C12 - WORLD AT WORK VARIABLE PAY - IMPROVING PERFORMANCE WITH VARIABLE PAY WITH COMPLETE SOLUTIONS 100% 2023/2024
Total rewards includes all the tools available to the employer that may be used to - correct answer attract
motivate
engage retain employees
Total rewards includes - correct answer compensation
benefits
work-life effectiveness
recognition
performance management
talent development
Elements of Compensation - correct answer fixed and variable pay
Fixed pay is - correct answer a non discretionary compensation that does not regularly vary according to performance or results achieved.
Primary examples of Fixed pay are - correct answer Base salary
base hourly rate
Variable Pay is - correct answer compensation that is discretionary or contingent on performance or results achieved, and can be designed for any individual or combination of individuals
Variable Pay is termed variable because - correct answer the amount actually paid will vary based on whatever criteria the organization chooses. Fixed pay rewards are based on an employee's value - correct answer Market-based
Performance-based
Skill-based
Market-based rewards individuals for - correct answer value relative to the labor market
Performance-based rewards individuals for - correct answer sustained performance over time
Skill-based rewards individuals for - correct answer acquisition of new skills and competencies
Variable pay rewards for - correct answer accomplishments and results
The Goal of Variable Pay is - correct answer improve organizational performance.
Main Business Strategies are - correct answer Operational excellence
Product/service leadership
Customer intimacy
Operational excellence is primarily - correct answer a price/cost-based strategy
Product/service leadership is primarily - correct answer an innovation-based strategy
Customer intimacy is primarily - correct answer a solutions-based strategy
Business Strategy drives - correct answer Business Objectives
operational excellence examples are - correct answer Product quality
Operational efficiency improvement
Process Improvement Cost reduction
product/service leadership examples are - correct answer Market share/market penetration
Product development
Time from innovation to market
customer intimacy examples are - correct answer Customer opinion of products
Product quality
Customer retention
Customer satisfaction
Business Life Cycle stages are - correct answer Start Up Growth Maturity Decline
Business Life Cycle - Start Up definition - correct answer The organization is new with little or no formal policies or procedures. The organization's focus is on obtaining capital, marketing products or services, initial sales growth and cash conservation.
Business Life Cycle - Growth definition - correct answer the organization is highly focused on growing sales, increasing distribution capability and determining how to efficiently produce products or services to meet growing demand. It typically generates the need to begin standardizing procedures through policy creation.
Business Life Cycle - Mature definition - correct answer characterized by a focus on maintaining/increasing market share, improving productivity and otherwise reducing cost of sales. Improvements to products are more evolutionary than revolutionary. The organization typically has higher levels of bureaucracy and greater amounts of cash on hand than at other
stages.
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