Question

In: Operations Management

Identify and described some ways your organization ensure internal consistent and externally competitive pay systems? What...

Identify and described some ways your organization ensure internal consistent and externally competitive pay systems? What recommendations would you have for your organization?

Expert Solution

The ways the organization can ensure internal consistent pay systems include;

-adopting a performance-based pay system

-carrying out performance appraisal

-eliminating wage gap

Ways to ensure externally competitive pay system are;

-make comparison to the industry pay rates

-carry out research on the prevailing wage rates

Recommendations for the organization;

-It should develop a flexible pay system

-it should integrate bonuses and rewards in the pay system

Explanation:

The ways the organization can ensure internal consistent pay systems include;

-adopting a performance-based pay system-the performance based compensation system would ensure a consistent pay to all the workers in the organization.

-carrying out performance appraisal-performance appraisal ensures a balance between employee promotion and compensation in the organization.This helps in developing a consistent pay system.

-eliminating wage gap-the organization should eliminate the wage gap between the male and female workforce as well as the wage gap between the employees and the executives to ensure a consistent pay system.

Ways to ensure externally competitive pay system are;

-make comparison to the industry pay rates-an externally competitive pay system should be based on the industry average (payment by other firms in the same industry).

-carry out research on the prevailing wage rates-research would provide accurate information on the wage rates adopted by competitors of the firm.

Recommendations for the organization;

-It should develop a flexible pay system-a flexible pay system easily adjusts to employee needs. Such a pay system would be competitive in a given industry.

-it should integrate bonuses and rewards in the pay system-using bonuses and rewards would reduce the wage gap between employees in the organization thereby ensuring a consistent and competitive pay system.

keosha answered 7 months ago

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