A welding company has generally opted for a quick and easy approach to policy and practice so you should plan to educate the top management group regarding the need for more sophisticated and detailed approaches to compensation. To do so, you must include answers to the following questions that were posed by the new HR manager. Justify your responses using scholarly sources.
1. What are the relevant markets that each of MPBS’s major occupational groups should be compared to?
2. Should MPBS lead, match, or follow competitors? Why?
3. How will decisions on external competitiveness help MPBS align compensation policies with mission and strategy?
4. Why is it important and is it worth the effort and cost for MPBS to bother with specifying pay grades and pay ranges?
5. If pay grades are used, is it better to have few or more grades? How should the ranges vary by job type and level?
6. How much overlap should be built into the grade ranges?
7. In what ways might the plan MPBS develops and the related compensation policies impact job performance?
To complete this assignment, write a 5–7 page report in Word format and provide rationale and scholarly support. Apply APA standards for writing style to your work. Including citations and references