Market pricing identifies the economic worth of a job on the open labor market based on what is needed to attract and retain qualified individuals.

Question

Quizplus · Accepted Answer

Market pricing refers to the process of determining the value of a job based on the prevailing wages and benefits offered by other employers in the same industry and geographical location. This helps organizations to set competitive salaries and benefits to attract and retain talented employees. Therefore, the statement is true.

Market Pricing Identifies the Economic Worth of a Job on the Open