12 Questions
What is the collective array of programs that an organisation offers in exchange for employment?
Employee value proposition (EVP)
What is the length of time a position has been held known as?
Tenure
What is job evaluation in the context of an organization?
Systematic process for defining the relative worth or size of jobs within an organisation
What are Smart rewards based on?
Firm's core values
What does 'new pay' aim to identify?
Pay practices enhancing strategic effectiveness
What does 'total reward' encompass?
All tools available to the employer to attract, motivate, and retain employees
What does 'compensation' refer to in the context of employment?
Financial returns and tangible services received by employees
What is a 'reward system' based on the given text?
Policies, practices, processes, and procedures governing rewards in an organisation
What are 'extrinsic rewards' as mentioned in the text?
External transactional rewards for undertaking work
What does 'reward strategy' aim to align with according to the text?
Reward policies and practices with business and human resource strategies
Who are considered 'stakeholders' in the context of the given text?
People, bodies, and institutions with a legitimate stake in the organisation
What is 'unit labor cost (ULC)' based on the provided text?
The average cost of labor per unit of output
Test your knowledge about compensation, rewards, and reward systems in an organization with this quiz. Explore the various forms of financial returns, tangible services, and other valued benefits that employees receive as part of their employment relationship.
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