Wage level
The firm’s choice to position its general level of pay at, above, or below the market (prevailing wage) for an industry or a geographic area
Wage survey—a collection of data on prevailing wage rates within an industry or geographic area
Wage structure
The internal compensation structure that sets the relative pay levels for all the positions in the firm
Job evaluation—the process of determining the relative worth of the various jobs within a firm
Ranking jobs according to their value to the firm
Job analysis using a point system to value jobs