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C12 - VARIABLE PAY- IMPROVING PERFORMANCE WITH VARIABLE PAY (PART 2) EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)€13,83
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C12 - VARIABLE PAY- IMPROVING PERFORMANCE WITH VARIABLE PAY (PART 2) EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)
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Variable pay
Instelling
Variable Pay
Two Primary Elements of Compensation - ANS Fixed pay rewards are based on an employee's value
- Market based = rewards ind for their value relative to the labor market
- Performance based = rewards ind for their sustained performance over time
- Skill based = rewards ind for their acquisition ...
C
IMPROVING PERFORMANCE
LO
WITH VARIABLE PAY (PART 2)
EXAM QUESTIONS WITH
YC
CORRECT ANSWERS ALL
VERIFIED BY AN EXPERT A+
D
U
GRADED (LATEST UPDATE)
ST
Two Primary Elements of Compensation - ANS Fixed pay rewards are based on an
employee's value
- Market based = rewards ind for their value relative to the labor market
- Performance based = rewards ind for their sustained performance over time
,- Skill based = rewards ind for their acquisition of new skills and competencies
Variable pay rewards for accomplishments and results
- Organizational, group or individual results
- Performance-based compensation
- Flexible and adaptable
The Goal of Variable Pay - ANS The ultimate goal of variable pay is to improve organizational
performance.
K
Once an organization has identified its key business objectives, the proper design and
implementation of variable pay programs will help motivate employees to behave in ways that
accomplish those objectives.
C
Variable pay influences organizational performance by providing:
- Focus
LO
- Alignment
- Motivation
- Reinforcement
Business Strategies - ANS Operational Excellence
YC
primarily a price-cost-based strategy. This strategy often includes a combination of price, quality,
dependability and ease of purchase that competitors cannot match. The corp culture typically
strives to minimize waste and reward efficiency. (Fast food rest)
Product/Service Leadership
primarily an innovation-based strategy. This strategy focuses on innovation, product
D
development and market exploitation. The corp culture encourages imagination and a mind-set
driven by the prospect of creating the future. (High tech companies)
U
Customer Intimacy
primarily a solutions-based strategy. This strategy focuses on creating results for carefully
selected customers (making them successful.) The corp culture encourages deep and lasting
ST
relationships with customers. (High end hotel chains)
Business Strategies' Business Objectives - ANS Operational Excellence
- Product quality
- Operational efficiency improvement
- Process improvement
- Cost reduction
Product/Service Leadership
- Market share/market penetration
- Product development
Decline
- Maximize profits
- Extend product demand
D
- New product development
Three Categories of Variable Pay - ANS Incentives, Bonuses and Recognition
U
Incentives - ANS - Criteria determined in advance
- Amount of payment can vary
ST
- Monetary or nonmonetary
- Self-funded or budgeted
- Nondiscretionary
Bonuses - ANS - Completion of specific task
- Amount determined in advance
- Monetary
- Budgeted
- Nondiscretionary
Recognition - ANS - Criteria broadly defined and subjective
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