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Define and explain pay grades and pay ranges

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Assume that you are Compensation Manager for a mid-size manufacturing firm. Your firm utilizes a merit pay system.

Define and Explain pay grades.

Define and Explain pay ranges.

Assuming that the mid-point for Engineer I has been set at $40,000, calculate and explain the minimum and the maximum pay range for the Engineer I position. The company has determined the range spread should be set at 30%.

Your organization has established four pay grades for professional engineers. All of the new engineers have been slotted into the lowest level or Engineer I. Explain how pay levels increase from Engineer I, to Engineer II, to Engineer III, to Engineer IV. You can make assumptions about the pay differences between the four grades.

Explain how employees in the Engineer I pay grade may progress into the higher pay grades for engineers. You may make assumptions about how progressions are made - performance, time, job assignment, additional skills, etc. Be specific with your explanation.

Reference no: EM132290019

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