Total Rewards Management Exam: GR1

What is a primary purpose of pay grades or bands?

A. To identify a compensation range in which to group multiple jobs with similar value

B. To meet legal and regulatory requirements for classifying jobs according to market value

C. To provide documentation that supports termination decisions

D. To justify paying some employees less than market based on internal administrative limitations

Which of the following statements best describes defined benefit (DB) plans?

A. There is no promise of a specific benefit at retirement.

B. Individual accounts must be maintained for each participant.

C. They are often integrated with government-sponsored programs.

D. Employees are at risk for financial resources..

Which group typically has responsibility for final approval of the total rewards philosophy and strategy for the general employee population?

A. External consultants

B. Compensation committee

C. Board of directors

D. Senior management.