GK
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Beth, a small business owner, wants to ensure external equity when establishing pay rates. Beth should most likely ____
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use wage curves to price each pay grade
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compare performance appraisals
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conduct a salary survey
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check online pay sites
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Explanation:
Detailed explanation-1: -The steps involved in determining wage rates involves performing job analysis, wage surveys, analysis of relevant organisational problems, forming wage structure, framing rules of wage administration, explaining these to employees, assigning grades and price to each job and paying the guaranteed wage.
Detailed explanation-2: -External factors influencing wage rates include labour market conditions, area wage rates, cost of living, the outcomes of collective bargaining, and legal requirements.
Detailed explanation-3: -Compensation market study. Make sure you are staying up-to-date on what the external market is paying for the jobs in your store. Hiring rates. Consistency with raises. Adjust pay as needed.
There is 1 question to complete.