Market Competitive Pay Structure with Scarce Resources

Market Competitive Pay Structure with Scarce Resources

Designing Competitive Pay Structure

Introduction

Every organization wants to design a salary structure which is favorable to its employees. The organizations design the salary and compensation structure with the purpose to motivate, retain, attract and reward the employees. On the other side each employee is to be paid salary in an organization. Every employee wishes to work with the organization which offers more attractive pay structure and compensation to employees.

Salary Structure

Organizations design their salary structure by emphasizing on the factors affecting the organization which includes the current market rates, labor ...