HRM 3490 Lecture 4: Chapter 4 - Discussion Question

• School: York University
• Department: Human Resources Management
• Course: HRM 3490
• Professor: Parbudyal Singh

Document Summary

Xyz inc. is a small manufacturing firm with 50 employees located in brampton, ontario. Ceo has hired you as a consultant to advise her on a systematic way to determine base pay. Inc about the best suitable base pay method, i would clarify to the ceo that base pay is just a portion of employee"s compensation that is paid by the employer against time worked. There is other two components of compensation systems as well i-e performance pay and indirect pay that can be considered to be included in the compensation system moving forward. For base pay, the value of time worked by the employee is calculated either as wages (hourly pay) or salary (bi-weekly, monthly or annually). To determine the base pay, there are three commonly used methods i-e market pricing, job evaluation and pay for knowledge system. Inc is a small manufacturing firm with 50 employees, it requires standardized job categories with consistent outputs.