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Establishing Strategic Pay Plans
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Establishing Strategic Pay Plans
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Establishing Strategic Pay Plans
The job’s pay rate in comparison with one’s own firm is an example of
external equity
primary equity
secondary equity
collective equity
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Establishing Strategic Pay Plans
The first step in ‘Job ranking’ evaluation method is to
obtain job information
select and group jobs
select compensable factors
rank jobs
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Establishing Strategic Pay Plans
In job classification, the group which contains similar jobs is called
classes
grades
rows
columns
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Establishing Strategic Pay Plans
A pay grade is comprised of
jobs of equal difficulty
jobs of equal pay
jobs of equal incentives
jobs of equal skills
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Establishing Strategic Pay Plans
The pay based on piecework is an example of
time based pay
performance based pay
bonuses
promotion
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Establishing Strategic Pay Plans
The Blue collar workers often get paid on
time based pay
performance based pay
extra bonuses
discount on fares
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Establishing Strategic Pay Plans
The levels within a ‘pay grade’ are called
pay ranges
grade scales
group of similar jobs
tuning pay rates
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Establishing Strategic Pay Plans
If a person finds imbalance between his services and paid salary,
tension is created
person is more motivated
person is less motivated
person is never motivated
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Establishing Strategic Pay Plans
The paid employees insurance by employers is the futile part of
direct financial payments
salary increments
paid counseling
non direct financial payment
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Establishing Strategic Pay Plans
The company top executives compensation include
base pay
long-term
executive benefits
all of above
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