Is a broad comparative concept that refers to how an organization's monetary compensation incentives compare, in general, to those of other organizations in the same industry employing similar kinds of workers.

Bench-marking

Explanation:

Bench-marking is the process of comparing an organization's procedures and performances against the best practices in the industry.  A firm will compare its key indicators against those of similar companies.  Some of the indexes that firms compare are the quality of products, production costs, strategies, and employee salaries.  

A benchmark acts as a reference point or a base for standards.  An organization uses benchmarks to identify areas it needs improvements . The benchmarks report will point out if a company is overpaying or underpaying its employees.

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