Examlex
Planned aggregate expenditure in an open economy equals
Matching the Market
A compensation strategy where an organization ensures its pay levels for employees are competitive with those offered by other employers in the same industry.
Market Average
A measure or calculation that reflects the typical price or performance of selected stocks, goods, or services in a market.
Broadbanding
A pay structure that consolidates a large number of pay grades into fewer, wider bands, allowing for more flexibility in employee movement and pay adjustments.
Traditional Pay Grades
A structured pay system where employees are placed into specific categories or grades based on their job function, experience, and responsibilities, with each grade having a predetermined pay range.
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