GK
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following best defines internal equity?
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how a job’s pay rate in one company compares to the job’a pay rate in other companies
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how fair the job’s pay rate is, when compared to other jobs within the same company
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the fairness of an individual’s pay as compared to a co-worker’s pay for the same job
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the perceived fairness of the processes and procedures used to make compensation decisions
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Explanation:
Detailed explanation-1: -Internal Pay Equity refers to comparing the employee’s positions within the organization to ensure that all the employees in the same position are paid fairly.
Detailed explanation-2: -1) External equity refers to how a job’s pay rate in one company compares to the job’s pay rate in other companies.
Detailed explanation-3: -Simply put, internal equity means that employees with similar positions or skillsets within a company are compensated in a similar way, whether that be in their salary or any additional benefits that come with the position. In other words, internal equity is about equal pay for equal work.
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