WorldatWork Total Rewards
Management Updated 2022/2023
What are the Total Rewards Model external influences?- Answer-
Economic, Labor Market, Cultural Norms, and Regulatory
External Influence-Economic- Answer- Rising or falling conditions in the
global economic landscape
External Influence-Labor Market- Answer- Must understand labor
market trends and movements to attract talent at a cost that is
affordable and sustainable
External Influence-Cultural Norms- Answer- Must have a grasp of the
customs, social mores and drivers of the diverse makeup and
expectations of the workforce
External Influence-Regulatory- Answer- 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?- Answer- Business
Strategy, Human Resources Strategy, Organizational Culture
The Business Strategy includes:- Answer- The corporate vision,
corporate mission, and business strategy
Corporate Vision:- Answer- a statement about what the organization
wants to become. It drives the direction of an organization.
Corporate Mission:- Answer- A precise description of what the
organization does, its reason for existence or its purpose for being.
Business Strategy:- Answer- 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?- Answer- Start-up,
Growth, Mature, Decline
Organizational Culture is- Answer- Subject to internal and external
influences and greatly influenced by organization's leadership
HR strategy:- Answer- The organization's overall plan for attraction,
motivation, engagement and retention of employees.
Management Updated 2022/2023
What are the Total Rewards Model external influences?- Answer-
Economic, Labor Market, Cultural Norms, and Regulatory
External Influence-Economic- Answer- Rising or falling conditions in the
global economic landscape
External Influence-Labor Market- Answer- Must understand labor
market trends and movements to attract talent at a cost that is
affordable and sustainable
External Influence-Cultural Norms- Answer- Must have a grasp of the
customs, social mores and drivers of the diverse makeup and
expectations of the workforce
External Influence-Regulatory- Answer- 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?- Answer- Business
Strategy, Human Resources Strategy, Organizational Culture
The Business Strategy includes:- Answer- The corporate vision,
corporate mission, and business strategy
Corporate Vision:- Answer- a statement about what the organization
wants to become. It drives the direction of an organization.
Corporate Mission:- Answer- A precise description of what the
organization does, its reason for existence or its purpose for being.
Business Strategy:- Answer- 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?- Answer- Start-up,
Growth, Mature, Decline
Organizational Culture is- Answer- Subject to internal and external
influences and greatly influenced by organization's leadership
HR strategy:- Answer- The organization's overall plan for attraction,
motivation, engagement and retention of employees.
