How should the importance of each job factor be determined when using the point
ID: 414042 • Letter: H
Question
How should the importance of each job factor be determined when using the point method of developing a market-competitive pay plan?
A.Develop pay grades
B.Define each factor's degrees.
C.Use salary surveys.
D.Use wage curves.
E.Assign weights to compensable factors.
After determining the benchmark jobs in an organization, _______ can help a company price, or place value on, those jobs.
A.pay grades
B.wage curves
C.salary surveys
D.ranking
E.rate ranges
Which of the following should be used to determine if a firm's wages are too high or too low relative to what other firms are paying?
A.Market wage rates
B.External wage curves
C.Pay grades
D.Internal wage curves
E.Salary surveys
Which of the following is an advantage to using pay ranges for each pay grade?
A.It is easier to identify exempt and nonexempt employees.
B.It becomes easier to address pay for non-benchmark jobs.
C.They allow employers to be more flexible when attracting experienced candidates.
D.They allow for less negotiation for new hires.
E.They allow employers to determine the exact worth of new hires.
Which of the following groups is usually compensated using a market-pricing approach?
A.Entry-level personnel
B.Assembly line workers
C.Professional employees
D.Company executives
E.Non-managerial roles
Explanation / Answer
1) best method is to define each factor's degrees because it will give a clear description of all the factors for which a person si being paid, and how much every company is paying for separate factors. It will bring better understanding of the pay scale.
2.) In the given case, ranking can help. Since, this will characterize high, medium and low performers
3.) Salary surveys are done with different organizations. So this is the best tool to compare different companies on a same level and at par.
4.) pay ranges can be useful to increase the flexibility being given to employee of a company.
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