COMMERCE 2BC3 Chapter Notes - Chapter 8: Subfactor, Creative Commons, Job Evaluation
31 Aug 2016
School
Department
Course
Professor
Document Summary
Pay level: average pay (wages, salaries and bonuses) of jobs in an organization. Job structure: relative pay of jobs within an organization (more informative than pay level) E. g. same pay level, but some executive positions payed relatively more, clericals get shafted. Breakdown of job1, job2, etc. (appeal depends on the position you"re going for) Pay structure = job structure (relative pay) + pay level (overall pay) Need both pieces to fully understand pay policies. Benchmarking: comparing an organization"s practices against those of the competition. Challenges in determining pay level: product market conditions (price elasticity ceiling effect) Labour market conditions (demand and supply for labour) Rate ranges: different employees in the same job may have different pay rates. Market pay level is used as the midpoint, so these are only used for benchmark jobs. Benchmark jobs: key jobs used in pay surveys, stable and common content. Non-benchmark jobs: unique to organizations, not directly comparable.
