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Questions and Answers
What is the primary goal of achieving an equitable and definable pay system?
What is the primary goal of achieving an equitable and definable pay system?
- To improve employee morale
- To reduce labor costs
- To create a competitive advantage
- To ensure fairness and consistency in compensation (correct)
Which of the following is a key element of a reward strategy?
Which of the following is a key element of a reward strategy?
- Involvement of employees in reward matters (correct)
- Annual bonuses
- Employee involvement in performance management
- Regular performance evaluations
What is the primary purpose of using pay as a lever for performance improvement and culture change?
What is the primary purpose of using pay as a lever for performance improvement and culture change?
- To drive business results and cultural transformation (correct)
- To motivate employees to work harder
- To reduce employee satisfaction
- To increase employee turnover
What is a key benefit of developing teamwork in an organization?
What is a key benefit of developing teamwork in an organization?
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What is the primary goal of offering competitive pay?
What is the primary goal of offering competitive pay?
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Study Notes
Reward Strategy
- Aims to achieve an equitable and definable pay system
- Uses pay as a lever for performance improvement and culture change
- Involves employees in reward matters to increase engagement and motivation
- Focuses on developing teamwork and collaboration among employees
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