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WorldatWork Total Rewards Management/71 Questions and Answers 2023 with complete solution
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WorldatWork Total RewardsManagement/71 Questions and Answers
2023 with complete solution
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
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