Pay structure decisions
3 important questions on Pay structure decisions
Payment has large impact on employee attitudes
·influence attractiveness and retain with the organization
·aligning current employees’ interests with broader organization
·aligning current employees’ interests with broader organization
Efficiency wage theory
- wages influence worker productivity
- Employees retain current job
- Benefits outweigh higher costs, because of organizations’ dependence on highly skilled employees
Developing a pay structure
- market survey approach
- pay-policy line
- pay grades
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