Exam (elaborations)
Variable Pay - Improving Performance With Variable Pay: Qs & As
- Course
- Institution
Variable Pay - Improving Performance With Variable Pay: Qs & As
[Show more]
Content preview
Variable Pay - Improving Performance With VariablePay: Qs & As
Primary Elements of Compensation Right Ans - Fixed and variable pay
rewards
Market-based Right Ans - Rewards individuals for their value relative to
the labor market
Performance-based Right Ans - Rewards individuals for their sustained
performance over time
Skill-based Right Ans - Rewards individuals for their acquisition of new
skills and competences
Fixed pay rewards are based on Right Ans - Market-base; Performance-
base and Skill-base
Fixed pay rewards are based on Right Ans - Employee's value
Variable pay rewards for Right Ans - Accomplishments and results
Variable pay rewards Right Ans - Organizational, group or individual
results
Performance-based compensation Right Ans - Serves as a pay
differentiator between those who achieve results and those who do not
The goal of variable pay Right Ans - To improve organizational
performance
Business strategy Right Ans - The broad framework of principles and
approaches that guide the day-to-day decisions affecting the business
Business strategy Right Ans - Supports the organization's mission, goals
and objectives
,Organizations place primary focus on three strategies Right Ans -
Operational excellence; Product/service leadership and Customer intimacy
Strategy -Operational excellence Right Ans - This strategy includes a
combination of price, quality, dependability and ease of purchase that
competitors cannot match. The corporate culture typically strives to minimize
waste and reward efficiency
Strategy -Operational excellence Right Ans - The corporate culture
typically strives to minimize waste and reward efficiency
Strategy -Product/service leadership Right Ans - Primarily an innovation-
based strategy
Strategy -Operational excellence Right Ans - Primarily a price/cost-based
strategy
Strategy -Product/service leadership Right Ans - This strategy focuses on
innovation, product development and market exploitation.
Strategy -Product/service leadership Right Ans - The corporate culture
encourages imagination and a mind-set driven by the prospect of creating the
future
Strategy -Product/service leadership Right Ans - Organizations that use
this strategy offer products and services that expand performance boundries
Strategy -Customer intimacy Right Ans - Primarily a solutions-based
strategy
Strategy -Customer intimacy Right Ans - This strategy focuses on creating
results for carefully selected customers (making them successful)
Strategy -Customer intimacy Right Ans - The corporate culture encourages
deep and lasting relationships with customers
Strategy -Customer intimacy Right Ans - Organizations that use this
strategy build bonds with targeted customers; they meet or exceed customer
needs to build customer loyalty
, Business objectives Right Ans - The link between an organization's
business strategy and the specific actions or behaviors employees must take
Business objectives: Strategy -Operational excellence Right Ans - Product
quality; Operational efficiency improvement; process improvement and cost
reduction
Business objectives: Strategy -Product/service leadership Right Ans -
Market share/market penetration; Product development and Time from
innovation to market
Business objectives: Strategy -Customer intimacy Right Ans - Customer
option of products; Product quality; Customer retention and Customer
satisfaction
Business Life Cycle Right Ans - The progression of steps an organization
passes through from its creation to its decline
Business Life Cycle -Start-up Right Ans - Obtain capital; Cash conservation;
Develop brand awareness and Develop marketing plan
Business Life Cycle -Growth Right Ans - Production capability; Market
share/market penetration and Sales volume/revenue growth
Business Life Cycle -Mature Right Ans - Improve operational efficiency;
Stock price appreciation and Maintain/increase market share
Business Life Cycle -Decline Right Ans - Maximize profits; Extend product
demand and New product development
Strategy -Operational excellence: Business Life Cycle -Start-up Right Ans -
Obtain capital; Cash conservation and Develop brand awareness
Strategy -Operational excellence: Business Life Cycle -Growth Right Ans -
Sales volume growth;Product quality and Production capability
Strategy -Operational excellence: Business Life Cycle -Mature Right Ans -
Improve operational efficiency; Stock price appreciation and Product quality
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71184 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now