Compensation and Reward System Quiz

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Questions and Answers

What is the collective array of programs that an organisation offers in exchange for employment?

  • Intrinsic rewards
  • Total reward
  • Smart rewards
  • Employee value proposition (EVP) (correct)

What is the length of time a position has been held known as?

  • Tenure (correct)
  • Employee value proposition (EVP)
  • Intrinsic rewards
  • Total reward

What is job evaluation in the context of an organization?

  • Systematic process for defining the relative worth of employees
  • Approach to reward strategy based on firm's core values
  • Identifying pay practices that enhance strategic effectiveness
  • Systematic process for defining the relative worth or size of jobs within an organisation (correct)

What are Smart rewards based on?

<p>Firm's core values (A)</p> Signup and view all the answers

What does 'new pay' aim to identify?

<p>Pay practices enhancing strategic effectiveness (A)</p> Signup and view all the answers

What does 'total reward' encompass?

<p>All tools available to the employer to attract, motivate, and retain employees (C)</p> Signup and view all the answers

What does 'compensation' refer to in the context of employment?

<p>Financial returns and tangible services received by employees (C)</p> Signup and view all the answers

What is a 'reward system' based on the given text?

<p>Policies, practices, processes, and procedures governing rewards in an organisation (C)</p> Signup and view all the answers

What are 'extrinsic rewards' as mentioned in the text?

<p>External transactional rewards for undertaking work (B)</p> Signup and view all the answers

What does 'reward strategy' aim to align with according to the text?

<p>Reward policies and practices with business and human resource strategies (C)</p> Signup and view all the answers

Who are considered 'stakeholders' in the context of the given text?

<p>People, bodies, and institutions with a legitimate stake in the organisation (C)</p> Signup and view all the answers

What is 'unit labor cost (ULC)' based on the provided text?

<p>The average cost of labor per unit of output (D)</p> Signup and view all the answers

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Study Notes

Total Rewards

  • The collective array of programs an organisation offers in exchange for employment is known as Total Rewards.
  • Total Rewards encompass compensation, benefits, and intrinsic and extrinsic rewards.

Job Tenure

  • The length of time a position has been held is known as job tenure or service length.

Job Evaluation

  • Job evaluation in the context of an organisation is the process of determining the relative worth of a job to the organisation.

Smart Rewards

  • Smart rewards are based on employee performance, competence, and contributions to the organisation.

New Pay

  • New pay aims to identify the skills, knowledge, and competencies required for a job and to reward employees accordingly.

Compensation

  • Compensation refers to the monetary payment received by employees in exchange for their work, including salary, bonuses, and benefits.

Reward System

  • A reward system is based on the principle that employees are motivated by rewards and that the organisation should provide a mix of rewards to meet different employee needs.

Extrinsic Rewards

  • Extrinsic rewards are tangible rewards given to employees, such as pay, bonuses, and benefits, that are external to the job itself.

Reward Strategy

  • Reward strategy aims to align with the organisation's business objectives and values.

Stakeholders

  • Stakeholders in the context of the organisation include employees, management, investors, and customers.

Unit Labor Cost (ULC)

  • Unit labor cost (ULC) is based on the total cost of labor required to produce a unit of output.

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