Bill Runs a Small Business and Is in the Process

question 16

Multiple Choice

Bill runs a small business and is in the process of revising out his company's compensation plan.After researching the market and determining the salary range,Bill starts to plan how much of an increase in pay he can offer each employee subsequently.In the context of increasing pay,which of the following is the most appropriate course for Bill to follow?

• A) Bill should determine this based on an employee's performance,value,and contribution to the small business.
• B) Bill should check salary surveys and want ads.
• C) Bill should pay the amount needed for a person or family of a particular size to meet the basic necessities of life as an increase.
• D) Bill should take no more than 3 percent of the annual personnel budget and allocate it to pay increment.

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Definitions:

HR Dashboard

An aggregation of useful or relevant HR metrics or performance indicators that provide a summary snapshot of performance.

Key Performance Indicators

Quantifiable metrics used by organizations to evaluate success in meeting targets or achieving goals.

Strategic Needs

These are the critical requirements a business must meet to achieve its long-term goals and objectives.

Predictive Analytics

The use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.