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C12 - World At Work Variable Pay - Improving Performance With Variable Pay: Q’s And A’s
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C12 - World At Work Variable Pay - Improving Performance With Variable Pay: Q’s And A’s
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C12 - World At Work Variable Pay - ImprovingPerformance With Variable Pay: Q’s And A’s
Total rewards includes all the tools available to the employer that may be
used to Right Ans - attract
motivate
engage
retain employees
Total rewards includes Right Ans - compensation
benefits
work-life effectiveness
recognition
performance management
talent development
Elements of Compensation Right Ans - fixed and variable pay
Fixed pay is Right Ans - a non discretionary compensation that does not
regularly vary according to performance or results achieved.
Primary examples of Fixed pay are Right Ans - Base salary
base hourly rate
Variable Pay is Right Ans - compensation that is discretionary or
contingent on performance or results achieved, and can be designed for any
individual or combination of individuals
Variable Pay is termed variable because Right Ans - the amount actually
paid will vary based on whatever criteria the organization chooses.
Fixed pay rewards are based on an employee's value Right Ans - Market-
based
Performance-based
Skill-based
Market-based rewards individuals for Right Ans - value relative to the
labor market
,Performance-based rewards individuals for Right Ans - sustained
performance over time
Skill-based rewards individuals for Right Ans - acquisition of new skills and
competencies
Variable pay rewards for Right Ans - accomplishments and results
The Goal of Variable Pay is Right Ans - improve organizational
performance.
Main Business Strategies are Right Ans - Operational excellence
Product/service leadership
Customer intimacy
Operational excellence is primarily Right Ans - a price/cost-based strategy
Product/service leadership is primarily Right Ans - an innovation-based
strategy
Customer intimacy is primarily Right Ans - a solutions-based strategy
Business Strategy drives Right Ans - Business Objectives
operational excellence examples are Right Ans - Product quality
Operational efficiency improvement
Process Improvement
Cost reduction
product/service leadership examples are Right Ans - Market share/market
penetration
Product development
Time from innovation to market
customer intimacy examples are Right Ans - Customer opinion of products
Product quality
Customer retention
Customer satisfaction
, Business Life Cycle stages are Right Ans - Start Up
Growth
Maturity
Decline
Business Life Cycle - Start Up definition Right Ans - The organization is new
with little or no formal policies or procedures. The organization's focus is on
obtaining capital, marketing products or services, initial sales growth and cash
conservation.
Business Life Cycle - Growth definition Right Ans - the organization is
highly focused on growing sales, increasing distribution capability and
determining how to efficiently produce products or services to meet growing
demand. It typically generates the need to begin standardizing procedures
through policy creation.
Business Life Cycle - Mature definition Right Ans - characterized by a focus
on maintaining/increasing market share, improving productivity and
otherwise reducing cost of sales. Improvements to products are more
evolutionary than revolutionary. The organization typically has higher levels
of bureaucracy and greater amounts of cash on hand than at other
stages.
Business Life Cycle - Decline definition Right Ans - the organization's
revenues are declining. It must decide whether to reinvest in current
products, create new products or maximize profits with current products as
long as possible.
Start Up position in life cycle Business Objectives examples Right Ans -
Obtaining capital
Cash conservation
Develop brand awareness
Develop marketing plan
Growth position in life cycle Business Objectives examples Right Ans -
Production capability
Market share/market penetration
Sales volume/revenue growth
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