According to a recentarticle by Roy Maurer, workers are quitting their jobs in record numbers and itdemonstrates employers need to up their game with respect to clearcommunication, compensation and hiring the right employees for the job.(Maurer, 2018). The research is divided as to the biggest motivator for jumpingship, some surveys cite money as the main reason while others attribute it topromotion opportunities, career changes, or bad managers. According to AbigialHess, a strong employment market offers a unique opportunity for workers,especially those who earn more than $100,000 a year, a 15% pay raise (Hess,2018).
So, how do companieskeep high potential employees? How do companies keep any employee forthat matter? By conducting market surveys, analyzing pay data relative to keypositions, determining what pay makes the best sense for the employee and thecompany. Companies develop an internal pay scale that meets the needs of bothemployees and the company. In essence, a pay scale that is fair and equitableto both.
In this Discussionyou will consider external competitiveness, competitive pay policies and theuse of compensation surveys and pay discrimination. In addition, you willjustify the use of pay policies within the budgeting process.
Answer the following:
- Define the concept of external competitiveness.
- Describe two competitive pay policies you would recommend for a company.
- Illustrate how these competitive pay policies link to organizational success.
- Illustrate the link between compensation surveys and pay discrimination.
- How would a compensation professional account for pay policies within the budgeting process?
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