A pay range includes a minimum, a midpoint, and a maximum.Question 8Answera.FALSEb.TRUE
Question
A pay range includes a minimum, a midpoint, and a maximum.
Question 8
Answer
a. FALSE
b. TRUE
Solution
The statement regarding a pay range that includes a minimum, a midpoint, and a maximum is TRUE.
Explanation:
- Definition of Pay Range: A pay range is typically used in compensation structures to define the spectrum of pay for a particular job or position within an organization.
- Components of a Pay Range:
- Minimum: The lowest amount that can be paid for a position.
- Midpoint: The average or the competitive market value for the position.
- Maximum: The highest amount that can be paid for a position.
Thus, it is accurate to say that a pay range includes these three components, making the correct answer b. TRUE.
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