Intro to Total Rewards M1 Flashcards
Why is it important for total rewards professionals to understand labor market trends?
To attract talent at an affordable cost
Which of the following best describes the business strategy?
A. A plan for the products that an organization will produce
B. An organization’s reason for existence or its purpose for being
C. A set of beliefs or values adopted by an organization
D. A broad plan for competitively positioning products supporting the mission
D. A broad plan for competitively positioning products supporting the mission
What are the 6 elements of total rewards?
Talent development, recognition, performance management, Work-life effectiveness, compensation and benefits
Which of these key players involved in the development of the total rewards strategy works closely with HR to facilitate the process?
A. Customers
B. Senior management
C. Employees
D. Outside consultants
D. Outside consultants
What is one of the advantages of taking a total rewards approach?
A. Ensures that the HR strategy will align with the business strategy
B. Ensures compliance with legal and regulatory requirements
C. Offers flexibility for customizing total rewards programs in unique proportions
D. Offers more career opportunities for HR professionals
C. Offers flexibility for customizing total rewards programs in unique proportions
The organization’s primary goal is to provide productivity and results to the enterprise and the enterprise provides the employee with something of value, is referred to as:
Employee Value Proposition
What are the external influences that must be considered when developing a Total Rewards strategy?
Economy, labor market, cultural norms and regulatory.
Define the Total Rewards model.
It is the framework in which
we design, implement and assess the rewards package that is offered to employees.
What are the influences of the Total Rewards Model?
Business Strategy (internal), HR Strategy (internal) and external influences.
What are three primary types of business strategies?
- Operational excellence (drives lower costs)
- Product and service leadership (first to market w/ product or service)
- Customer intimacy (focused on the customer)
What are the stages of the business life cycle.
startup, growth, mature, and decline
What strategy identifies the desired competitive market positioning, the desired optimal mix for each employee group when it comes to your payment, and the way in which rewards programs are allocated?
Total Rewards Strategy
