Why am I receiving the error: "No components setup for selected grade, cannot create job" when attempting to create a job?

Why am I receiving the error: "No components setup for selected grade, cannot create job" when attempting to create a job?

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This feature is available on Premier and Master editions

The "No components setup for selected grade, cannot create job" error appears because the Grade Costing Setup screen has not been configured.

      Navigate > Config > Human Resources > Workforce Planning Setup > Grade Costing Setup

      
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Note
The Grade Costing Setup screen needs to be configured per Budget group.