Describe how organizations use surveys and market pay to set employees' pay and incentives.

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Describe how organizations use surveys and market pay to set employees' pay and incentives.

Pay surveys serve a whole range of purposes. For example, salary surveys are used to assess the organization's pay rates for the strategic decision. This policy points out the form and nature of the work force of the organization; most significantly, its labour costs. Because all companies pay specific salaries to workers based mainly on their work, wage surveys are used to assess the salary differentials between jobs. This is an important part of determining the pay scale for the company. This system has to be regularly changed as the work market shifts with variations in supply and demand for both labour, typically, and individual employment. The organisation has been conducted over decades and can monitor and identify patterns in both salaries and the demand for specialized skills. Additionally, results from the salary study will be used to help determine the type of compensation; this is the mix of the base wages, bonus pay and benefits. Basically, the main goal of using salary surveys is to determine the industry cost, or what other companies pay in the international marketplace for comparable jobs. That is the goal because most workers demand to be paid at a level consistent with that earned in the market for similar jobs and it creates productive workforce for the company. Thus, Organizations use wage surveys and market pay, where they get a compilation of data collected from other companies in the same industry which are perceived as comparable to its organization. Organizations use this information to determine the employees' pay and incentives which matches the competitive market rate.

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keosha answered 3 months ago

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