LS Ch. 2 Strategy: The Totality of Decisions || with Complete Solutions.

Identify the factors that influence the formulation of compensation strategies. - The number of business units owned by a company - Customer demands - Social and political context - A company's culture and values - Employee and union preferences correct answers - A company's culture and values - Social and Political context - Employee and union preferences According to the advocates of the strategic approach, what makes a pay strategy competitive? A. How it is managed B. How simple it is to follow C. How well it follows best practices D. How easy it is to execute correct answers A. How it is managed It sizes jobs based on knowledge/skill, complexity, business impact, and strategic value correct answers Merrill Lynch It provides several opportunities but no defined career path correct answers Nucor It minimizes hierarchy and stresses collaboration correct answers Google _____ refers to the fundamental directions that an organization chooses. correct answers Strategy Arrange the steps involved in developing a total compensation strategy in the order in which they are conducted. correct answers - Assessing the implications of total compensation - Mapping a strategy for total compensation - Implementing the total compensation strategy - Reassessing the total compensation strategy Which test of compensation strategy is the most difficult? A. Determining whether it aligns B. Determining whether it differentiates C. Determining whether it adds value D. Determining whether it is competitive correct answers C. Determining whether it adds value Which of the following are involved in the alignment of pay strategy? - Alignment with employee preference - Alignment with the business strategy - Internal alignment within the overall HR system - External alignment with the economic and socio-political conditions - Alignment with "best practices" correct answers - Alignment with the business strategy