SPHR/PHR Study Guide Exam 43 Questions with Verified Answers, Exams of Business Fundamentals

Download SPHR/PHR Study Guide Exam 43 Questions with Verified Answers and more Exams Business Fundamentals in PDF only on Docsity! SPHR/PHR Study Guide Exam 43 Questions with Verified Answers Replacement Cost - CORRECT ANSWER The amount it would cost to replace an asset at current prices. It would include recruiting, hiring and training a totally new work force. Outlay Cost - CORRECT ANSWER Also known as explicit costs. Any concrete costs that can be identified in the past, present or future Turnover Efficiency - CORRECT ANSWER The measure of how well assets are being used to produce revenue. Self Nomination - CORRECT ANSWER If a company wants to promote employees to higher level positions from within , the best method of recruitment is to all for job bidding or self nomination. Performance Expectations - CORRECT ANSWER When an employee is not meeting performance expectations, the supervisor should review with the employee intermittently before the final timeline to work with him/her on meeting his/her objectives. The objectives should be specific, realistic and a timeline should be identified. Additionally, reviewing performance expectations intermittently will reduce discriminatory action. Three Components of Retention Management - CORRECT ANSWER measurement and assessment, retention interventions and selection procedures and followup tactics. The biggest component to employee retention management is getting the right people in an organization. In addition, continual measurements and assessment are essential. Transparency and free flow of communication channels is also an essential step for maintaining strong employer-employee relationships. Primary Objective of a contract negotiation - CORRECT ANSWER 1. To establish a good working relation with the seller 2. To obtain a reasonable and fair price for the contract. Sunset Clause - CORRECT ANSWER Identifies a time period after the defined end of an incentive pay plan. Golden Handcuffs - CORRECT ANSWER Represents employee incentives linked to an individual's continued employment with an organization so that key performers have strong incentives to stay with the organization due to significant losses if they were to leave. Expert Power - CORRECT ANSWER When important employees demand an increase in pay because they know they are invaluable to the organization due to their level of expertise or skill set. Recognition and Rewards - CORRECT ANSWER Recognition and rewards are used to promote team performance and reinforce desired behaviors. To be effective, recognition and rewards should be based on activities under a persons control and clear criteria for rewards should be established. Improves team cohesiveness. Zero Sum Rewards - CORRECT ANSWER Undermines/ Limits team cohesiveness due to limited number of project team members being recognized for their work. Line Managers - CORRECT ANSWER Line managers are primarily responsible for managing human resources/ employees. However, human resource professionals provide special expertise and tools that assist line managers in managing their direct report employees. Test/Retests, Internal Consistency, Parallel Forms - CORRECT ANSWER All measure reliability. Reliability is the ability of an instrument to measure consistency with relative absence of error. Unit Strategy - CORRECT ANSWER Business unit strategy is concerned more with how a business competes successfully in a particular market. It is concerned with making strategic decisions about choice of products, meeting needs of the customers, gaining advantage over competitors, exploiting or creating new opportunities. through either the promise of reward or the threat of discipline for the accomplishments of tasks and good worker relationships. Severance Pay - CORRECT ANSWER Severance pay is a kind of direct compensation that is both taxable and a direct form of compensation. Appropriate Use of HR Audit - CORRECT ANSWER HR Audit can be used appropriately to determine whether the employee handbook is in compliance with current government regulations. Effectiveness - CORRECT ANSWER Measures the extent to which objectives are identified. Efficiency - CORRECT ANSWER Efficiency occurs when an individual is able to perform well or achieve results without wasted energy, resources, effect, time or money. Management by Objectives - CORRECT ANSWER Management by Objectives is a performance appraisal format. It appraises the performance of an individual based on the individuals meeting goals/objectives established for them within a certain time frame. Balance Scorecard - CORRECT ANSWER Provides a general framework for defining, implementing and sustaining business strategies at all levels and throughout the organization by linking that strategy to each individual employees performance measurement system. Solomon Four Group Design - CORRECT ANSWER Is the best research design for evaluating a training program. It is used when it is suspected that, in taking a test more than once, earlier tests have an effect on later tests, for example by learning or priming effects. There, In addition to the basic pretest/post test design, there are three additional tests, one without the treatment, one with the pretest and one without both pretest and treatment. Steps in the Change Management Process - CORRECT ANSWER Before an organization can establish a plan and time line, or communicate the overall change plan/ new objectives, or implement and evaluate the change, an organization must discuss alternative plans that will address its need for change and establish a final plan. Aptitude Test - CORRECT ANSWER An aptitude test is a standardized test designed to measure the ability of a person to develop skills or acquire knowledge. Therefore, it best predicts future training performance, not current knowledge or skill level.