Base Pay Administration and Pay for Performance - GR4/C4 Exam 2023 with complete solution
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GR4/C4
Base Pay Administration and Pay for Performance - GR4/C4 Exam 2023 with complete solution
What is the definition of Total Rewards?
the monetary and non-monetary returns provided to employees in exchange for their time, talents, efforts and results
What are the drivers shape the total rewards m...
base pay administration and pay for performance gr4c4 exam 2023 with complete solution what is the definition of total rewards the monetary and non monetary returns provided to employees in excha
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Base Pay Administration and Pay for Performance -
GR4/C4 Exam 2023 with complete solution
What is the definition of Total Rewards?
the monetary and non-monetary returns provided to employees in exchange for their
time, talents, efforts and results
What are the drivers shape the total rewards mix?
The organizational culture, business and HR strategies
Which element gives special attention to employees action, effort, behavior or
performance?
Recognition
Organizational practices, policies, and programs, plus a philosophy to help employee
achieve success at home and work, which of the element of total rewards is this?
Work-life
Cash provided by an employer to an employee for services rendered, which element is
this?
Compensation
Programs that any employer uses to supplement the cash compensation an employee
receives, which element is this?
Benefits
Which element comprises learning experiences designed to enhance employees' skills
and competencies?
Development
In which element involve plans to help employees pursue their career goals?
Career Opportunities
Which element involves the alignment and subsequent assessment of organizational,
team and individual efforts toward the achievement of business goals and
organizational success?
Performance
Which compensation is nondiscretionary that does not vary according to performance or
results achieved?
Fixed pay or base pay
Which statement describe best the variable pay?
Compensation that is contingent on discretion, performance or results achieved
Which of the following strategy drives HR and Total rewards strategies?
Business strategy
Which strategy is key to development of HR strategy?
Business strategy
What is the flow of activities when developing the total rewards design process?
Vision, mission, business strategy & HR strategy
The total rewards design begins with which of the below process?
Corporate vision and mission
What best describes the reason why the total rewards design model is circular?
The process should not become too far removed from the corporate mission
Where does base pay fit within the organization's business strategy?
,An organization must first understand its compensation strategy and philosophy
What is compensation philosophy?
Statement of what the organization believes about how people should be paid. It should
support the business strategy and be a good fit with the organization's culture
What are the compensation program objectives?
Internally equitable, externally competitive, affordable, understandable, legal/defensible,
efficient to administer, capable of being reshaped for the future, appropriate for the
organization, attract, retain, and motivate employees, create alignment of employee
efforts and business objectives.
What are the most common objectives of compensation program?
Internally equitable & externally competitive
What is essential while designing the compensation program?
Program should support the organization's business strategy
Which program should be designed in a way that support the business strategy?
Compensation program
What is compensation strategy?
includes principles that guide the design, implementation, and administration of a
compensation program. What programs will be used and how will the be administered.
What are the components of Base Pay Structure Design?
Job Analysis, Job documentation, Job Evaluation, Job Worth Hierarchy - all parts of a
base pay structure
Define Job Documentation?
includes written info about the job content or functions of the job and required
knowledge, skills and abilities (KSA's)
Define Job Evaluation?
creates a job worth hierarchy using a market data or job content approach
Define Job Worth Hierarchy (JWH)?
illustrates where each job fits relative to other jobs
Define Base Pay Structure?
created after job evaluation process and JWH and utilized as framework for pay
decisions
Job analysis and job documentation provide the information needed to complete which
process?
Job evaluation
What are the base pay structure design required to complete the job evaluation
process?
Job analysis and job documentation
What is the key component of compensation strategy?
how the organization intends to pay relative to its competitors for people . i.e. the
desired market position
Which are the base pay structure design lay the foundation for the base pay structure?
Job evaluation process and job worth hierarchy
Job Evaluation Process
job analysis and documentation provide the information to do this
How are the base pay determined by?
Organization's philosophy and pay structure.
, Which compensation is contingent on discretion, performance or result achieved?
Variable pay or pay at risk
Why should market data be collected for market pricing?
Analyze pay competitiveness by collecting information on the going rate for benchmark
jobs. Identify pay trends by watching movement of salaries in the labor market. Identify
competitive pay practices by gathering information on practices, programs, policies and
procedures.
What is a benchmark job?
A standard job used to make pay comparisons. The jobs selected should be easily
defined and found in other organization. At least 50% jobs should be benchmarked and
it is considered good when it matches 70% of job content.
Why use caution when comparing data?
The same statistics must be used in order to ensure that the data will be valid and
reliable for comparison.
what is the least percentage of job benchmark when using market pricing to build a
base pay structure?
50%
What is the percentage of job match data is considered good for benchmarking the
jobs?
70%
What is job worth hierarchy?
It indicates the perceived value of jobs in relationship to each other within an
organization.
Why is the job worth hierarchy is important?
It determines which jobs should be grouped together and it forms the foundation of the
base pay system.
Why the job worth hierarchy is used?
It determines and ensure internal and or external equity both among positions and
groups of positions.
What are the factors affect the base pay?
Frequency of review due to (inflation, government-imposed pay restraint, cost-of-living
adjustment plus variable performance-related pay), Allowances, Government mandates
What are the components of base pay structure?
Base pay policy, Pay grade/bands, Midpoint differentials, pay range, Number of pay
structures.
What is base pay policy?
the policy should be consistent with the compensation strategy of the organization.
What is the purpose of grades/bands?
to identify a compensation range within which multiple jobs are grouped that have
similar value based on internal comparisons and external market data.
What are the type of base pay?
Salary, Nonexempt/hour rate, piece rare
Which of the following is one of the most common compensation program objective?
Ensuring external competitiveness
Which of the following best defines base pay?
Fixed compensation paid to an employee for performing specific job responsibilities
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