With so many methods of pay available, how should a business decide to structure the pay package it offers to employees, and what rate of pay should it use?
The starting point is usually to find out what the "market rate" is. Factors that help determine the market rate for a job include:
There are several ways in which a business can obtain data on market rates:
The next question is – should the business pay MORE or LESS than the market rate?
Factors to consider here include:
The third important question is how to structure the remuneration package.
We'll use this Series to curate resources that support teachers and students preparing for the BUSS4 Section A Research Theme on Manufacturing in the UK (June 2015). These resources will complement our popular BUSS4 Section A Toolkit on Manufacturing and the BUSS4 Exam Coaching Workshops which also include sessions on Manufacturing.
This resource comprises two practice exam papers (with supporting mark schemes) for each of the two Year 1 (AS) papers. The format of each practice exam paper follows precisely the format of the specimen assessment materials issued by the board that have been accredited by Ofqual.