final thoughts

Wages survey

Wage surveys are critical in any organization and undertakes multitude of purposes particularly for strategic decision about determination of the organization’s wage level. In my organization I would carry out the wages survey analysis in identifying what other organizations particularly those that have motivated workforce, continuous improvement and learning, and low labor turnover on how they pay similar work in the outside marketplace.my organization’s pay structure might differ from the competing organization concerning the basic pay, incentive pay as well as benefits. It is imperative to note that since all organizations recompense employees differently in line with their jobs, wage surveys is paramount in establishing come of the key wage differentials in between jobs. This ought to be the first step of coming up with the organization’s wage structure. Some of the potential consequences of employing pay structure different from those of the competitors include high labor turnover rate hence low productivity and poor reputation. It may as well result to having workforce in the organization’s that are less motivated and have no interest of the wellbeing of the organizations. Best practices undertake that workforce is the greatest assets for any given organization in absence of workforce nothing can be achieved. It is thus recommended to fairly remunerate the workforce in addition of employing effective people management skills (Reedy, 2014).

References

Reedy, M. K. (2014). At-Will Fiduciaries? The Anomalies of a 'Duty of Loyalty' in the Twenty-First Century. Nebraska Law Review.