C12 - TOTAL REWARDS AND VARIABLE PAY EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)
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Course
Variable pay
Institution
Variable Pay
total rewards - ANS monetary and non-monetary returns provided to employees for their time, talents, efforts and results
total rewards strategy - ANS the art of combining the five key elements into tailored packages designed to achieve optimal engagement.
five elements of total rewards st...
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VARIABLE PAY EXAM
QUESTIONS WITH CORRECT
YC
ANSWERS ALL VERIFIED BY
AN EXPERT A+ GRADED
D
(LATEST UPDATE)
U
ST
, total rewards - ANS monetary and non-monetary returns provided to employees for their time,
talents, efforts and results
total rewards strategy - ANS the art of combining the five key elements into tailored packages
designed to achieve optimal engagement.
five elements of total rewards strategy - ANS compensation, benefits, work-life, performance
an recognition, development and career opportunities.
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elements of compensation - ANS fixed pay and variable pay
fixed pay - ANS nondiscretionary compensation that does not regulary vary according to
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performance or results achieved. based on employee value: market based, performance based,
skill based
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variable pay - ANS discretionary or contingent on performance or results achieved and can be
designed for any individual or combination of individuals. rewards for accomplishments, and
results
three categories of variable pay - ANS incentives, bonuses and recongition
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incentives - ANS criteria determined in advance, amount of payment varies, monetary or
non-monetary, self-funded or budgeted, non-discretionary.
Bonuses - ANS reward the completion of a specific task, amount is determined in advance,
budgeted, non-discretionary
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Recognition - ANS criteria broadly defined and subjective, awarded spontaneously, decisions
made after the fact, focused on behaviors, budgeted, discretionary
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Short term incentive - ANS consist of plans for which desired results will be achieved in one
year or LESS. profit sharing, performance sharing, individual performance based.
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Profit sharing plans - ANS share profits with employees, base rewards on fiscal performance,
typically include the entire organization, payout in equal or graduated amounted. Objects of
profit sharing are to foster EE indentification with org success and create a common focus.
Profit sharing plan approaches - ANS first return plans, threshold plans, operating budget, peer
comparisons
Profit sharing plan considerations - ANS promote awareness/focus, payout only when the
company has profit, EE ability to influence overall profit, SIMPLE administration.
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