RE: Week 5 Discussion
Job analysis is critical to help identify job duties, requirements and responsibilities. It also assigns the prominence of each position. Its purpose is to identify and thoroughly document how the job relates to the company, its purpose and need within the company. Regarding Customers First, the area of compensation, this analysis can help identify the necessary skill level, work atmosphere, responsibility, and compensation related features of the job.
Job evaluation is a methodical process for evaluation the worth and needs an organization has for the position. In Customers Firsts circumstance, an evaluation would help find an approach and rationale to determine the changes needed, a reasonable and informative way to determine the pay for its employees. An equitable and secure compensation structure for the employees, one that ensures the employees are receiving equal and fair compensation.
Recruitment of the top talent, employee retention, and compensation bias and discrimination are the three reasons why I think it’s necessary for companies to adopt compensation strategies and policies that promote competitive advantage.
Employee compensation strategies adopted by an organization can be a source of competitive advantage. Employee compensation is one of the key things that attract and retain employees in an organization. For an organization to be able to recruit the best candidate or top talent for a job, it should first determine how itscompensation strategy is in line with the expectations of the candidate and how the job offer is competitive with other firms. Compensation is an indication of how an employer’s value an employee.
One of the main reasons behind high employee turnover is compensation. An employer should ensure market rates are regularly reviewed and that bonus and raises within the organization are competitive. Maintaining a fair compensation strategy is a source of competitive advantage for an organization since the top talent is retained and employees are satisfied and engaged.
Compensation bias and discrimination can be avoided by an organization by adopting fair compensation strategies and policies. Since there will be a more structured and transparent way of making compensation strategies, employees would be motivated and satisfied because they would be aware that they are being compensated fairly hence an organization would have a competitive advantage.
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