According to Martocchio $(2020),$Define the concepts of external labor market and its purpose. Describe in detail what the external labor market is for your chosen position.$$How did your organization decide what the labor $($external$)$ market is$?$How did your organization or decide on the market pay rate for your chosen position?$$What steps did your organization take to determine the market pay rate of your chosen position?$$What are salary surveys?$$Which ones did you or your organization use and why?$$Note: Do not just identify where you gathered the salary data.$$ You must justify why you selected the source$($s$).$

Also in this section, include compensation policies.$$Does your firm lead, lag, or tie the market?$$Explain$.$What are the starting salaries for new employees?$$How are pay raises determined?$$How is incentive pay determined if it is offered?$$