. What does a Cost Leadership Strategy emphasize? ✔✔focuses business priorities on having a lower cost product or service as a high priority. differentiation strategy? ✔✔high priority is placed on providing innovative, exceptional, and highquality products to customers. Niche-Focused Strategy ✔✔company uses a small segmented market and competes only in that arena. Hybrid Strategy ✔✔has cost-differentiation, and niche-focused approach to business. (takes a multi-faceted focus) critical success factors and how an organization can use the process ✔✔capabilities, activities, customer perceptions, market positions that allow an organization to outcompete rivals. Human Resource Strategy? ✔✔policies, practices, systems that manage the interface between company and employees, long-term performance functions of Human Resources. ✔✔HR info system, refruiting, performance management, payroll, etc... Strategic Human Resource Management ensures that HR practices are aligned with the ______________ in general and critical success factors in particular? ✔✔Business Strategy ______ plays a vital role in the Business Strategy? ✔✔Total Rewards Explain what an organizations Total Rewards Strategy is composed of? ✔✔composed of combination of pay forms, plans, policies, practices that enable long-term organization performance. Total Rewards Content Strategy ✔✔specifies type, level, combo of rewards offered to employees Reward Form Combination Strategy ✔✔refers to reward forms offered. The level of reward offered for a job can be understood in two ways ✔✔Absolute Level or Relative Level Relative Level ✔✔states the rewards strategy as greater than, equal to, or less than some labor reference point What is the difference between Leading the Market, Lagging the Market, and Matching the Market? ✔✔where the reward strategy stands in comparison to the market. How does the organization use Total Rewards Process Strategies? ✔✔decisions, policies, practices that define how rewards are designed and implemented. Principles of Transparency? ✔✔clear info on who/what/where/when/why How are Data and Broad Input used in developing the Design Strategy? ✔✔they are able to get the info from all employees to implement the best strategy Communication Strategy ✔✔plan for creating, sharing, and receiving info Role and Control Strategy (two approaches) ✔✔policies and practices that allocate design implement control of rewards system...centralized (HR DEPT) or Decentralized (Manager or Supervisor) Which questions help in in determining the effectiveness of the compensation plan? ✔✔does it help? Is it fair? Does it accomplish objectives? Business Strategy Support ✔✔supporting a business approach to establish changes in order to win. Reward Strategy Coherence. ✔✔extent to which everything fits together Organizational Cultural Fit as it relates to the Total Rewards System. ✔✔extent to which rewards strategy aligns with companies culture Reward System ✔✔helps two parties meet a goal. Mechanisms for exchanging value between two parties Job Analysis. ✔✔process of systematically analyzing positions that result in completed work in organizations. Implications of Job Analysis on the compensation system ✔✔1. provides a process for understanding how work is organized. 2. details KSA for a job. 3. defines nature of work as exempt/ non-exempt. 4. understanding the nature of the work performance which is vital for determining kikely effectiveness of performance-based pay systems. What does an employee contribute to the organization to create value? ✔✔work 3 job analysis methods available to an organization to analyze a job? ✔✔* traditional interview (1 on 1 incumbent) *2 panel interview (panel incumbents) *3 - questionnaire What is involved in the traditional interview? ✔✔interviewing incumbents not currently working that position to see what the job entails and how long it takes to complete How is the panel interview used to analyze a job? ✔✔multiple incumbents. Takes time and sometimes hard to pull substance as it can lean toward politics What analysis method does an organization use to overcome some of the limitations of interview methods? ✔✔Questionnaires _____________________ are two generalizable job information sources available to managers to review data bases of job descriptions for useful information about jobs? ✔✔Job Databases and Interviews Generic Questions are questions brought in by _________________? ✔✔a third party When creating a job analysis who should you speak with for input? ✔✔people with varying levels of experience that have completed the job. Experienced ppl may forget parts that are routined. Also Managers or supervisors. This is to assure that jobs are understood. Why is it necessary to gain buy in for a job analysis to create a value-added analysis? ✔✔it will be used for reward purposes. What is the goal of a job analysis? ✔✔to understand the work involved in creating value for an organization. job design and its purpose ✔✔constructing jobs to make them functional, efficient, and motivational. A job is referenced by the ___________________which is a letter or numberic code used to reference the job, often in databases? ✔✔Reference ID What is included in the bulk of the job desription? ✔✔TDR's (Task, Duties, Responsibilities) What is the purpose of Job Specification? ✔✔translates TDR's into KSA's What does the Fair Labor Standards Act require of organiztaions? ✔✔organization's determine the "employee status" of each job as exempt or non-exempt. What does an Independent Contractor have the ability to do? ✔✔set their own hours and work processes, and they work and are paid on a project basis w/ opportunity for profit or loss