MGT 303 FINAL EXAM STUDY GUIDE

MGT 303 FINAL EXAM STUDY GUIDE - MGT 303 FINAL EXAM STUDY...

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MGT 303 FINAL EXAM STUDY GUIDE Pay structure: The relative pay of different jobs (job structure) and how much they are paid (pay level) Pay level : The average pay, including wages, salaries, and bonuses, of jobs in an organization Job Structure : The relative pay of jobs in an organization Equity Theory and Fairness o Employees often evaluate their pay relative to that of other employees – work attitudes and behaviors are influenced by these comparisons External equity comparisons focus on what employees in other organizations are paid for doing the same job (affects decisions of applicants to accept job offers/whether to stay with an organization) Internal equity focus on what employees within same organization, but different jobs are paid Developing Pay Levels o Market Pressures Product Market Competition Companies must sell goods & services at a quantity and price that will bring a sufficient return on their investment 2 Components of labor cost (companies seek to cut costs by
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MGT 303 FINAL EXAM STUDY GUIDE - MGT 303 FINAL EXAM STUDY...

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