Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pay Grades with 10% below the average and 10% above the average. I require assistance on the pay ranges portion please. How did the average

Pay Grades with 10% below the average and 10% above the average. I require assistance on the pay ranges portion please. How did the average of pay grade A go from 20,003 to maximum of 22,003? This is also for the min, how did it drop to 18,002? I also have the same question for pay grade B. Thank you in advance.

image text in transcribed

Pay Grades Once the pay rates are created, we can construct pay grades for our pay structure. Pay grades characterize groupings of jobs that are comparable for pay purposes (Gerhart & Newman, 2020). They are of similar value to the organization. All the jobs in a pay grade share the same pay range (minimum and maximum pay rates). Examine the following benchmark jobs: administrative assistant, operations analyst, production worker, and benefits manager. Determine which ones are sufficiently similar for compensation purposes. Below is an example of two pay grades. Note: the positions are for illustration purposes only. Example of pay grades: Pay Grade A Front desk receptionist Pay Grade B Administrative assistant Payroll assistant Table 7 Pay Ranges Pay ranges create upper and lower pay rates for each job in the pay grade (Gerhart & Newman, 2020). These are the limits the employer will pay for a particular job. Each pay grade will have a minimum and maximum pay rate. Percent guidelines are used to determine how far above and below the midpoint the pay range will reach. For example, the maximum might be 10% above the midpoint and the minimum might be 10% below the midpoint. Note: All jobs in a pay grade will have the same minimum and maximum pay rates. Below is an example of pay ranges for two pay grades. Note: The numbers used are not from the data in this case study. Example of pay ranges: Pay Grade A B Minimum $18,002 (-10%) $32,105 (-10%) Average $20,003 $35,673 Maximum $22,003 (+10%) $39,240 (+10%) Table 8

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Return Jahrgang 2018 Magazin Fur Transformation Und Turnaround

Authors: Stefanie Burgmaier, Hans Haarmeyer, Thorsten Garber

3rd Edition

365825601X, 9783658256012

More Books

Students also viewed these Accounting questions