Lesson 6: Market Pay; Pay Structure; Team-Based Pay Essay

Market Pricing

Market pricing is a pricing method which estimates the economic value of goods and services which are sold in the markets (Dempster & Oliver, 2019). The method can thus be used to value the changes that come with the quality or a quantity of the goods or the services. In using market pricing, it is important to evaluate the price offered by competitors in a given market (De Toni et al.,2017). However, market pricing dictates that there are other factors to consider while fixing such prices. First is the ability to differentiate oneself from other players, the financial reserve to support the business development and the sales volume that one needs to break even (Cornell, Landsman & Stubben, 2017). All these factors will dictate the price that a person fixes in the market. An example of market pricing is in the phone business where buyers have options to choose based on the brands as most suppliers consider both in terms of features and the pricing.

Task 5: Job Description and Evaluation Essay

Team-based Pay

Team-based pay refers to an hourly rate and a team bonus compensation strategy. This form of pay is also based on the overall performance of employees extending far from their standard revenues which reflect employee skill level, behaviors and demonstrated strength and contribution to the organization (Herath, Bremser & Birnberg, 2019). The key factors that define team-based pay is the team-based culture, financial discipline, operational system and the employee growth paths.

Organization that will Benefit most from Market Pricing and from team-based Pay

An example of an organization that can benefit most from team-based pay is one that engages in service provision than provision of products. For instance, an insurance brokerage firm can provide team-based pay as incentives that will help employees to work harder and recruit more clients (Ren, Wang & Collins, 2021). On the other hand, an organization that can benefit from market pricing is an organization dealing with the phone business where latest phones tend to have the same price despite being of different brands.

Discussion C: Monetary Policy and Fiscal Policy Essay

Lesson 6: Market Pay; Pay Structure; Team-Based Pay Essay

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