Eplain in your own words how the job evaluation process is used to establish an initial internal wage curve.

INDIVIDUAL ASSIGNMENT: Job Evaluation (point method)INTRODUCTION:As explained on page 354, Job Evaluation is the process of setting employee pay rate policies for the entire organization. The job evaluation process is used to determine the equitable and competitive worth of each and every job in the company. Please note that this process evaluates the “job” and not the “employees” in the job.The purpose of the job evaluation process is to build a company pay system that is internally equitable, externally competitive, and individually motivating. Internally equitable pay systems ensure that jobs requiring greater qualifications, more responsibilities, and more complex job duties will receive higher level pay than jobs with lesser requirements. Externally competitive systems will ensure that salaries at all company job levels will be at or near the salaries of similar job levels in other companies.Individually motivating systems will be set up so that (a) promotions and salary increases are based on increased job level responsibility and (b) pay increases within a given pay range will be based on the level of individual performance.To be effective, the job evaluation process must include a measurable system that identifies the compensable factors used in the assessment of relative worth. While the system for measuring these factors may use the ranking or the classification methods, it is the point method that is most used and most defensible in the courts. Therefore the point method is the focus of this assignment.The point method of job evaluation is explained on pages 359-369. Please read these pages very carefully to identify the key concepts in this process. Be sure that you are able to understand how each step contributes to the development of a defensible employee pay rate system.Step #1 precedes the implementation process by identifying which jobs will be analyzed. These “benchmark” jobs will be determined by the organization’s leadership as they identify the “common job groups” to be analyzed. Then steps #2 through #7 provide detail for determining the value of the compensable factors chosen for your organization. CONTEXT:This assignment asks you to answer the following questions to show your understanding of steps #2 through #14 for implementing the point method process.The length and style of your report for this assignment is your choice. So part of this assignment is for you to decide the best format to present your conclusions to other managers. This case is significantly more important to your overall grade than is each weekly post, so be sure to prepare and submit an in-depth and meaningful case assignment.Your paper needs to be of sufficient length to provide clear and meaningful explanations of the point method and include specific details to explain the main concepts of each question. For example, note that Step #2 choosing the relevant compensable factors to be used is the most important concept to understand (refer to pages 354-355 for detailed explanations). Be sure you understand that these compensable factors are to be identified and chosen by each organization and then approved by its top leadership.Please answer each question below separately (by number) to reflect your understanding of the main concepts within each question. Do NOT just use the author’s words from the text, but use your own words and give a clear explanation (with sufficient details) to get full credit on this assignment. ASSIGNMENT QUESTIONS:Question # 1: Internal Equity (steps 8-9)Specifically explain in your own words how the job evaluation process is used to establish an initial internal wage curve.Question # 2: External Equity (steps 10-12)Specifically explain in your own words how a market analysis is used to adjust the initial internal wage curve to develop a company’s final wage curve that is equitable internally and equitable externally.Question # 3: Individual Motivation (steps 13 and 14)Using the concepts of “pay grades” and “pay ranges” — specifically explain how these can be best used to improve individual performance motivation for all employees.Here is the link to the Ebook: https://bookshelf.vitalsource.com/#/user/signin