Market-competitive compensation system

A basic premise of a market-based economy is that each individual has the opportunity – through education, experience, hard, work, etc. – to improve his or her job earning potential. As a result, some employees may enjoy greater earnings than their colleagues. Assess how an organization can create a fair, market-competitive compensation system that provides greater rewards for those who earn it, yet is viewed as fair and equitable by the organization

…………Answer Preview………… The major objective of compensation strategy is ensuring managers attract and retain productive employees (Odden & Wallace, 2008, pg. 87). Conversely, compensation packages according to market decision makers must be internally and externally equitable. Organization’s complexity, fiscal capacity, as well as market job descriptions that may need similar employees for the same job is how a company can create a fair and …………

APA

297 words