Human Resource Management

1. Explain why almost businesses ar acquit prima(p), while others be pay laggards, with regard to employee base pay. What considerations go into decisions regarding pay philosophy? Explain, with reference to current events involving the workplace. The main author why majority of people look for employment is to gene count a paycheck to settle their bills. The pay practices of a lush determines its success or failure since this is what determines the kind of employees the firm go out attract. Everyone wants to feel that the pay they argon getting is funfair depending on their level of education, skills and experience and when this is non the case, the employee will tole put a firm in search of greener pastures and even if the employee does not quit, he or she will not achieve all-embracing productivity. The pay treasures set by a firm should be appropriate. They should not be too low as to get on with to a firm turnover and recruitment problems and they should no t be too high to cause a firm budgetary problems (Kleiman, 2010). Though most of the firms do pay at the food market valuate, thither be those who pay above the market rate and these are called the market leading. On the other hand at that place are those who pay below the market rate and these are called the market laggards.

There are several primings why firms are either market laggards or market leadership and these are related to the pay philosophy of a firm to some(a) extent. Each firm has the factors it considers when designing its pay policy. Market leaders pay above the market rates because their budget allows them to do so (Kleiman, 2010). They are usually the considerab ly performing firms in the market and thus c! an afford to pay intumesce without experiencing budgetary problems which may force them to raise their prices. Another occasion why such firms pay their employees above the market rate is that they desire to attract the best employees in the market as they know that this translates into higher productivity (Kleiman, 2010). In addition, by nonrecreational above the market...If you want to get a full essay, mint it on our website: OrderEssay.net

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