Examlex
The most successful solutions or methods for achieving a business objective are called
Pay Grades
A system of categorizing compensation levels based on job titles, responsibilities, and qualifications to standardize salaries across an organization.
Pay Ranges
The spectrum of compensation, from minimum to maximum, offered for specific roles or positions within an organization, often based on experience, skills, and market rates.
Broad Banding
A compensation strategy that consolidates numerous pay grades into fewer wide bands, offering flexibility in job roles and pay.
Labour Costs
The total expenses associated with employing labor, including wages, salaries, benefits, and other related costs.
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