Discuss the basic building blocks of developing a market competitive pay system, including the relationship between internal and external equity. Respond to at least two of your fellow students’ postings.
Provide a brief overview of the job evaluation process, including the importance of compensable factors. Detail the compensable factors of a position you are familiar with and their impact on that position’s salary, and you may want to reference the job analysis and job description process, which form the foundation of job evaluation. Identify at least four pitfalls that exist for organizations that do not follow this process. Respond to at least two of your fellow students’ postings.
Assignment - Due Saturday
Compose a 3-5 page paper that assesses the concept of market competitiveness in relation to an organization’s pay system, particularly when it is unable to offer its employees market competitive salaries because of a lack of financial resources. Propose alternative approaches for organizations which have limited financial resources and outline at least three specific steps that could be taken to minimize the impact this could have on the firm’s success.