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Suppose you are a human resource specialist, and your task is to engage in Phase 3 of determining direct compensation - Pricing Jobs. Of the three ways (methods) to price jobs explained in your course text, the HR manager has asked you to use "Marked-Based Pay Structures." Discuss this evaluation method by defining it, explaining how you engage in this technique, and describing advantages (challenges), and disadvantages compared to the other two techniques to pricing jobs. (About 300+ words)
(Note: Bring forth sufficient information to showcase your understanding of the HR activity of pricing jobs, in the context of strategic human resource management. A significant amount of your ideas should come from the course topic about compensation management, but you should synthesize other relevant course text areas as you see fit to fully develop your answer in the context of strategic human resource management).
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