IV$.$ Pricing the Internal Job Structure

$$ The point method of job evaluation establishes the relative worth of jobs in terms

of the total points assigned to each job. However, the task of assigning dollar

amounts to these points still remains. One method of determining salaries is

to examine the current pay for similar positions in other organizations in relation

to the points assigned to these jobs. A general assumption is that the jobs used

in this comparison process have current market salaries that are related to their

relative worth to the organization.

$$ Use the following chart to determine the current market reference rate for each

job. This survey gives the midpoints of the annual salary ranges for each job in

five organizations. It is common to find variations in the salaries paid by different

organizations because of differences in the specific tasks assigned to these jobs

and differences in job evaluation methods, among other factors. A single

reference salary for each job can be determined by calculating the average.

Your task:

Calculate the average pay for each job using the benchmark job data.