WorldatWork Total Rewards Management Exam 2023 Questions and Answers Complete
6 views 0 purchase
Course
WorldatWork Total Rewards Management
Institution
WorldatWork Total Rewards Management
WorldatWork Total Rewards Management Exam 2023 Questions and Answers Complete
What are the Total Rewards Model external influences?
Economic, Labor Market, Cultural Norms, and Regulatory
External Influence-Economic
Rising or falling conditions in the global economic landscape
External Influe...
worldatwork total rewards management exam 2023 questions and answers complete what are the total rewards model external influences economic
and regulatory external inf
Written for
WorldatWork Total Rewards Management
All documents for this subject (35)
Seller
Follow
LECTMAGGY
Reviews received
Content preview
WorldatWork Total Rewards Management Exam 2023
Questions and Answers Complete
What are the Total Rewards Model external influences?
Economic, Labor Market, Cultural Norms, and Regulatory
External Influence-Economic
Rising or falling conditions in the global economic landscape
External Influence-Labor Market
Must understand labor market trends and movements to attract talent at a cost that is
affordable and sustainable
External Influence-Cultural Norms
Must have a grasp of the customs, social mores and drivers of the diverse makeup and
expectations of the workforce
External Influence-Regulatory
Regulatory and legal environment can vary widely by country and region, affecting the
design and implementation of total rewards
Programs should be assessed to ensure they can legally applied at the local level
What are the drivers of the Total Rewards Strategy?
Business Strategy, Human Resources Strategy, Organizational Culture
The Business Strategy includes:
The corporate vision, corporate mission, and business strategy
Corporate Vision:
a statement about what the organization wants to become. It drives the direction of an
organization.
Corporate Mission:
A precise description of what the organization does, its reason for existence or its
purpose for being.
Business Strategy:
A company's broad plan for competitively positioning its products or services with the
intent to accomplish or support the company's mission.
What are the steps of the Business Life Cycle?
Start-up, Growth, Mature, Decline
Organizational Culture is
Subject to internal and external influences and greatly influenced by organization's
leadership
HR strategy:
The organization's overall plan for attraction, motivation, engagement and retention of
employees.
Total rewards strategy:
Considers the drivers (organizational culture, business strategy and HR strategy) and
uses them to design the programs for each of the six elements of total rewards.
Elements of Total Rewards Strategy
Compensation, Benefits, Work-Life Effectiveness, Recognition, Performance
Management, Talent Development
, The Total Rewards Strategy identifies:
The appropriate labor market segments, desired competitive position, the optimal mix of
total rewards elements for each employee group, and the way each element will be
earned and allocated.
Key Players involved in Total Rewards Strategy development:
Senior management/board of directors, Human resources leadership, Employees,
Outside consultants
The Total Rewards Approach
Attract, Motivate, Retain, and Engage
Intrinsic motivation:
Linked to factors that include an employee's sense of achievement, respect for the
person, trust and appropriate advancement opportunties. Non-tangible rewards
Extrinsic motivation:
Most frequently associated with rewards that are tangible, such as pay.
What are the advantages of the Total Rewards Approach?
High profitably, Lower labor costs, Greater flexibility
Compensation:
Pay provided by an employer to an employee for services rendered, this includes both
fixed and variable pay tied to performance levels.
What are the elements of Compensation?
Fixed and variable pay
Factors Influencing Compensation:
Competitive environment, Collective bargaining/unions, Global growth, Economics,
Business Strategy, Life cycle of the organization, Legal compliance
Types of pay related laws:
Minimum rates of pay, overtime, restrictions on child labor, anticompettive price fixing,
pay equity
Base Pay Structure Design Steps:
Job Analysis, Job Documentation, Job Evaluation, Job Worth Heirarchy = Base Pay
Structure
Types of Job Documentation:
Job analysis questionnaires, job family matrices, job descriptions
Types of content-based job evaluation approach
Non-quantitative and quantitative methods
Non-quantitative methods
view the job globally in terms of its importance to the company (ranking, classifcation)
Quantitative mehtods
examine the importance of jobs in terms of compensable factors (point factor, job
component)
What percentage of jobs should be benchmarked when sing market pricing to build a
base pay structure?
50%
What percentage of job content must be similar for the job match to be considered
good?
70%
Components of a Base Pay Structure
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LECTMAGGY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
