A company recently conducted a market survey of the salaries of apprentice electricians.

[Reference: SHRM defines external equity as comparing compensation rates with the external market to ensure competitiveness (SHRM, Compensation Strategies and Practices)., Competitive Compensation:, Attracting Talent: Ensuring external equity helps attract and retain talent by offering competitive salaries., Benchmarking: Market surveys provide benchmarks for setting competitive pay rates., Reference: SHRM emphasizes the importance of external equity in compensation planning to attract and retain employees (SHRM, Benchmarking Compensation)., Compensation Strategy:, Strategic Alignment: Aligning compensation with market rates supports the organization’s strategic goals and helps maintain a competitive edge., Employee Satisfaction: Employees are more likely to feel valued and satisfied when they perceive their compensation as competitive., Reference: SHRM advises that compensation strategies should include external equity to ensure alignment with market standards and employee satisfaction (SHRM, Designing a Competitive Compensation Plan)., References:, SHRM. (n.d.). Compensation Strategies and Practices. Society for Human Resource Management., SHRM. (n.d.). Benchmarking Compensation. Society for Human Resource Management., SHRM. (n.d.). Designing a Competitive Compensation Plan. Society for Human Resource Management., ]