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Analyze compensation concepts that influence market factors. Evaluate how HRM communicates these concepts of pay structures to employees. Examples of businesses that have been successful in recruiting, motivating, and retaining employees? How do these examples of successful strategies support a healthy balance of internal and external factors?
Please include 3 scholarly resources where I can research necessary information to assist
Length: 5 pages
Compensation structures of an organization influence market factors, such as revenues, market
share attained, and overall success. Often, the strategy to recruit, motivate, and retain employees is
based on what competitors in the industry are offering. However, the most successful companies look
inward, toward their own objectives and targets, to develop sound strategies for recruiting and retaining
employees who will help the company succeed. If employees are expected to contribute, they must
believe they play an integral part in shaping the outcomes for the organization. If the organization
looks beyond the current pay rate which is standard for a certain type of worker, and bases pay and
benefits on the value the employee should bring, the employee is more likely to live up to the
Costco, a membership retailer, competes mainly with Sam's Club and BJ's Wholesale Club.
However, Costco has become the leader in this retail industry, by considering how to get the most
from employees and how to show employees they are valued. Costco's sales revenues continue to
grow annually, at 5%, compared to WalMart's 1.4% (Ungar, 2013). Sam's Club prices are generally
lower in several categories. However, Costco experiences greater customer loyalty, which contributes
to growth over time. Many repeat customers assert Costco's customer service is at least adequate.
Sam's Club customers service is lacking or is unresponsive, according to Ungar (2013). Cuts in the
number of employees and cuts in hours make it difficult for customers to find the help they need, when
they need it. Sam's Club employees make an average of $4 to $5 an hour more than Sam's Club
employees. They contribute only 8% of the cost of their health benefits, while Sam's Club employees
pay over 30%. It is believed that these factors contribute to high turnover at Sam's Club and lower
than average turnover at Costco.
High turnover affects revenues, as organizations focused on always replacing employees pay
higher costs in recruitment efforts and in replacing employees. High turnover affects morale of
remaining employees, which can negatively affect productivity and motivation. Low motivation, in
turn, can lead to poor customer service. Willingness to help customers helps maintain customer
loyalty (Deeb, 2014). Costco employees are likely more wiling to help customers and have a higher
level of motivation, as their physical needs are more closely met with the benefits and compensation
Pay structures, within most organizations, is based on experience, level of responsibility, and
performance. It should not be based on any single factor, because a pay structure based on a single
factor, such as experience or level of responsibility, does not help promote the best performance.
An employee that is motivated to perform, takes an active role in his or her duties. The interest level
in making a contribution to the organization's strategy is high. Pay should be linked to performance,
to send the message that performance is important to the organization. ...
The pages discuss the considerations in compensation organizations should be concerned with, to retain talented, motivated workers, who are engaged and support the organization.
Pay Structure for Retail Sales Team/Retail Support Team
What is the most effective compensation structure for a retail sales team? What about a retail support team? How do you assess the costs and benefits of nonfinancial rewards?View Full Posting Details