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Job pricing means placing a dollar value on the worth of a job
Pay grades: the grouping of similar jobs together to simplify the job pricing process.
Plotting jobs on a scatter diagram is often useful in determining the appropriate number of pay grades.
Wage curve: the fitting of plotted points in order to create a smooth progression between pay grades.
Pay ranges: includes a minimum and maximum pay rate with enough variance between the two to allow some significant pay difference.
Broad banding: a technique that collapses many pay grades (salary grades) into a few wide bands in order to improve organizational effectiveness.
Single rate system: pay ranges are not appropriate for some workplace conditions. When single rates are used, everyone in the same job receive the same base pay, regardless of
Seniority or productivity: This rate may correspond to the midpoint of the range determined by a compensation survey.
Adjusting pay rates: when pay ranges have been determined and job assigned to pay grades, it may become obvious that some jobs are over paid and others underpaid.
Underpaid jobs normally are brought to the minimum of the pay range as soon as possible.
Pay grades: the grouping of similar jobs together to simplify the job pricing process.
Plotting jobs on a scatter diagram is often useful in determining the appropriate number of pay grades.
Wage curve: the fitting of plotted points in order to create a smooth progression between pay grades.
Pay ranges: includes a minimum and maximum pay rate with enough variance between the two to allow some significant pay difference.
Broad banding: a technique that collapses many pay grades (salary grades) into a few wide bands in order to improve organizational effectiveness.
Single rate system: pay ranges are not appropriate for some workplace conditions. When single rates are used, everyone in the same job receive the same base pay, regardless of
Seniority or productivity: This rate may correspond to the midpoint of the range determined by a compensation survey.
Adjusting pay rates: when pay ranges have been determined and job assigned to pay grades, it may become obvious that some jobs are over paid and others underpaid.
Underpaid jobs normally are brought to the minimum of the pay range as soon as possible.
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