WorldatWork Total Rewards Management Actual Questions and Answers 2023 with complete solution What are the Total Rewards Model external influences? Ans- Economic, Labor Market, Cultural Norms, and Regulatory External Influence-Economic Ans- Rising or falling conditions in the global economic landscape External Influence-Labor Market Ans- Must understand labor market trends and movements to attract talent at a cost that is affordable and sustainable External Influence-Cultural Norms Ans- Must have a grasp of the customs, social mores and drivers of the diverse makeup and expectations of the workforce External Influence-Regulatory Ans- Regulatory and legal environment can vary widely by country and region, affecting the design and implementation of total rewards Programs should be assessed to ensure they can legally applied at the local level What are the drivers of the Total Rewards Strategy? Ans- Business Strategy, Human Resources Strategy, Organizational Culture The Business Strategy includes: Ans- The corporate vision, corporate mission, and business strategy Corporate Vision: Ans- a statement about what the organization wants to become. It drives the direction of an organization.Corporate Mission: Ans- A precise description of what the organization does, its reason for existence or its purpose for being.Business Strategy: Ans- A company's broad plan for competitively positioning its products or services with the intent to accomplish or support the company's mission.What are the steps of the Business Life Cycle? Ans- Start-up, Growth, Mature, Decline Organizational Culture is Ans- Subject to internal and external influences and greatly influenced by organization's leadership 1 / 2
HR strategy: Ans- The organization's overall plan for attraction, motivation,
engagement and retention of employees.Total rewards strategy: Ans- Considers the drivers (organizational culture, business strategy and HR strategy) and uses them to design the programs for each of the six elements of total rewards.Elements of Total Rewards Strategy Ans- Compensation, Benefits, Work-Life Effectiveness, Recognition, Performance Management, Talent Development The Total Rewards Strategy identifies: Ans- The appropriate labor market segments, desired competitive position, the optimal mix of total rewards elements for each employee group, and the way each element will be earned and allocated.
Key Players involved in Total Rewards Strategy development: Ans- Senior
management/board of directors, Human resources leadership, Employees, Outside consultants The Total Rewards Approach Ans- Attract, Motivate, Retain, and Engage Intrinsic motivation: Ans- Linked to factors that include an employee's sense of achievement, respect for the person, trust and appropriate advancement opportunties.Non-tangible rewards Extrinsic motivation: Ans- Most frequently associated with rewards that are tangible, such as pay.What are the advantages of the Total Rewards Approach? Ans- High profitably, Lower labor costs, Greater flexibility
Compensation: Ans- Pay provided by an employer to an employee for services
rendered, this includes both fixed and variable pay tied to performance levels.What are the elements of Compensation? Ans- Fixed and variable pay
Factors Influencing Compensation: Ans- Competitive environment, Collective
bargaining/unions, Global growth, Economics, Business Strategy, Life cycle of the organization, Legal compliance Types of pay related laws: Ans- Minimum rates of pay, overtime, restrictions on child labor, anticompettive price fixing, pay equity
Base Pay Structure Design Steps: Ans- Job Analysis, Job Documentation, Job
Evaluation, Job Worth Heirarchy = Base Pay Structure
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