Job Evaluation Techniques
4 Summarize various job evaluation techniques.
Compensation professionals categorize job evaluation methods as either market-based evaluation or job-content evaluation techniques. Market-based evaluation plans use market data to determine differences in job worth. Many companies choose market-based evaluation methods because they wish to assign job pay rates that are neither too low nor too high relative to the market. Setting pay rates too low will make it difficult to recruit talented candidates, whereas setting pay rates too high will result in an excessive cost burden for the employer. Compensation professionals rely on compensation surveys to determine prevailing pay rates of jobs in the relevant labor market. ...
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