C12 - WORLD AT WORK VARIABLE PAY- IMPROVING PERFORMANCE WITH VARIABLE PAY EXAM QUESTIONS WITH CORRECT ANSWERS
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Course
Variable pay
Institution
Variable Pay
Total rewards includes all the tools available to the employer that may be used to - ANS attract
motivate
engage
retain employees
Total rewards includes - ANS compensation
benefits
work-life effectiveness
recognition
performance management
talent development
Elements of Compensat...
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PERFORMANCE WITH
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VARIABLE PAY EXAM
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QUESTIONS WITH CORRECT
ANSWERS ALL VERIFIED BY
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AN EXPERT A+ GRADED
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(LATEST UPDATE)
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,Total rewards includes all the tools available to the employer that may be used to - ANS attract
motivate
engage
retain employees
Total rewards includes - ANS compensation
benefits
work-life effectiveness
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recognition
performance management
talent development
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Elements of Compensation - ANS fixed and variable pay
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Fixed pay is - ANS a non discretionary compensation that does not regularly vary according to
performance or results achieved.
Primary examples of Fixed pay are - ANS Base salary
base hourly rate
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Variable Pay is - 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 - ANS the amount actually paid will vary based on
whatever criteria the organization chooses.
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Fixed pay rewards are based on an employee's value - ANS Market-based
Performance-based
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Skill-based
Market-based rewards individuals for - ANS value relative to the labor market
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Performance-based rewards individuals for - ANS sustained performance over time
Skill-based rewards individuals for - ANS acquisition of new skills and competencies
Variable pay rewards for - ANS accomplishments and results
The Goal of Variable Pay is - ANS improve organizational performance.
Main Business Strategies are - ANS Operational excellence
Product/service leadership
, Customer intimacy
Operational excellence is primarily - ANS a price/cost-based strategy
Product/service leadership is primarily - ANS an innovation-based strategy
Customer intimacy is primarily - ANS a solutions-based strategy
Business Strategy drives - ANS Business Objectives
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operational excellence examples are - ANS Product quality
Operational efficiency improvement
Process Improvement
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Cost reduction
product/service leadership examples are - ANS Market share/market penetration
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Product development
Time from innovation to market
customer intimacy examples are - ANS Customer opinion of products
Product quality
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Customer retention
Customer satisfaction
Business Life Cycle stages are - ANS Start Up
Growth
Maturity
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Decline
Business Life Cycle - Start Up definition - ANS The organization is new with little or no formal
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policies or procedures. The organization's focus is on obtaining capital, marketing products or
services, initial sales growth and cash conservation.
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Business Life Cycle - Growth definition - 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 - 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.
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