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Briefly explain the wheel-of-retailing concept.
Factor Comparison Method
A systematic technique for evaluating job positions by comparing them based on key factors such as skills, responsibilities, and working conditions, to determine appropriate compensation.
The Point Method
A technique used in job evaluation that assesses jobs on the basis of a series of factors that are each given a point value.
Job Evaluation Method
A systematic process for determining the relative worth of jobs within an organization by analyzing their duties, responsibilities, and requirements.
Compensable Factors
Elements of a job that are used to determine appropriate compensation, such as skill level, effort, responsibility, and working conditions.
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