How you would price your grid

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Reference no: EM132876395

Question

-What will new plan look like in terms of mix (base pay, performance pay, indirect pay)? Will all jobs have the same mix or will some jobs have a different mix? If different, why?

-What will be compensation strategy relative to market (i.e., lead, lag, match) and why?

-How to determine base pay (i.e., market pricing, job evaluation, pay for knowledge etc.) and why choose this method? Will you use the same method for all jobs or different methods for different jobs? Why or why not?

-Explain the steps that would go through to implement your chosen method. For example:a. If choose job evaluation, explain which method would you use, the compensable factors you would measure, any factor weighting you would apply, and the process you would follow from job analysis through to the rating process.

b. If choose market pricing, identify who your market comparator firms are and why you choose them, how many firms you would survey, how you would obtain the information needed, how you would analyze the data (means, medians, weighted averages, quartiles), and the process you would follow from job analysis through to developing a market pay line.

c. If pay for knowledge, identify the skill blocks you have chosen, how you would price your grid, what issues you would have to consider in terms of developing and implementing this method and what process you would follow from job analysis to the final grid development.

Reference no: EM132876395

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