Market Competitiveness of Pay System Assignment Help

Market Competitiveness of Pay System Assignment Help

Human resources of an organization perform different tasks and receive compensation for it. In the current business environment, this resource of an organization becomes quite important for achieving success by developing competitive advantage. In order to attract best talent within the given industry, organization is engaged to formulate a competitive pay system in comparison to the market (Bohlander & Snell, 2009). An implementation of such pay system that is quite competitive to its peer organizations and other organizations in the given industry is termed as market competitiveness in relation to organizational pay system (Jackson, Schuler & Werner, 2011). It has become essential for an organization to establish such market competitive pay system that enables to capture the ongoing trends of labor market.

If an organization offers lower pay than their competitors’ or peers’ salary for the same level then it may become difficult to attract and retain potential and existing talent respectively. Due to this reason, the importance of market competitive pay system is increasing rapidly. For attracting the best talent, most of organizations are competed with each other and an organization which has poor financial resources unable to offer attractive salaries to its employees (Werner & DeSimone, 2011). As per market competitiveness pay system case study help experts, Due to lack of financial resources, such organizations are not enabled to attract best talent within the given industry. This inability is an important reason to decrease such organizations’ operational and financial performance accordingly. At the same time, for accepting and declining a job offer, salary has become the main criteria and due to this; it is important to offer attractive pay within the industry (Bohlander & Snell, 2009). Due to lack of financial resources, companies are not able to develop loyalty aspect in the exiting workface that decreases their morale and satisfaction level accordingly at workplace. It decreases performance of employees’ and organization consequently within the given industry (Jackson, Schuler & Werner, 2011).   There are several alternative approaches that could be used by organizations to attract and retain potential and existing talent within the industry with less financial resources. An organization should introduce a pay-based system within the organization as it demonstrates that increasing performance of an employee is to be rewarded appropriately. It would be beneficial to encourage the performance of existing employees and retaining them as well. An increment in employees’ performance is firstly benefited the company by producing greater output that help to improve financial performance (Singer & Francisco, 2009). Due to increment in financial performance, an organization could be enabled to provide attractive pay to the potential and existing employees. On the other hand, company should create an effective work culture as nowadays, it is an important tool to attract competitive talent within the given industry. An effective work culture of an organization plays an important role for increasing employee motivation and satisfaction level that improves their and organizational performance accordingly.

This approach would not be only enabled to retain and attract best human resource, but also help to improve organizational performance. At the same time, a safe and motivated work culture has become an essential need for employees in this dynamic business environment. For this, they are ready to compromise with their pay scale gladly. It is because this approach would be effective for an organization to attract and retain talented human resources in lacking of financial resources (CCH Australia Limited, 2011). On the other hand, in order to attract competitive human resources, a company should initiate activities of Corporate Social Responsibility (CSR) as it develops and improves the level of self-contentment sentiment among the employees (Parker, 2005). Due to this, organizations would be enabled to attract and retain the existing and potential talent in effective manner, while possessing limited financial resources. An inability of an organization to access financial resources for attracting and retaining competitive human resource affect the organizational performance at greater extent. In order to limit this impact, following steps could be taken by a firm:

  1. By searching non-financial motivational methods: In this step, company should search for such ways through which it could enhance the employee performance, while paying less pay than its competitors’ and peers’ within the industry. Besides pay, there are several other compensation aspects that could be used by organization to enhance employees’ performance in effective manner. Recognition, leave benefits, career opportunities etc are some ways that could be identified as sources for increasing employee performance, while possessing limited financial resources (Armstrong & Murlis, 2007).
  2. By communicating and introducing non-financial motivational methods: After identification, a company should communicate and introduce different methods to increase the performance of employees without employing financial resources. If an organization will employ recognition approach then it would be enabled to motivate the employees for improving performance at workplace.
  3. Updating and revising the system: In last step, timely review should take place, so that any lacking could be identified, measured and solved at initial level (Cooper & Burke, 2011).

References Armstrong, M. & Murlis, H. (2007). Reward Management: A Handbook of Remuneration Strategy and Practice (5th ed.). Great Britain: Kogan Page Publishers. Bohlander, G.W. & Snell, S. (2009). Managing Human Resources (15th ed.). USA: Cengage Learning. CCH Australia, Limited (2011) Effective Recruitment and Selection Practices. (5th ed.). Australia: CCH Australia Limited Cooper, C.L. & Burke, R.J (2011). Human Resource Management in Small Business: Achieving Peak Performance. UK: Edward Elgar Publishing. Jackson, S.E., Schuler, R.S. & Werner, S. (2011) Managing Human Resources. (11th ed.). USA: Cengage Learning. Parker, B. (2005) Introduction to Globalization and Business: Relationships and Responsibilities. (2nd ed.). USA: SAGE. Singer, P.M. & Francisco, L.L. (2009) Developing a Compensation Plan for Your Library (2nd ed.). USA: ALA Editions. Werner, J.M. & DeSimone, R.L. (2011). Human Resource Development. (6th ed.). USA: Cengage Learning.

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