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Compose a three-to-five page paper (not including the title and reference pages). Your paper should be written in a scholarly third-person tone; it should be in APA format. Your essay should address the following:

  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 implementing these alternative approaches could have on the firm’s success. Justify why these steps would be the most appropriate in this situation.

In addition to the text, cite at least two scholarly references to support your discussion.

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Carefully review the Grading Rubric (Links to an external site.) for the criteria that will be used to evaluate your assignment.

Grading Rubric:

 

Total Possible Score: 7.00

Evaluates the Concept of Market Competitiveness In Relation to an Organization’s Pay System

Total: 2.00

Distinguished – Comprehensively and accurately evaluates 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 lack of financial resources. Utilizes scholarly sources to support the evaluation.

Proficient – Evaluates 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 lack of financial resources. Utilizes scholarly sources to support the evaluation. Minor details are missing or inaccurate.

Basic – Partially evaluates 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 lack of financial resources. Somewhat utilizes scholarly sources to support the evaluation. Relevant details are missing or inaccurate.

Below Expectations – Attempts to 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 lack of financial resources; however, does not utilize scholarly sources to support the evaluation and significant details are missing and/or inaccurate.

Non-Performance – The evaluation of the concept of market competitiveness in relation to an organization’s pay system is either nonexistent or lacks the components described in the assignment instructions.

Proposes at Least Three Alternative Approaches For Organizations Which Have Limited Financial Resources

Total: 2.00

Distinguished – Proposes at least three appropriate and detailed alternative approaches for organizations which have limited financial resources.

Proficient – Proposes at least three appropriate alternative approaches for organizations which have limited financial resources. Minor details are missing.

Basic – Proposes at least three alternative approaches for organizations which have limited financial resources. Relevant details are missing and/or one approach is not appropriate.

Below Expectations – Attempts to propose at least three alternative approaches for organizations which have limited financial resources; however, fewer than three alternative approaches are proposed, more than one approach is not appropriate, and/or significant details are missing.

Non-Performance – The three proposed alternative approaches for organizations which have limited financial resources are either nonexistent or lack the components described in the assignment instructions.

Identifies at Least Three Specific Steps That Could Be Taken to Minimize the Impact This Could Have On the Firm’s Success and Justifies Why These Steps Would Be the Most Appropriate In This Situation

Total: 2.00

Distinguished – Identifies at least three realistic and specific steps that could be taken to minimize the impact this could have on the firm’s success. Fully justifies why these steps would be the most appropriate in this situation.

Proficient – Identifies at least three specific steps that could be taken to minimize the impact this could have on the firm’s success. Justifies why these steps would be the most appropriate in this situation. Minor details are missing.

Basic – Identifies at least three specific steps that could be taken to minimize the impact this could have on the firm’s success. Somewhat justifies why these steps would be the most appropriate in this situation. Relevant details are missing.

Below Expectations – Identifies at least three specific steps that could be taken to minimize the impact this could have on the firm’s success and attempts to justify why these steps would be the most appropriate in this situation; however, significant details are missing.

Non-Performance – The three specific steps that could be taken to minimize the impact this could have on the firm’s success and justification of why these steps would be the most appropriate in this situation are either nonexistent or lack the components described in the assignment instructions.

Written Communication: Control of Syntax and Mechanics

Total: 0.25

Distinguished – Displays meticulous comprehension and organization of syntax and mechanics, such as spelling and grammar. Written work contains no errors and is very easy to understand.

Proficient – Displays comprehension and organization of syntax and mechanics, such as spelling and grammar. Written work contains only a few minor errors and is mostly easy to understand.

Basic – Displays basic comprehension of syntax and mechanics, such as spelling and grammar. Written work contains a few errors which may slightly distract the reader.

Below Expectations – Fails to display basic comprehension of syntax or mechanics, such as spelling and grammar. Written work contains major errors which distract the reader.

Non-Performance – The assignment is either nonexistent or lacks the components described in the instructions.

Written Communication: APA Formatting

Total: 0.25

Distinguished – Accurately uses APA formatting consistently throughout the paper, title page, and reference page.

Proficient – Exhibits APA formatting throughout the paper. However, layout contains a few minor errors.

Basic – Exhibits limited knowledge of APA formatting throughout the paper. However, layout does not meet all APA requirements.

Below Expectations – Fails to exhibit basic knowledge of APA formatting. There are frequent errors, making the layout difficult to distinguish as APA.

Non-Performance – The assignment is either nonexistent or lacks the components described in the instructions.

Written Communication: Page Requirement

Total: 0.25

Distinguished – The length of the paper is equivalent to the required number of correctly formatted pages.

Proficient – The length of the paper is nearly equivalent to the required number of correctly formatted pages.

Basic – The length of the paper is equivalent to at least three quarters of the required number of correctly formatted pages.

