Prepare a paper analyzing trends in compensation. In your paper, select at least three of the following considerations and describe how they impact organizations:
1) Market based pay
3) Geographic pay differential
4) Expatriate (compensation)
Change drives today's businesses. Organizations have to rethink their strategy, reorganize departments, restructure jobs, and retrain employees. Due to increasing role of technology in organizations, these changes do come develop over the time; rather they often thrust upon the organization. Hence, adaptability has become key survival criteria.
For an organization's success, employees are the most important assets. Organizations must empower employees, and reward them for their significant contributions. Often, the single most important factor for employees is the pay structure. Well-designed pay systems are most responsive to external marketplace, and most simple to execute and communicate. So, organizations must, from time to time, restructure their compensation based on a variety of parameters. Some of these parameters are:
Market based pay: External market based pay structures provide an important comparative point to ...
Trends in Compensation: Market based pay, outsourcing, geographic differential