An Organization Can Benefit from a Properly Designed and Implemented

question 123

Multiple Choice

An organization can benefit from a properly designed and implemented competency-based pay system. Which is the main benefit of the system?

• A)improved participative decision-making
• B)greater workforce skills and knowledge
• C)lower overall labour costs compared with other systems
• D)employee expectations of career progression

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Definitions:

Profitability

A measure of the efficiency and financial performance of a business, indicating the degree to which it generates profit compared to its revenue.

Location Analysis Techniques

A set of methods or models used to evaluate the best geographical location for a business or facility, taking into account factors like cost, accessibility, and market demand.

Factor Rating Method

A location method that instils objectivity into the process of identifying hard-to-evaluate costs.

Service Organizations

Companies that provide intangible products to consumers, such as healthcare, education, and financial services.