(i), (ii) and (iii)
(i) and (iii)
(ii), (iii) and (iv)
All of the above
Answer is Right!
Answer is Wrong!
The correct answer is D. All of the above.
The internal factors affecting the wage mix include:
- Relative worth of the job: This refers to the value of the job to the organization. Jobs that are more important or require more skills will typically pay more.
- Regional wage rates: This refers to the average wage paid for similar jobs in the same geographic area. Organizations may need to pay more to attract and retain employees in areas with high costs of living.
- Employer’s ability to pay: This refers to the financial resources of the organization. Organizations with more money may be able to pay higher wages.
- Manpower market conditions: This refers to the supply and demand for labor in the market. When there is a shortage of workers, organizations may need to pay higher wages to attract and retain employees.
These factors are all important considerations when setting wages. Organizations need to balance the need to attract and retain employees with the need to control costs.