Asked by Nicole Jamison on Apr 25, 2024
Verified
A leading placement consultancy firm gathered and presented information about the average compensation for attorneys to its clients. This information included data on the compensation paid by other law firms in a specific geographic region. The firm used this information to inform its clients about the companies that have the most external equity. Which of the following methods has the placement consultancy firm most likely used to gather information about compensation rates at different firms?
A) Job evaluation
B) A pay survey
C) A maturity curve
D) The point system
Pay Survey
A research tool used to collect and analyze compensation data from multiple organizations to determine market trends, establish pay standards, and ensure competitive salary packages.
External Equity
An aspect of compensation management that ensures employees' pay is competitive with the rates offered by other organizations in the same industry for similar positions.
Compensation Rates
The standard amounts of money or benefits paid to employees in exchange for their labor or services.
- Assess the importance of salary surveys and the significance of market information in establishing equitable remuneration.
Verified Answer
KM
Kashish Mittal8 days ago
Final Answer :
B
Explanation :
A pay survey is the method most likely used to gather information about compensation rates at different firms, as it involves collecting and analyzing data on wages and salaries paid by other organizations, which is exactly what the placement consultancy firm did.
Learning Objectives
- Assess the importance of salary surveys and the significance of market information in establishing equitable remuneration.