SPHR/PHR Study Guide
Exam Review 2023
Replacement Cost - ANS-The amount it would cost to replace an asset at current
prices. It would include
... [Show More] recruiting, hiring and training a totally new work force.
Outlay Cost - ANS-Also known as explicit costs. Any concrete costs that can be
identified in the past, present or future
Turnover Efficiency - ANS-The measure of how well assets are being used to produce
revenue.
Self Nomination - ANS-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 - ANS-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 - ANS-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 - ANS-1. To establish a good working
relation with the seller
2. To obtain a reasonable and fair price for the contract.
Sunset Clause - ANS-Identifies a time period after the defined end of an incentive pay
plan.
Golden Handcuffs - ANS-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 - ANS-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.
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