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Analyzing compensation information from competitors

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Discussion Question:

The goal of any compensation system is to attract and retain talent for the organization. The War for Talent is a reality. Organizations must therefore ensure that they acquire strategic information regarding market trends in compensation among their competitors.

Help me respond to my peer's post.

by Antiebe Phillip

An effective compensation strategy is critical for attracting fresh talent as well as keeping and motivating top workers (Sheehan, 2018). In the past, compensation could have been as simple as a paycheck, but it is now much more. Employees prefer businesses who not only provide a competitive wage, but also offer benefits and programs that assist them in meeting other financial obligations, such as healthcare and retirement plans (Sheffield, 2020).

Compensation can be used to boost employee morale, motivation, and satisfaction. If employees are dissatisfied, it can lead to not only higher turnover but also lower job quality for those who do stay. A well-designed pay plan can also boost organizational loyalty (6.1 Goals of a Compensation Plan - Human Resource Management, 2016).

The war for talent represents organizational competitiveness to attract and retain the most capable employees. "The war for talent is raging and talent has more leverage than they've had in decades. The existential question nearly every organization should be asking themselves is: What are we doing to win" (Coleman, 2021)?

Organizations must compete with one another to recruit and retain the finest qualified and competent employees in order to get the skills and knowledge essential for the successful functioning of their businesses (UWIOC, 2022). A strategic analysis is essential for determining the company's market position and identifying the relevant external elements that may influence that position. This analysis really weighs the internal and external factors that influence external competitiveness policies. External competitiveness can be described as the "pay relationships among organizations" (Milkovich et al., 2014, p. 208). Compensation surveys can be used to assess competitor's pay prices. Compensation surveys entail gathering and analyzing compensation information from competitors. The surveys give HR professionals vital information about their competitors' wage and salary policies.

Reference no: EM133142542

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