Exam (elaborations)
Variable Pay: M1 (Questions & Verified Answers)
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Variable Pay: M1 (Questions & Verified Answers)
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Variable Pay: M1 (Questions & Verified Answers)Variable pay Right Ans - includes all the tools to the employer that may be
used to attract, motivate, engage, and retain employees
Fixed pay, variable pay Right Ans - elements of compensation
Compensation Right Ans - most visible component of the total rewards
model
Compensation Right Ans - deserves a significant amount of attention and
planning
Fixed pay, variable pay Right Ans - compensation can be divided into two
primary elements
Fixed pay Right Ans - nondiscretionary compensation that does not
regularly vary according to performance or results achieved
Base salary, base hourly rate Right Ans - examples of fixed pay
Variable pay Right Ans - compensation that is discretionary or contingent
on performance or results achieved
Variable pay Right Ans - can be designed for any individual or combination
of individuals (business unit, organization, division, department, location, site,
workgroup)
Variable pay Right Ans - it is termed this because the amount actually paid
will vary based on whatever criteria the organization chooses
Based on organizational, group, or individual results; performance based
compensation; flexible and adaptable Right Ans - primary elements of
variable pay
Performance based compensation Right Ans - serves a pay differentiator
between those who achieve results and those who do not
, Improve organizational performance Right Ans - the ultimate goal of
variable pay
The business strategy and the objectives of the organization Right Ans - in
order for the compensation professional to be able to design and implement
the right variable pay plans, they must first understand the
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 - ensures that the business supports the
organization's mission, goals, and objectives
Operational excellence, product/service leadership, customer intimacy
Right Ans - business strategies
Operational excellence Right Ans - primarily a price/cost based strategy
Product/service leadership Right Ans - primarily an innovation-based
strategy
Customer intimacy Right Ans - primarily a solutions based strategy
Operational excellence Right Ans - includes a combination of price, quality,
dependability and ease of purchase that competitors cannot match
Operational excellence Right Ans - the corporate culture typically strives to
minimize waste and reward efficiency
Product/service leadership Right Ans - focuses on innovation, product
development, and market exploitation
Product/service leaderhip Right Ans - the corporate culture encourages
imagination and a mindset driven by the prospect of creating the future
Product/service leadership Right Ans - organizations that use this strategy
offer products and services that expand performance boundaries (the best
products), leapfrog/replace technologies or products, create more/better
ideas and commercialize them faster than their competitors
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