Exam (elaborations)
C12 – World at Work Variable Pay - Improving Performance with Variable Pay Exam Questions and answers
C12 – World at Work Variable Pay - Improving Performance with Variable Pay Exam Questions and answers
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C12 – World at Work Variable Pay -Improving Performance with Variable
Pay Exam Questions and answers
Total rewards includes all the tools available to the employer that may be
used to - -attract
motivate
engage
retain employees
- Total rewards includes - -compensation
benefits
work-life effectiveness
recognition
performance management
talent development
- Elements of Compensation - -fixed and variable pay
- Fixed pay is - -a non discretionary compensation that does not regularly
vary according to performance or results achieved.
- Primary examples of Fixed pay are - -Base salary
base hourly rate
- Variable Pay is - -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 - -the amount actually paid will
vary based on whatever criteria the organization chooses.
- Fixed pay rewards are based on an employee's value - -Market-based
Performance-based
Skill-based
- Market-based rewards individuals for - -value relative to the labor market
- Performance-based rewards individuals for - -sustained performance over
time
- Skill-based rewards individuals for - -acquisition of new skills and
competencies
,- Variable pay rewards for - -accomplishments and results
- The Goal of Variable Pay is - -improve organizational performance.
- Main Business Strategies are - -Operational excellence
Product/service leadership
Customer intimacy
- Operational excellence is primarily - -a price/cost-based strategy
- Product/service leadership is primarily - -an innovation-based strategy
- Customer intimacy is primarily - -a solutions-based strategy
- Business Strategy drives - -Business Objectives
- operational excellence examples are - -Product quality
Operational efficiency improvement
Process Improvement
Cost reduction
- product/service leadership examples are - -Market share/market
penetration
Product development
Time from innovation to market
- customer intimacy examples are - -Customer opinion of products
Product quality
Customer retention
Customer satisfaction
- Business Life Cycle stages are - -Start Up
Growth
Maturity
Decline
- Business Life Cycle - Start Up definition - -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 - -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 - -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 - -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 - -Obtaining
capital
Cash conservation
Develop brand awareness
Develop marketing plan
- Growth position in life cycle Business Objectives examples - -Production
capability
Market share/market penetration
Sales volume/revenue growth
- Mature position in life cycle Business Objectives examples - -Improve
operational efficiency
Stock price appreciation
Maintain/increase market share
- Decline position in life cycle Business Objectives examples - -Maximize
profits
Extend product demand
New product development
- Variable pay influences organizational performance by providing - - -Focus
Alignment
Motivation
Reinforcement
- Focus - -Clarifies the important tasks employees must perform in order to
contribute to organization wide performance
- Alignment - -Goals cascade from the organization to the business unit to
the individual
Emphasizes the balance between organizational success and individual
performance
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