Course Solutions Uncategorized (Answered) : identify and describe how external and organizational factors shape the design of pay structures

(Answered) : identify and describe how external and organizational factors shape the design of pay structures

June 27, 2024June 27, 2024| adminadmin| 0 Comment| 7:43 pm
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identify and describe how external and organizational factors shape the design of pay structures

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Answer:-

Designing competitive pay structures is essential for organizational success. Compensation packages have a significant influence on the ability of an institution to attract talented employees in the job market and increasing the employee retention rate. Employee expects to receive fair and just rewards for the services rendered to the company. Therefore, it is essential to evaluate the external and organizational factors that shape pay designs.

External factors:-

Several external factors influence the design of a pay structure. First of all, is government policy. The government

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