mgt597 - 1 Jobpricing The process of setting monetary rates...

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1) Job pricing:  The process by which monetary rates are attached to jobs so that the  system that we develop through job evaluation can be monitored  The process of setting monetary rates for a job 2) Job class:   Group of class all of which that are paid the same rate 3) As a practical matter, how many job classes appear to be appropriate for a  given pay structure?  No set  (8-18) 4) Pay range: The distance btw min and max value est. for that particular class 5) What is the difference btw a red circle rate and a green circle rate? a)  Red circle: when you’re paying outside the class at the top b) Green circle: paying outside the class at the bottom 6) How should an org. deal with underpaid employees?  a)  Broadbanding b)  Competency pay 7) Step increase: Steps based on longevity (only rewards a person for longevity) 8) Merit increase: Approaches that allow us to move an individual through a class (from bottom  to top) 9) Broadbanding: Increasing
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16. What is the different between Social Security and Workers’ Compensation payments? (p.157-158) Social security benefits are funded by required contribution from employers, employees and self-employed individuals.
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