Equity
To develop compensation systems, employers rely on three types of equity: external, internal, and employee.
External Equity
External equity is the standard that compares an employer's wages with the rates prevailing in external markets for the employee's position. What do other health care organizations pay employees who perform similar tasks and have similar responsibilities? For example, what do other counties pay entry-level registered nurses? What do program directors at mental health nonprofits that provide services to substance abusers get paid? The federal government and state governments that hire pharmacists to work in their hospitals (that is, public health departments, veterans affairs facilities) want to know the salary range ...
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