You need to attract competent employees and are more concerned with external competitiveness than internal alignment.Which is the best method for you to use to determine base pay?
A) Job evaluation
B) Person-based pay
C) Competency-based pay
D) Market pricing

Question

Quizplus · Accepted Answer

Market pricing is the best choice for determining base pay when external competitiveness is a priority. This method involves researching and analyzing the pay rates of similar positions in the labor market and setting pay accordingly to attract and retain talented employees. Job evaluation, person-based pay, and competency-based pay are more appropriate for determining pay rates based on internal factors such as job responsibilities, individual performance, and skill levels, respectively.

You Need to Attract Competent Employees and Are More Concerned