market competiviness

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perrq5265

Business Finance

BUS 681

ashford university

Description

  • Evaluate 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 due to a lack of financial resources.
  • Propose at least three alternative approaches for organizations which have limited financial resources.
Identify at least three specific steps that could be taken to minimize the impact implementing these alternative approaches could have on the firm’s success. Justify why these steps would be the most appropriate in this situation

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Market Competitiveness
Competition in the market continues to adopt a more sophisticated nature as the landscape of
global business changes gradually. Organizations embrace a broad spectrum of strategies for
enhancing their competitiveness. One of the fundamental aspects of organizations that
significantly determine their performance compared to others is the manner in which they handle
their human resources. The productivity of employees is determined by factors like
compensation, company stability, status, and working conditions among others (Soekiman et al.
870). Compensation is the primary factor that can alter almost every aspect of productivity in the
workplace. However, some firms may have financial hindrances that may compromise their
ability to compensate their workers well. If such firms fail to adopt alternative approaches to
keeping their employees motivated, they may face high levels of turnover, which in turn leads to
high costs and poor overall performance. Organizations with limited resources can maintain their
competitiveness by offering link payment bonuses, performance-based payment system, reward
systems, and superior employee relations among others.
Maintaining financial and technological competitiveness in the modern business has
proven to be more than a tall order. At the core of these objectives lies the human resource
department. An organization may cripple every segment of its operations if it fails to motivate its
employees. Therefore,...


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