WGU C236 Compensation and Benefits Correct 100%

Total Rewards - ANSWER refers to all forms of pay and compensation, tangible benefits, and other intangible rewards that an organization provides. Cash compensation influences: Management perception Government perception Market perception Employee perception - ANSWER Employee perception base pay - ANSWER basic wage or salary paid employees in exchange for doing their jobs fringe benefits or perks - ANSWER Any financial extras beyond the regular pay check, such as health insurance, life insurance, paid vacation and/or retirement To have an effective rewards system, you will NOT need to understand: Profitability Market conditions Customer needs Employees' previous salary - ANSWER Employees previous salary Portal-to-Portal Act of 1947 - ANSWER defines the term hours worked that appears in the FLSA In loco parentis ("in the place of a parent") - ANSWER A principle whereby a person (coach or teacher), by undertaking the care and control of a minor child, takes on the parent's rights, duties and responsibilities. top-down budgeting - ANSWER Involves estimating the pay increase budget for an entire organisation and then allocating an amount to each manager orsupervisor and then the managers and supervisors are then responsible for distributing the budget increases among the members of their groups merit increase grid - ANSWER a grid that combines an employee's performance rating with the employee's position in a pay range to determine the size and frequency of his or her pay increases total rewards includes - ANSWER base salary and benefits ONLY meaningful work is or isn't considered a discretionary employee benefit - ANSWER ISNT discretionary employee benefit - ANSWER employment benefits that are not mandated by law. They can include a range of employee benefits, such as health insurance, sick leave, maternity leave, vacation leave, pension plans, life insurance, and prescription drug insurance. to create a strategic total rewards plan, you need to understand all of the following except: market benefits customers none of the above - ANSWER benefits organizational performance includes all but: new market share profits meeting customer needs employee satisfaction - ANSWER employee satisfaction Business Strategy - ANSWER The collection of decisions, approaches, and activities that allow an organization to compete and win cost leadership strategy - ANSWER keep the costs, and hence prices, of a product or service below those of competitors and to target a wide market The average number of paid holidays per year is - ANSWER 8 sabbatical leave - ANSWER When an employee is on leave for performing work that has value to society or that enhances their professional competence. For example, some executives are asked by their companies to become involved in urban development projects and other full-time civic activities. regular workweek - ANSWER Seven consecutive periods of 24-hour days Regular rate of pay - ANSWER basic hourly rate of pay plus any non-discretionary bonuses, shift differentials, production bonuses, and commissions earned. Differentiation strategy - ANSWER Distinguishing an organization's products from the products of competitors on dimensions such as product design, quality, or after-sales service. Niche/Focus Strategy - ANSWER An organisation choose a small and segmented market and competes only in that small arena SWOT analysis - ANSWER identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T) Critical Success Factors (CSFs) - ANSWER crucial steps companies perform to achieve their goals and objectives and implement their strategies Human Resource Management (HRM) - ANSWER the policies, practices, and systems that manage the interface between the organization and its employees in order to enable long-term organizational performance. Total rewards strategy - ANSWER the combination of pay forms, plans, policies, and practices that enable long-term organizational performance. Total Rewards Content Strategy - ANSWER specifies the type, level, and combination of rewards offered to employees. Paying an employee $50,000 salary per year, for example, is a defining .... - ANSWER Absolute level Relative level - ANSWER states the rewards strategy as greater than, equal to, or less than some labor market reference point. This Leading, Lagging, or Matching portion of the rewards strategy is often expressed in terms of a percentage and is the most common way that an organization defines the Level of rewards that it offers. Leading the market - ANSWER the firm is trying to provide more of a given reward than its competitors for those employees. Lagging the market - ANSWER an organization providing a lesser amount of the reward than its competitors Matching the market - ANSWER a rewards strategy of providing an amount of the reward equal to the market average Total rewards process strategies - ANSWER the decis