Market Rate Analysis Flashcard

Front

What is the primary aim of market rate analysis?

Back

To obtain relevant, accurate, and representative data on market rates

Front

Which of the following is NOT a factor affecting the validity and reliability of market rate data? Timing, Job matching, Sample frame, Employee satisfaction

Back

Employee satisfaction

Front

What is a common method used to evaluate jobs in market rate analysis?

Back

Job evaluation

Front

Which of the following is a disadvantage of published surveys? They are always free to access, They provide highly specific job matching, They are conducted by experts in every field, They can quickly become out of date

Back

They can quickly become out of date

Front

What are the factors affecting Market Rate Analysis?

Back

Timing, Sample Frame & Job Matching

Front

What is the purpose of using benchmark jobs in market rate surveys?

Back

To provide guidance on the design of a pay structure

Front

What is a potential issue with using job advertisements as a source of market data?

Back

They can be misleading and not reflect actual pay

Front

Job matching is the extent to which the external jobs with which the internal jobs are being compared are similar.

Back

TRUE

Front

Which of the following is a method of job matching that provides the least accuracy?
Capsule job descriptions,
Job title comparison,
Brief description of duties,
Full role profiles

Back

Job title comparison

Front

The most accurate method of Job Matching is?

Back

Job evaluation