BEST IELTS General Reading Test 29
GENERAL READING TEST – 29 – PASSAGE – 2
GENERAL READING TEST – 29
READING PASSAGE – 2
Read the text below and answer Questions 15-23.
Setting up pay structures in your workplace:
When it comes to setting up a pay structure for your new business, there are two broad options to choose from: the internal equity method, or the market pricing method. The internal equity method The internal equity method of pay structuring involves creating a series of grades with each grade representing a different level of pay within the company. Employment positions are set within these grades depending on the rank of internal advancement the job represents.
A company determines how many grades it needs based on the number of employees and the variety of jobs in the organisation. The number of grades can be expanded at any point. As a result of their frequent use of hybrid positions, small businesses do not always benefit from pay grades.
Each grade should also be given a spread, so that employees can move within their grade as they progress within their current position. Creating a minimum and a maximum spread for the company is also recommended. There should be a 15 percent progression between grades. This is vital for ensuring that promotions incur meaningful pay increases and maintain incentives for the employee to rise within the company.
Market pricing method
An alternative to this more traditional, grid-based method of remuneration is what is called the market pricing approach. This is quickly becoming the dominant method of pricing jobs. This approach involves an employee’s position being compensated in relation to the market value of that job, not the level that specific position holds within the organisation.
Using the internal equity method, for example, the chief financial officer (CFO) will probably be in the top grade and remunerated higher than an information technology worker in that organisation. Under the market pricing method there is no guarantee of this. An information technology worker with a highly demanded skill-set may be paid much more than what the CFO earns.
Which is right for your business?
Only you can decide which pay method is right for your business. As a general rule you may find that small, dynamic, high-turnover and high-speed growth-orientated businesses respond well to the market pricing method. This way you can individually select the most qualified and skilled candidates for each position by remunerating them at or just above the market rate so that your precious capital is not wasted on simply rewarding status.
For those companies that seek to expand in a firm, controlled and more cautious manner while maintaining robust internal cohesion and high levels of staff loyalty and discipline, the internal equity method may be more suited.
Complete the notes below.
Choose NO MORE THAN TWO WORDS from the text for each answer.
Write your answers in boxes 15-23 on your answer sheet.
Internal equity method
Pay organised according to a range of 15……………..each one denotes different level of pay based on employee’s position within the company.
The company decides on the number of grades according to how many workers and how many different 16 ……………….
Not suitable for 17 ……………. which often have 18…………………
Gaps between pay grades are important to 19………….. for promotion.
Market pricing method
Pay is based on the job’s 20 …………….
A worker with sought-after 21…………………may earn more than a CFO.
How to decide?
Internal equity good for maintaining steady growth and keeping constant, reliable 22……………….
Market pricing—Money does not go on paying for 23……..………. alone, but acquiring the best performers.
Read the text below and answer Questions 24-27.
If you want to find a job that motivates you, maybe change your career or start out on your own in a small business or as a freelancer, or even make a fresh start after redundancy, think about making a quick planner to help you identify your interests and motivating factors.
To be successful and happy at work, you have to figure out what it is you really love–you need to recognise your passion. To do well at self-employment or freelance work too, you need to know what your own personal strengths are. More than that, you should be aware of your working styles-things like whether you are good around people or not; whether you are better at working with figures, design or text.
Perhaps you like working with machinery or certain materials. The next step is very important: investigate the potential for your ideas, in other words, carry out some research and educate yourself about all the possibilities. Don’t rush it. Let your ideas take shape slowly and work out your plans for the future. Time is crucial for refining and developing what you have to offer. At the end of it all, you’ll be in the most appropriate and fulfilling job for you whether it’s running your own business or enjoying being in a new occupation
Complete the flow chart below.
Choose ONE WORD ONLY from the text for each answer.
Write your answers in boxes 24-27 on your answer sheet.
17 small businesses
18 hybrid positions
19 maintain incentives
20 market value