SPHR/PHR Study Guide questions with correct answers

Replacement Cost - Answer The amount it would cost to replace an asset at current prices. It would include recruiting, hiring and training a totally new work force. Outlay Cost - Answer Also known as explicit costs. Any concrete costs that can be identified in the past, present or future Turnover Efficiency - Answer The measure of how well assets are being used to produce revenue. Self Nomination - Answer If a company wants to promote employees to higher level positions from within , the best method of recruitment is to all for job bidding or self nomination. Performance Expectations - Answer When an employee is not meeting performance expectations, the supervisor should review with the employee intermittently before the final timeline to work with him/her on meeting his/her objectives. The objectives should be specific, realistic and a timeline should be identified. Additionally, reviewing performance expectations intermittently will reduce discriminatory action. Three Components of Retention Management - Answer measurement and assessment, retention interventions and selection procedures and followup tactics. The biggest component to employee retention management is getting the right people in an organization. In addition, continual measurements and assessment are essential. Transparency and free flow of communication channels is also an essential step for maintaining strong employer-employee relationships.