MODULE 5--Communication Consideration and Connections

Question 1

What is the alignment ofthe Compensation Strategy

Answer 1

(From top to bottom)
Mission
Vision
Values
Business Strategy
HR Strategy
Rewards Strategy
Compensation Strategy

Question 2

Hierarchy of Effective Communcation–Foundation Tier

Answer 2

Foundation tier – building a strong base

At the “foundation” of an effective communication program, companies need to create a strong sense of awareness among their employees by establishing formal communication processes, using employee feedback, providing clear links between desired behaviors and the reward program, and leveraging technology. This includes integrating total rewards messages into the communication process.

Question 3

Qualitative and Quantitative Data

Answer 3

Compensation is traditionally all about numbers. Quantitative data is clearly essential, but the people-oriented sign of the equation also needs to be taken into consideration. Gather qualitative data by talking to key stakeholders and employees in order to understand the sentiments and concerns of the workforce, and be prepared to act on their feedback.

Business acumen calls for knowing how to integrate qualitative data into quantitative information tailored to stakeholders at different levels.

Question 4

What skill is valuable for compensation professionals as they collaborate with colleagues in other business functions?

Translating technical information into meaningful messages

Focusing on details related to market position

Explaining the nuances of compa-ratio

Explaining the formulas used to calculate salary budgets

Answer 4

Translating technical information into meaningful messages

Question 5

In which way can the compensation professional collaborate with other business units?

Develop a spreadsheet to show the pay scale for various departments.

Keep up to date on organizational challenges.

Identify those who oppose the compensation plan and agree to disagree.

Be prepared to defend the compensation perspective at cross-functional meetings.

Answer 5

Keep up to date on organizational challenges.

Question 6

Which point of view is most likely representative of the HR position?

We expect growth in stock price and book value.

We need adequate funding to attract, retain and motivate the best talent.

We need to watch our spending to increase our profit margin.

We must ensure we are following local and national regulations

Answer 6

We need adequate funding to attract, retain and motivate the best talent.

Question 7

Which point of view is most likely representative of employees at all levels?

I want to understand the overall program objectives so that I can speak to HR about possibly revising their total rewards proposals.

I would like some assistance in explaining the merit increase plan to my team.

I am concerned about my own compensation and program decisions that impact me directly

I need to understand how compensation levels are set so I have an idea of the salary range options for new hires.

Answer 7

I am concerned about my own compensation and program decisions that impact me directly