Question 1 – 250 words
Discuss the basic building blocks of developing a market competitive pay system, including the relationship between internal and external equity.
Question 2 – 250 words
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
Compose a three-to-five page paper (not including the title and reference pages). Your paper should be written in a scholarly third-person tone; it should be in APA format. Your essay should address the following:
- 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.
In addition to the text, cite at least two scholarly references to support your discussion.