market pricing m2 part 2 Flashcards
Base Pay Structures
taking all the jobs in the org and arraying them and overlaying compensation
Base pay structure Process
Job analysis, job documentation, Job evaluation, Job worth Hierarchy = base pay structure
Job Evaluation- Job Content Approach
Internal equity focus- determines internal value of jobs based on the nature and level of work, scope-resp-dec making- overall impact
Job evaluation- market based approach
external equity focused- jobs are priced using mkt data to determine value, jobs without market data are slotted using job content comparisons
Importance of job evaluation?
used to develop job worth hierarchy, establishes the value of jobs relative to other jobs
Market based job eval 2 steps
Rates set based on use of relevant salary surveys for benchmark jobs, cob content considered- internal
Job worth hierarchy
the skeleton of jobs in the org, grouping or categorizing jobs relative to other jobs- done through job content approach or mkt based approach
slotting jobs
using what you have available, understand what the job is inside the org