Topic: Can organizations easily develop compensation structures that are both internally consistent and market competitive at the same time? What are some of the challenges to this goal? What are some compensation strategies organizations can use to attract and retain top talent? Cite at least two outside sources as references in support of your initial response.
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Can organizations easily develop compensation structures that are both internally consistent and market competitive at the same time?
Studies have showed that it is possible for organizations to develop a compensation structure that are both internally consistent and market competitive at the same time, but it is not always easy(Martocchio, 2014). Analysis have showed that internally consistent compensation systems constitute a concise definition of relative value of each job among all jobs within a company. To achieve this, organization uses a simple, yet very fundamental principle for building internally consistent compensation systems.
What are some of the challenges to this goal?
In addition, internally consistent compensation system enables the organization to create formally structured job description by analyzing job. But this can also make organization to enter into problems by paying higher wages to retain competitive advantage in the market(Martocchio, 2014). For the organization to retain competitive in the market, it should develop and implement market-competitive pay system. This is a very challenging for some companies since they pay high competition than the counterparts.
What are some compensation strategies organizations can use to attract and retain top talent? Analysis have showed that successful compensation strategies constitute high paid salary, comprehensive incentives and the over the top popular nonconventional benefits. For example, an organization like Google provide a wide variety of benefits to attract and retain top talent(Cadwell, 2018). This compensation strategy goes beyond the regular discretionary benefit such as retirement pensions, dental and medical benefits…………………………………………………………………………………………………
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