Asked by
Madalyn Stonebraker
on Dec 08, 2024Verified
Employers using a lump-sum merit program will need to periodically increase base salaries in order for employees to keep pace with the cost of living or general market wages.
Lump-sum Merit
A one-time merit payment awarded to an employee instead of a permanent salary increase.
Base Salaries
The initial rate of compensation given to an employee, not including any extra benefits, bonuses, or raises, which serves as a foundational income.
- Acquire insight into the concept as well as the criticisms of merit pay programs.
Verified Answer
SM
Learning Objectives
- Acquire insight into the concept as well as the criticisms of merit pay programs.
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