Total Rewards Management (All questions solved)

Total Rewards Design Considerations correct answers -Labor market -Competition -Legal/regulatory -Technology -Cost Issues -Budgeting -Support staff needed -Globalization Essential elements of formal recognition programs correct answers -Link recognition with the achievement -Widely communicated -Well defines program criteria -Encourage employee involvement -Manager training and support -Link to performance evaluation -Employ meaningful rewards -Reward groups or team accomplishments -Clearly defined monitors The value of recognition programs correct answers -Meet an intrinsic psychological need for appreciation -Provide positive and immediate feedback -Enhance engagement levels -Foster continued improvement -Accelerate organizational performance —Higher operating margin performance —Higher return on equity -Foster communication of valued behaviors -Reinforce valued behaviors -Formalize the process Organization wide recognition (recognition plan) correct answers This award recognizes all employees and make increase retention -Unplanned year-end recognition "bonus" Cash vs. non-cash recognition correct answers Performance-Based Recognition -Rewards performance that translates into economic benefits for the organization (cash is probably best) Value-Based Recognition -More subjective — no immediate financial results -Doesn't require cash -Behaviors that exemplify values, such as teamwork