Asked by Matthew Mitrano on Jun 22, 2024

verifed

Verified

Wage and salary surveys discover what other employers in the same labour market are paying for specific key jobs.

Wage and Salary Surveys

Surveys conducted to determine prevailing wage rates for similar jobs in a geographic area or industry.

Labour Market

The supply and demand dynamics for employment, where employers seek to hire workers and workers seek jobs, influenced by factors like economy, regulation, and technology.

Key Jobs

Positions within an organization that are considered crucial for operational success, often because they involve significant responsibility or specialized skills.

  • Recognize the importance of wage and salary surveys in determining compensation.
verifed

Verified Answer

DP
Deepesh PatidarJun 26, 2024
Final Answer :
True
Explanation :
Wage and salary surveys are conducted to gather information on the compensation being offered by employers in the same labour market for specific key jobs. This information helps organizations to remain competitive and attract and retain talent.