Asked by Heath Gillette on Jun 09, 2024
Verified
Which methods are used to establish base pay?
A) market pricing,job evaluation,and pay for knowledge
B) job analysis,competency testing,and demographics
C) tenure,job preview,and environmental analysis
D) knowledge,education,and market pricing
Market Pricing
The process of determining the value of a job in an organization based on the prevailing market rate for similar positions in the external labor market.
Job Evaluation
The systematic process for assessing the relative worth of jobs within an organization to establish a fair and equitable pay structure.
Pay for Knowledge
A compensation system where employees are paid based on the range and depth of their skills and knowledge, rather than strictly on their job position or seniority.
- Comprehend the various methods used to establish base pay and their implications.
Verified Answer
RD
Ruhama DestaJun 13, 2024
Final Answer :
A
Explanation :
Market pricing involves researching and analyzing comparable jobs in the market to determine the appropriate pay level. Job evaluation is a systematic process of determining the relative worth of jobs within an organization. Pay for knowledge is a system of pay based on an employee's skill and knowledge level. These methods together are commonly used to establish base pay. Option A is the only choice that includes all of these methods.
Learning Objectives
- Comprehend the various methods used to establish base pay and their implications.