One of the Elements of a Formal Strategic Plan Should

question 24

Multiple Choice

One of the elements of a formal strategic plan should be

• A) a contingency plan
• B) employee opinion survey
• C) statement from the Chair of the Board of Directors
• D) a list of the officers of the company

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Definitions:

Lump-sum Merit Pay

A one-time payment awarded to an employee for exceptional performance, rather than an ongoing salary increase.

Base Pay

The initial rate of compensation an employee receives, excluding any additional benefits, bonuses, or overtime.

Annual Merit Raise

An increase in salary given yearly based on an employee's performance evaluation.

Performance Appraisal

The systematic evaluation of an employee's performance on the job, typically including both qualitative and quantitative assessments.