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Within a single firm, what determines the wage, salary, and benefit level attached to a job?
AThe number of applicants who applied for that job
BThe training method chosen for that job family
CThe skills, experience, and level of the job
DThe seniority of the union that represents it
Answer & Solution
Correct answer: C. The skills, experience, and level of the job
1. Internal pay structure rests on the job itself rather than on the market outside.
2. Wages, salaries, and benefits are based on skills, experience, and the level of the job.
3. As management responsibility rises, pay rises with it, and jobs judged equally important are paid at similar rates.
4. The number of applicants is a recruiting outcome and does not set the rate for the job.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 8 "Managing Human Resources and Labor Relations", section 8.6 Employee Compensation and Benefits_
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