11-2. Employers use two basic approaches to setting pay rates: market-based approaches and job evaluation methods. Many...

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11-2. Employers use two basic approaches to setting pay rates: market-based approaches and job evaluation methods. Many firms, particularly smaller ones, simply use a market-based approach. Job evaluation methods involve assigning values to each of the company’s jobs.

This helps to produce a pay plan in which each job’s pay is equitable based on its value to the employer. Popular job evaluation methods include ranking, job classification, and the point method.

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