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1. What can companies do to ensure internal, external, and individual equity for all employees?
2. Discuss the advantages and disadvantages of competency or skill-based pay systems.
3. In terms of the "attract-retain-motivate" philosophy, how do benefits affect employee behavior?
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The response addresses the queries posted in 1208 words with references.
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The response addresses the queries posted in 1208 words with references.
/ /In this section, an attempt has made to analyze the things that the company can do to ensure internal, external, and individual equity for all the employees. We have also provided content about employee's behavior towards internal, external, and individual equity.//
Ensuring internal, external, and individual equity for all employees
Internal equity is job's value or a person's value to the organization. It is developed through job evaluation or competency analysis. Internal equity can be defined as a perception of the employees of their obligations regarding work conditions and rewards and it is compared with other employees in the same organization in the similar position. Day, a famous financial analyst quoted that "if inequity is perceived, efforts to alleviate dissonance may manifest themselves as complaints to supervisors, grievances, allegations of discrimination, union organization attempts, poor morale, and even turnover" (Day, 2007). A company should give equal opportunities to all the employees within the organization for their growth, so that the internal equity can be ensured. Thus, a company should put enormous efforts to ensure internal equity for all the employees.
External equity is known as external competitiveness. It refers to how an employer positions its pay related to what other competitors in the market are paying. For example, if a person is doing job in X organization as software developer, and he is getting lesser salary than a person doing job in Y organization, performing same role or job as the first person does, the consequences obviously will be negative. First person will be de-motivated. His performance will start getting going down. He can feel detachment from his current organization. The feeling to leave the job can also rise as he gets better opportunity in terms of salary or designation from other organization.
Staff turnover in an organization is also the result of lack of external ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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