Customer Satisfaction, Operational Efficiency, and Employee Excellence Are the Three

question 119

True/False

Customer satisfaction, operational efficiency, and employee excellence are the three primary considerations when using the balanced scorecard approach.

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Definitions:

Nonmonetary Rewards

Incentives provided to employees that do not involve direct payment, such as recognition, promotions, or professional development opportunities.

Base Salary

The initial rate of compensation an employee receives in exchange for services, not including additional bonuses, benefits, or overtime.

Pay Perception

An individual's understanding and evaluation of how their compensation compares to others and its fairness, adequacy, and alignment with their contributions.

Skill-Based Pay System

A compensation strategy where employees are paid based on the skills, knowledge, and capabilities they bring to their job, rather than their job title or position alone.