ADM 2337 Lecture Notes - Lecture 10: Prevailing Wage, Total Rewards, Piece Work

• School: University of Ottawa
• Department: Administration
• Course: ADM 2337
• Professor: Catherine Elliott

Document Summary

Systematic comparison to determine relative worth of jobs within a firm- compared using its rand, class, monetary worth or points, based on a. Fundamental, compensable element of a job, such as skill, effort, responsibility, and working conditions. Job that is critical to the firm"s operations. Stage 2 conduct a wage or salary survey. A survey aimed at determining prevailing wage rate for comparable jobs. Develop a wage curve assign pay rates to each pay grade. A graph depicting the relationship between the value (job evaluation points) and average wage rate paid for jobs. Group of jobs within a particular class that are paid the same rate. A range of rates for each pay grade (steps for employees to progress) Payment rates above the maximum of the pay range. Collapses many traditional salary grades into a few wide salary bands. Any plan that ties pay to some measure of individual, group, or organizational performance.