Asked by nicole chenye on Jun 04, 2024
Verified
Briefly explain the three methods for establishing base pay.
Base Pay
The initial salary or wage paid by an employer, excluding any benefits, bonuses, or raises.
Establishing
The process of setting up or founding something, such as a new business, system, or relationship.
- Identify techniques for determining foundational salary.
Verified Answer
ZK
Zybrea KnightJun 04, 2024
Final Answer :
The three main methods for establishing base pay are market pricing,job evaluation,and pay for knowledge systems.Market pricing establishes base pay by determining the minimum amount of pay necessary to attract qualified individuals from the labour market.Job evaluation establishes base pay by ranking all jobs in the firm according to their value to that firm.Pay for knowledge systems establish base pay according to the total value of the skills and competencies an employee has acquired.
Learning Objectives
- Identify techniques for determining foundational salary.