THIS IS ONLY AN INTERPRETATION, FIVE SENTENCES AND A QUESTION IS ALL I NEED. TELL ME YOUR THOUGHTS, HAVE REFERENCES! ASK PROBING QUESTIONS AND MAKE STATEMENTS BASED OFF WHAT THEY WROTE
Pay equity is the perceived idea that employees have that equal pay is provided based on equal input and output. External equity is a comparison of one employerâ€s wages to that of others within that market. Governments compare their rates of pay to governments of similar size with similar services and population numbers to determine a competitive rate of pay. Internal equity dictates for organizations to set rates of pay based on the value of the job being performed. This is done through job evaluations. There are four primary methods. Ranking which looks are the value of the job to an organization. Job classification which classifies jobs into grades based on value to the organization. Factor comparison which looks at judging jobs based on certain compensable factors. Lastly, there is point method which rating jobs and adding a score based on compensable factors.
Pay compression is the idea that salaries filled from outside of the organization are equal to or greater than the salaries of the more experienced existing employees. Wages tend to be equal across the board regardless of experience. This is a result of changes in market wages and increased levels of organization. Organizations often see an increase in training cost in an effort to decrease the gaps in education and experience. Wage compression can also affect productivity. Depending on the organization and product being produced organizations can see a decrease in productivity if employees perceive employees who do the same or less work than they do are paid higher wages than they are. In some organizations employees become more productive in to gain recognition which they expect to result in increased wages.
Gross, T., Guo, C., & Charness, G. (2015, September ). Merit Pay and Wage Compression with Productivity Differences and Uncertainty. Journal of Economic Behavior & Organization, 117, 233-247. Retrieved January 21, 2017, from https://www-sciencedirect-com.ezp.waldenulibrary.org/science/article/pii/S0167268115001729?_rdoc=1&_fmt=high&_origin=gateway&_docanchor=&md5=b8429449ccfc9c30159a5f9aeaa92ffb&ccp=y
Pynes, J. E. (2013). Human Resources Management for Public and NonProfit Organizations. San Francisco: Jossey-Bass.
Santos-Pinto, L. (2012, October). Labor Market Signaling and Self-Confidence: Wage Compression and the Gender Pay Gap. Journal of Labor Economics, 30(4), 873-913. Retrieved January 21, 2018, from https://eds-a-ebscohost-com.ezp.waldenulibrary.org…
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