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Market Pricing - Conducting a Competitive Pay Analysis Questions and Answers

Question 1

What makes compensation professional a valuable contributor in the organization's mission to succeed?

Options:

A.

Offering higher compensation than competitors

B.

Providing only monetary compensation

C.

Determine the right mix of reward components that meet the goals of attracting the right talent while staying within the budget

D.

Offering only non-monetary rewards

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Question 2

Which of the following data is typically requested by salary surveys?

Options:

A.

Job duties and responsibilities

B.

Work location

C.

Industry type

D.

Wage rate or salary

E.

All of the above

Question 3

What is the purpose of "aging" or "trending" the data in salary surveys?

Options:

A.

To adjust the data for inflation

B.

To adjust the data for changes in the job market

C.

To adjust the data for changes in the industry

D.

To adjust the data for changes in the survey methodology