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Compensation and Benefits

Types of Pay Systems

Learning Objectives

  1. Explain types of job evaluation systems and their uses.
  2. Be able to define and discuss the types of pay systems and factors determining the type of pay system used.
  3. Know the laws relating to compensation.

Once you have determined your compensation strategy based on internal and external factors, you will need to evaluate jobs, develop a pay system, and consider pay theories when making decisions. Next, you will determine the mix of pay you will use, taking into consideration legal implications.

Figure 6.2 The Process for Implementing Compensation Strategy

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