Asked by Nomzamo Lubisi on Jun 01, 2024
Verified
Which of the following challenges does an organization face when market forces require that some jobs be paid more than is indicated by their relative work?
A) employment standards
B) wage and salary policies
C) productivity
D) prevailing wage rates
E) union power
Prevailing Wage Rates
Prevailing wage rates refer to the standard set of wages determined by regulatory bodies that employers must pay their workers for specific types of work, often used in public sector contracts.
Relative Work
The concept of comparing various tasks or jobs in terms of their contributions to organizational goals, complexity, or requirements.
- Identify prevalent difficulties in modifying staff remuneration and determine strategies to address these issues.
- Ascertain the impact of market mechanisms on compensation administration.
Verified Answer
JG
Jeron GallimoreJun 02, 2024
Final Answer :
D
Explanation :
Market forces can dictate that certain jobs must be paid more than they may appear to be worth in terms of the work being performed. This can create challenges for organizations that must comply with prevailing wage rates, which are established by government entities and reflect the typical compensation for a given job in a particular region. Failing to comply with prevailing wage rates can result in legal penalties, so organizations must navigate this challenge carefully.
Learning Objectives
- Identify prevalent difficulties in modifying staff remuneration and determine strategies to address these issues.
- Ascertain the impact of market mechanisms on compensation administration.