Quiz on Pay-per-Performance Models and Total Rewards Strategy

What is merit pay primarily based on?

• Team performance

• Company profits

• Performance, competence, contribution, or skill

• Length of service

What is the purpose of recognition schemes in a total rewards package?

• To evaluate employee performance

• To determine pay rates

• To show appreciation for achievements

• To provide financial bonuses

What does market pricing help organizations achieve?

• Reduce employee benefits

• Increase employee turnover

• Ensure competitive pay rates

• Limit job evaluations

What is a red-circle rate?

• A salary that is equal to the market rate

• A salary that is adjusted annually

• A salary above the maximum range

• A salary below the minimum range

What is the main goal of a total rewards strategy?

• To limit employee benefits

• To increase employee workload

• To attract and retain top talent

• To reduce costs

Which of the following factors can affect employee retention?

• Company size

• Office location

• Job satisfaction

• Employee age

What is gain sharing?

• Payment for attending training sessions

• Payment related to financial gains made by the company

• Payment based on years of service

• Payment based on individual performance

Which legal concern relates to pay determination?

• Employee engagement

• Work-life balance

• Gender pay gap

• Job satisfaction