Below Expectations – The length of the paper is equivalent to at least one half of the required number of correctly formatted pages.

Non-Performance – The assignment is either nonexistent or lacks the components described in the instructions.

Written Communication: Resource Requirement

Total: 0.25

Distinguished – Uses more than the required number of scholarly sources, providing compelling evidence to support ideas. All sources on the reference page are used and cited correctly within the body of the assignment.

Proficient – Uses the required number of scholarly sources to support ideas. All sources on the reference page are used and cited correctly within the body of the assignment.

Basic – Uses less than the required number of sources to support ideas. Some sources may not be scholarly. Most sources on the reference page are used within the body of the assignment. Citations may not be formatted correctly.

Below Expectations – Uses an inadequate number of sources that provide little or no support for ideas. Sources used may not be scholarly. Most sources on the reference page are not used within the body of the assignment. Citations are not formatted correctly.

Non-Performance – The assignment is either nonexistent or lacks the components described in the instructions.

Week 3 Lecture :

In Week 3, this course will discuss the components of developing a market competitive pay system as well as the job evaluation process. To develop a competitive plan, HR managers need to use a variety of practices that will make up the plan to be competitive but also adhere to the organizations overall goals and plans. Market-competitive pay systems play a significant role in attracting and retaining the most qualified employees for the organization (Martocchio, 2017).

HR professional should offer a competitive salary to attract and retain talented employees without damaging the organization’s bottom line (Bisk, 2018). To determine a competitive pay system for employees, organizations need to review internal job descriptions and salaries and then utilize the compensation benchmarking process to understand what competitors are paying for a similar position in the industry. For an organization to develop an appropriate and competitive compensation package there are a few steps the organization can take. For example, the organization should know the market in which is participates in to determine if the organization pay is on par with its competitors. There needs to be an assessment of competitor’s compensation and pay policies. This can be accomplished via salary surveys which collect day about salaries, and benefits, among various employers for specific jobs (HRcouncil.ca, nd). Salary surveys are conducted with “numerous employers to determine pay levels for specific job categories and are generally conducted either by region, sector or job classification for the purposes of comparability.” (HRcouncil.ca, n.d.). Salary surveys can provide benchmarking information for comparing salaries and benefits.  Organizations also need to complete an internal analysis which can include a SWOT analysis of its compensation practices. The survey results can also be used in completing the SWOT analysis. A SWOT analysis analyses the organizations strengths, weaknesses, opportunities and threats. In completing this analysis, the organization will be able to identify all factors either favorable or unfavorable, necessary to obtain the desired outcome.

Organizations can be competitive by offering other means of compensation other than a salary. For example, more and more organizations are providing employee stock ownership plans, deferred compensation, flexible work schedules or remote working options and contributions to retirement plans. Insurance plans such as health, dental, life and disability are also other “perks” that organizations are providing to be competitive with a compensation and benefits package.

Job evaluation is the “systematic process for assessing the relative worth of jobs within an organization.” (HRcouncil.ca, 2018). An analysis of each position’s responsibilities, knowledge, and skill requirements is used to measure the value of the job to the employer. This evaluation process allows the organization to determine the appropriate pay rate. As an organization creates new job or a reclassification of a job, a job evaluation should be completed so the organization knows it is hiring based on its needs. The job evaluation often determines which jobs should receive higher compensation as compared to other jobs within the organization. A job analysis is the “systematic study of a job to determine which activities and responsibilities it includes, its relative importance to other jobs, the personal qualifications necessary for performance of the job and the conditions under which the work is performed.” (SHRM, 2017). It allows HR to understand what tasks are important and sets the expectation for other HR activities such as recruitment and selection, relative training programs and performance appraisals. The job analysis is used to create a job description which is also considered by the organization when determining the appropriate compensation package.

Overall, there are many factors and analysis an organization needs to review and complete when determining the appropriate compensation package. Internal and external factors need to be considered for the package to be competitive. Competitive compensation package will allow organizations to attract and maintain the best qualified employees.

Please review the Total Rewards (Links to an external site.) video which will provide an overview of total reward compensation plans.

References

Bisk. (2017). Developing a competitive pay practice in your organization (Links to an external site.). Retrieved from https://www.villanovau.com/resources/hr/developing-competitive-pay-practices/#.W9Zar7hRfIU

Gregg Learning. (2016). Total rewards (Links to an external site.) [Video file]. Retrieved from https://www.youtube.com/watch?v=LPdEW21QfDY

Hrcouncil.ca. (n.d). Compensation & benefits (Links to an external site.). Retrieved from http://hrcouncil.ca/hr-toolkit/compensation-salary.cfm

Martocchio, J. (2017). Strategic compensation: A human resource management approach (9th ed.). New York, New York: Pearson.

Society for Human Resource Management. (2018). Performing a job analysis (Links to an external site.). Retrieved from https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/performingjobanalysis.aspx