Question: Just looking for a few paragraphs to get a discussion going: What are some reasons employees in the same job title or pay grade could have different pay rates? Illustrate your reasons with examples. (Be sure to support your responses with appropriate material from readings or websites.)
Review the Pay Factors (below) we used in a previous assignment for ideas but think creatively as well.
Pay factors:
1. Knowledge and skills required
2. Kind of business
3. Union-nonunion
4. Capital vs labor intensive
5. Size of business
6. Philosophy of management
7. Total compensation package
8. Geographic location
9. Supply and demand
10. Profitability of the firm
11. Employment stability
12. Gender differences
13. Employee tenure and performance