market pricing m2 part 2 Flashcards

1
Q

Base Pay Structures

A

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

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2
Q

Base pay structure Process

A

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

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3
Q

Job Evaluation- Job Content Approach

A

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

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4
Q

Job evaluation- market based approach

A

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

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5
Q

Importance of job evaluation?

A

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

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6
Q

Market based job eval 2 steps

A

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

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7
Q

Job worth hierarchy

A

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

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8
Q

slotting jobs

A

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

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