Can you help me understand this Business question?
You have been asked to evaluate whether your organization’s current pay structure makes sense in view of what competing organizations are paying. In your initial post to the discussion, address the following:
- How would you determine what organizations to compare your organization with?
- From an internal perspective, what are the potential consequences of having a pay structure that is out of line relative to those of your competitors? Consider the impact of pay and incentives on employees’ motivation, engagement, and retention? Provide supportive examples.
- What recommendations would you provide to ensure improved motivation, engagement, retention, and competitive advantages in the marketplace?
Tools you can use for this post