market pricing m2 part 2

Question 1

Base Pay Structures

Answer 1

taking all the jobs in the org and arraying them and overlaying compensation

Question 2

Base pay structure Process

Answer 2

Job analysis, job documentation, Job evaluation, Job worth Hierarchy = base pay structure

Question 3

Job Evaluation- Job Content Approach

Answer 3

Internal equity focus- determines internal value of jobs based on the nature and level of work, scope-resp-dec making- overall impact

Question 4

Job evaluation- market based approach

Answer 4

external equity focused- jobs are priced using mkt data to determine value, jobs without market data are slotted using job content comparisons

Question 5

Importance of job evaluation?

Answer 5

used to develop job worth hierarchy, establishes the value of jobs relative to other jobs

Question 6

Market based job eval 2 steps

Answer 6

Rates set based on use of relevant salary surveys for benchmark jobs, cob content considered- internal

Question 7

Job worth hierarchy

Answer 7

the skeleton of jobs in the org, grouping or categorizing jobs relative to other jobs- done through job content approach or mkt based approach

Question 8

slotting jobs

Answer 8

using what you have available, understand what the job is inside the org