Identify at least three specific steps that could be taken

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Problem: Market Competitiveness for Limited Budgets Essay

Understanding the market and what drives competition in the industry will greatly impact making informed decisions for an organization's pay system. This analysis will lead to ensuring financial resources are considered and evaluated as well as working to ensure effectiveness with recruitment and retention of employees.

In your paper,

1) 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.

2) Propose at least three alternative approaches for organizations which have limited financial resources.

3) Identify at least three specific steps that could be taken to minimize the impact that implementing these alternative approaches could have on the firm's success. Justify why these steps would be the most appropriate in this situation.

Reference no: EM133720695

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