While setting pay levels initially, an organization has to balance internal equity and external equity. Here, external equity indicates $\_\_\_\_\_\_\_\_.$

Group of answer choices

the amount of growth opportunities the job provides to the employee as determined by job characteristics.

the worth of the job to the employee as determined by satisfaction surveys.

the worth of the job to the employee as determined by satisfaction surveys.

the competitiveness of an organization's pay relative to pay elsewhere in its industry as determined by market surveys.