Compensation and Benefits/Pay Structure
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Explain why more than one pay structure may be needed in an organization. Discuss the role between internal worth and market value. 300 WORDS AND APA FORMAT
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Solution Summary
This is a summary of the reasons why there should be more than one pay structure in a business organization, determined according to the value of each position to the organization as a whole, including its internal worth, and its market share.
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Pay structures reflect not only the level of expertise of the employee, but also the impact that his or her work has on the profit margin of the company. One manufacturing company worker may be responsible for the production of so many units per day, and his or her manager would be responsible for directing and coordinating the work of, for example,10 workers. A manager has the additional functions of planning, organizing, leading, and controlling a team, which adds internal worth, including human resource management, to his or her efforts.
An executive could be responsible for the actions ...
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- MEd, Grand Canyon University
- MBA, University of Phoenix
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