COMMERCE 2BC3 Study Guide - Final Guide: Equal Pay For Equal Work, Child Care, Unemployment Benefits

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2BC3
• Professor: Frances L Tuer

Document Summary

Organization must be able to sell their. Attracting and retaining employees is goods and services at a quantity and price that will bring sufficient return on their investment difficult. Employees evaluate their pay by worker productivity. The organization has to decide whether to pay at, below or above the market average comparing it with what others get paid and adjust their work attitudes and behaviours accordingly. External equity: pay comparisons focuses on what employees in other organizations are paid for doing the same general job. Internal equity: pay comparisons focuses on employees in the same organizations but in different jobs. Key jobs used in pay surveys, that have relatively stable content and are common to many organizations. Jobs that are unique to organizations and cannot be directly valued or compared through the use of market surveys. Part of developing a job structure: ranking, classification/grade description, point method. The characteristics of jobs that an organization values and chooses to pay for.