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5. Global Pay Equity Determination: It is the equal pay considered compared with what other workers pay for the same form of job. The market price slotting method is an externally focused job assessment method. To keep the industry structure as flexible as possible, competitive wage rates are recommended. Competitiveness of the market is more flexible and adaptable. A survey process, which involves the following steps, is established to obtain competitive rates: Set a timetable Choose benchmarks to be examined Participants in the target survey System architecture. Using other industry data sources available Monitor and consult with participants for responses. 6. Structure of wage design: The salary structure can be designed once the market data are collected and a hierarchical position ordering has been determined. The salary structure consists of equal value jobs which are grouped into competitive wage levels. Pay levels are the rates for each degree from the lowest to the limit. Position(s), based in job, marketing orexternal equity and internal equity, are assigned to rank and range of pay. Each pay range includes minimum, intermediate and maximum pay, whereby the midpoint represents the market or the employment rate. Typical issues with compensation design include: Improved compensation for the achievement of objective and practical metrics of success. Neither measure nor provide performance feedback on a regular basis. Failure to create pay variances that are wide enough for the employer to see the initiative as worthwhile. 33 | P a g e
Depending on wages as the only major funding methodeconomicsdiscussion.net/human-resource-management/compensation-system/32259Q3 A) What is job analysis and how it impacts various areas in Human Resource and EmployeeLifecycle?Analysis of jobs Objective: To gain an understanding of the job analysis Job analysis is a systematic process of gathering information on the duties and human characteristics required for the successful performance of those duties. Job analysis work products are job descriptions that describe the job and job specifications that describe what kind of person to hire for the job. Job analysis can be described as the foundation of human resource management because it is the basis for so many programmatic HR activities. Job analysis shall be used for Recruitment Provides information on the nature of the job to guide recruitment activities. Selection Provides information on the knowledge, skills and abilities required of persons who are able to perform a job successfully. Training Provides information on the tasks to be performed and the skills and knowledge required to guide the development of training programs. Performance Evaluation Provides information on the level of proficiency of the various tasks required to develop performance standards Compensation Provides the information necessary to assess the internal value of the work of the organization and to compare it with the work of the relevant labor market in order to