Discuss the below:
Review Establishing Strategic Pay Plans
1. Predict what type of candidate might be most attracted to an organization offering high salary and cash incentives, but expensive benefits. What are the pros and cons of this type of candidate?
2. Should compensation adjustments be based on market movement, meritorious performance, or a combination of both?
3. List the basic factors determining pay rates.
4. Define and give an example of how to conduct a job evaluation.
5. Explain in detail how to establish a market-competitive pay plan.
6. Explain how to price managerial and professional jobs.
7. Explain the difference between competency-based and traditional pay plans.
8. Describe the importance of total rewards for improving employee engagement.