Domestic companies use a variety of compensation methods, including several factors associated with pay methods, job types, duties, and performance. Please respond to the following:
- Describe the differences among the five pay methods listed; what is the general purpose for each: Base Pay, Pay Adjustments, Differential Pay, Incentive Pay, Special Pay Situations.
- Select three of the pay types and provide a short scenario that describes how to use each of them appropriately.
- Reflect on your current or past employment. Was the pay structure appropriate or would you suggest a change?
- What change would you recommend and why?
- If no change is suggested, discuss the factors you might consider, to affirm the current pay method.
Solution:
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