In part, physicians' salaries are higher than secretaries' salaries because it takes moreyears to train to become a physician than it does to become a secretary.TrueFalse

Answered: In part, physicians' salaries are…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Related questions

Question

In part, physicians' salaries are higher than secretaries' salaries because it takes more
years to train to become a physician than it does to become a secretary.
True
False

Expert Solution

Step 1

Compensation refers to the monetary amount which is given to an employee for his services that he has provided to the organization. Usually compensation refers to salary and wages. Whereas benefits refers to the perks which are given to an employee along with their compensation. Benefits usually includes include medical insurance coverage, retirement plans for the employees, extra discounts etc.

Nowadays companies want to be more competitive with their compensation and benefits in order to attract top talent and retaining that talent in the organization