The Most Important Factor Determining Success of a Skill-Based Pay

question 19

Multiple Choice

The most important factor determining success of a skill-based pay plan is:

• A) its impact on labor costs.
• B) how well it aligns with the organization strategy.
• C) the stakeholder satisfaction with the plan.
• D) its effect on productivity.

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Definitions:

Covert Collusion

A secret agreement between firms to fix prices, limit production, or divide markets, which is illegal and against competition laws.

Electrical Machinery

Equipment and devices powered by electricity that are used in various applications, including manufacturing, power generation, and domestic appliances.

Price Fixing

Price fixing is an agreement among competitors to set prices of goods or services at a certain level, often illegally, to minimize competition.

Oligopolies

Market structures in which a few firms dominate the industry, often leading to limited competition and higher prices for consumers.