WGU C236 Compensation and Benefits Already Passed

WGU C236 Compensation and Benefits Already Passed How do employers define total rewards? All forms of pay and compensation, tangible benefits, and other intangible rewards that an organization provides Cash compensation is the only element of a total rewards package. False Total Rewards refers to all forms of pay and compensation, tangible benefits, and other intangible rewards that an organization provides Which of the following is not considered an intangible reward? Cash bonuses Cash Bonuses are not considered intangible rewards. Cash compensation influences: Employee perception In this course, you will learn that as a compensation manager, you will: Improve compensation systems and better enable your organization to meet its goals In your capacity as a generalist, your ability to impact compensation will happen in the following way: Staffing Training Recruiting Compensation affects which groups of people in a company? HR managers Employees Potential employees As a compensation manager, you will not: Require the organization to implement a market-standardized compensation plan What department of the company is not affected by the compensation plan? All departments are affected What is another term for "fringe benefits"? Another term for "fringe benefits" is perks. One set of awards may fit one firm but may not fit another firm. True To have an effective rewards system, you will not need to understand: Employees' previous salary An effective rewards system will require you to have a clear understanding of how your business competes in the market, meets customer needs, and remains profitable. What is variable pay? Performance-based rewards and long-term equity Variable Pay can include performance-based rewards such as bonuses and commissions, as well as longer-term equity rewards such as stock options. What is base pay? The salary or hourly wage in exchange for the employee's contribution to the organization The salary or hourly wage in exchange for the employee's contribution to the organization. Employee Performance represents: The quality and quantity of the work that individual employees produce in the organization An organizational citizenship behavior is: A value-creating activity engaged in by employees, but not as part of the job Which of the following does organizational performance not include? Developing employees is not included in organizational performance. Which of the following laws relates to total rewards? Civil Rights Laws Of the following, which is not considered a guide to fairness in total rewards: Extreme There are three different types of fairness perceptions that should be considered in developing a Total Rewards system: Distributive, Procedural, and Interactional. The employment relationship is: An agreed-upon basis for organizations and people meeting each other's needs Organizations get work done through: People Total rewards includes: Base salary and benefits Meaningful work would be considered a discretionary employee benefit. False Understanding the total rewards system will not allow you to create a meaningful total rewards plan. False Which of the following job families would not be affected by total rewards? All job families are affected by total rewards Pay is not a broad category that refers to the monetary compensation that is provided to an employee in exchange for their work. False Cash compensation is monetary pay from ____________ to __________________. Employers, employees Fringe benefits have become quite ____________ to compensation plans. Central When you think about a company's health benefits or retirement plan, you are thinking about employee benefits. True _______________________ refers to the direct monetary pay given to an employee in exchange for their contributions to the organization. Cash compensation Which of the following would not be included as an intangible reward? Salary Cash compensation can have an influence on the employee's perception of how much they are valued at the firm. True To create a strategic total rewards plan, you need to understand all of the following except: Benefits Base pay includes: Salary or hourly wages Team performance: Comprises the collective actions of groups of employees Total Reward Systems do not need to be reviewed to ensure that they are not penalizing such OCBs and instead provide a degree of encouragement for those helpful behaviors. False Organizational performance includes all but: Employee satisfaction Employee perception of the organization has potential to lead to turnover and performance. True Managing total rewards is an art and a science. True A business strategy is The collection of decisions, approaches, and activities that allow an organization to compete and win A cost leadership strategy is: Having a lower-cost product or service at the highest priority throughout its processes A differentiation strategy is: Placing a high priority on providing innovative, exceptional, and high-quality products and/or services to customers Placing a high priority on providing innovative, exceptional, and high-quality products and/or services to customers When an organization chooses a small and segmented market and competes only in that small arena A hybrid strategy is: A combination of any of the differentiation, niche, or cost-leadership strategies Human resource strategy is: The policies, practices, and systems that manage the interface between the organization and its employees in order to enable long-term organizational performance Which of the following is not a function of Human Resources? Recruiting Risk Management Performance Management Human Resource Information System Risk Management Strategic Human Resource Management ensures that HR practices are aligned with the ____________ _____________ in general and critical success factors in particular. Business Strategy If customer perception is part of the business strategy, which of the following is not aligned with the strategy? Not making a good impression on the customer Total rewards plays a ______________ role in the business strategy. Vital An organization's total rewards strategy is composed of: Pay forms Plans Policies All of the above All of the above What is the total rewards content strategy? Type, Level, and Combination of rewards offered Reward form combination strategy refers to: Rewards (cash, benefits, etc.) and how they relate to each other Absolute level refers to: Base salary What is a communication strategy? The plan for sharing the compensation strategy with employees and receiving their ongoing feedback The effectiveness of your compensation plan can be addressed by which of the following questions: Is your rewards system augmenting or inhibiting employee, team, and organizational performance? Does it help your organization attract and retain its best employees or cause them to seek better opportunities elsewhere? Is your system seen as fair and does it satisfy employees' needs? Does your rewards system accomplish its objectives in an efficient, cost-conscious way? All of the above All of the above Rewards Strategy Coherence refers to: The extent to which the parts of the strategy fit together in a logical and clear way Organizational Cultural Fit is: The extent to which the rewards strategy aligns with and supports the ingrained practices, norms, and values of the organization The more a rewards system deviates from 'the way we do thing