Asked by Sierra Bowman on Sep 23, 2024
Verified
Benchmark jobs:
A) are used to establish market pay policy
B) are jobs that are common across a number of different employers
C) have relatively similar job descriptions across employers
D) are necessary for interpreting pay survey data
E) are accurately described by all of the above
Benchmark Jobs
Positions that are standardized across organizations and industries, used as reference points for setting wage scales and job evaluations.
Market Pay Policy
A compensation strategy that aligns employee salaries with the going rate for similar roles in the external job market.
Pay Survey Data
Information collected from various businesses on salary and benefits, used to benchmark and determine competitive salary ranges and compensation plans.
- Comprehend the function and influence of compensation surveys in determining salary scales.
- Comprehend the principles of pay grades, pay ranges, and the importance of market positioning (lead, match, lag).
Verified Answer
ST
SHUBHAM TANDON3 days ago
Final Answer :
E
Explanation :
Benchmark jobs are used to establish market pay policy, are common across different employers, have relatively similar job descriptions across employers, and are necessary for interpreting pay survey data, making all of the statements accurate descriptions.
Learning Objectives
- Comprehend the function and influence of compensation surveys in determining salary scales.
- Comprehend the principles of pay grades, pay ranges, and the importance of market positioning (lead, match, lag).