Why does the process used in the design of the internal pay structure matter? Distinguish between the process used to design and administer a person-based and a job-based approach.
Answer to relevant QuestionsIf you were managing employee compensation, how would you recommend that your company evaluate the usefulness of its job evaluation or person-based plans? What does marginal revenue product have to do with pay? What factors determine the relevant market for a survey? Why is the definition of the relevant market so important? Companies focus heavily on cost-saving strategies to be competitive today. Identify both monetary and nonmonetary ways of cost saving that would be relevant to a compensation person's job. We talked in depth about four ways to improve performance ratings. Pick one that you think shows the most promise and defend your position.
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