Means Collapsing Salary Grades and Ranges into Just a Few

question 68

Multiple Choice

means collapsing salary grades and ranges into just a few wide levels or bands, each of which contains a relatively wide range of jobs and salary levels.

• A)Job evaluation
• B)Comparable worth
• C)Job grading
• D)Broadbanding
• E)Strategic compensation

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Definitions:

Economic Cost

A payment that must be made to obtain and retain the services of a resource; the income a firm must provide to a resource supplier to attract the resource away from an alternative use; equal to the quantity of other products that cannot be produced when resources are instead used to make a particular product.

Contractual Obligation

A legal requirement that a party must adhere to as stipulated in a contract, enforceable by law.

Money Expenditures

The total amount of money spent by individuals, firms, or governments on goods and services within a specific period.

Implicit Costs

The opportunity costs that arise from using resources that could have been employed in an alternative use, not directly paid in a financial form.