Are You Rewards Ready?
Which of the following factors is important when developing a rewards strategy?
External competitiveness
Financial considerations
Talent strategy
All of the above
Which of these is not mandatory to be included in a market benchmarking survey?
Sample size for analysis
Market salary structure across levels
Criticality of different positions for business
Market range for each key pay anchor-base salary, guaranteed pay etc.
Which of the following does a job description NOT aid in doing?
Develop a compensation plan
Performance management
Job matching
Understanding market salary levels
Which of these statements is False?
Internal parity refers to employees perceiving that they are paid fairly as compared to co-workers.
Internal equity means ensuring fairness in pay for employees working different kind of jobs in the same organization
External parity is system of comparison of jobs to market salaries to ensure an organization’s employees are being compensated fairly
Pay ranges are ranges that define the minimum and maximum of pay for each grade / level
Which of these is most unlikely to be a consideration when distributing employees for the budgeting process?
Performance levels
Comparison ratio
Potential
Years of experience
A sales driven organization wants to maximize performance by emphasizing on variable pay for it’s employees. Which of these statements is False in respect to the organization?
Pay could vary significantly from individual to individual
Great ability to vary compensation costs with profitability
Pay is secure and predictable requiring very less communication to employees
The organization would differentiate pay with respect to performance
You have been given a job description for a position of Marketing Manager in an organization- Responsible for the marketing initiatives taken by his team of 7 marketing professionals, strategizes and drives implementation of new online and offline initiatives for a product across locations. Which of these is the closest to the given description?
Marketing specialist- Responsible for implementing marketing activities directed to him for a product
Senior Marketing specialist- Responsible for implementing marketing activities for multiple products
Marketing head- Responsible for a team of 5-10 marketing people, drives new initiatives and monitors performance of his team
Marketing Director- Allocates marketing budget for different regions, monitors performance at country level for different regions, decides guidelines and philosophy for all marketing communication
Consider a firm has designed pay ranges for all positions taking into account organization philosophy, criticality of functions, range spread, overlap etc. but haven’t looked at the market rates for those positions, which of these would not be reflected in their pay ranges?
Minimum and Maximum points
Internal equity
External equity
Cost of replacement
John, a store manager at one of the outlets of Home furnishings has raised a concern to Mike that store managers at other furnishing firms are being paid higher even though the scope of work is largely same. Mike felt that the request was valid and has sent a proposal to the upper management to offer John a pay increase. Considering that the organization has formal budgets for all kind of adjustments, which of these budgets would reflect the increase given to John?
Merit increase budget
Promotional increase budget
Market adjustment budget
Adhoc budget
Which of these plans is most likely to be perceived as unfair by employees?
Team incentive plans
Standard hour plans
Sales incentive plans
Earning at risk plans
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