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Suppose that during a recession, Whirlpool saw the demand for its major appliances fall by one-third. Even though the demand decreased, Whirlpool chose to maintain wages for its non-union employees. This is an example of
Wage Rates
The standardized amount of pay that is given to employees per unit of time worked, often expressed hourly, daily, or annually.
Internal Equity
The principle of ensuring fairness in pay structures within an organization, where employees holding similar positions or responsibilities are compensated in a similar manner.
Job Ranking
A form of job evaluation in which jobs are ranked subjectively according to their overall worth to the organization.
Job Grading
A form of job evaluation that assigns jobs to predetermined job classifications according to their relative worth to the organization.
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