"There is no rate for the job".
Could someone explain to me what "rate " means in the following extract?

"The market for chief executives is far from perfect. There is no rate for the job, positions are often quietly filled rather than openly advertised ..."

Many thanks!

Question

"There is no rate for the job".
Could someone explain to me what "rate " means in the following extract?

"The market for chief executives is far from perfect. There is no rate for the job, positions are often quietly filled rather than openly advertised ..."

Many thanks!

Answer

A standardized salary, which all chief executives would be expected to receive something approximately equal to. The author means to say that compensation for chief executives is very inconsistent.

It could have been expressed better, because it's a bit odd to use the word 'rate' like that in this context. It makes it harder to understand.