Asked by
sukhvir singh
on Oct 16, 2024
Verified
Which term refers to the actual minimum and maximum pay rate,in dollar terms,for all the jobs that fall in a particular pay grade?
A) pay range
B) broad banding
C) market anchor
D) step progression
Pay Range
The spectrum of wages set by an organization for a specific job or role, establishing the minimum and maximum salary for positions.
Pay Grade
A classification system that determines the level of compensation for jobs based on their responsibilities, complexity, and required qualifications.
Maximum Pay Rate
The top limit on the amount of compensation an employee can receive for their position within an organizational pay structure.
- Identify and differentiate between various terms related to pay structures, such as pay range, broad banding, and market anchor.
Verified Answer
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Learning Objectives
- Identify and differentiate between various terms related to pay structures, such as pay range, broad banding, and market anchor.