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WorldatWork Total Rewards Management
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WorldatWork Total Rewards Management Verified Question and Answer 2022/2023
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WorldatWork Total RewardsManagement Verified Question and
Answer 2022/2023
What are the Total Rewards Model external influences? - <Answer> Economic,
Labor Market, Cultural Norms, and Regulatory
External Influence-Economic - <Answer> Rising or falling conditions in the global
economic landscape
External Influence-Labor Market - <Answer> Must understand labor market trends
and movements to attract talent at a cost that is affordable and sustainable
External Influence-Cultural Norms - <Answer> Must have a grasp of the customs,
social mores and drivers of the diverse makeup and expectations of the workforce
External Influence-Regulatory - <Answer> 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? - <Answer> Business Strategy,
Human Resources Strategy, Organizational Culture
The Business Strategy includes: - <Answer> The corporate vision, corporate
mission, and business strategy
, Corporate Vision: - <Answer> a statement about what the organization wants to
become. It drives the direction of an organization.
Corporate Mission: - <Answer> A precise description of what the organization
does, its reason for existence or its purpose for being.
Business Strategy: - <Answer> 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? - <Answer> Start-up, Growth,
Mature, Decline
Organizational Culture is - <Answer> Subject to internal and external influences
and greatly influenced by organization's leadership
HR strategy: - <Answer> The organization's overall plan for attraction, motivation,
engagement and retention of employees.
Total rewards strategy: - <Answer> 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 - <Answer> Compensation, Benefits, Work-
Life Effectiveness, Recognition, Performance Management, Talent Development
The Total Rewards Strategy identifies: - <Answer> 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.
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