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Week 6 Pay Structures
This new millennium has witnessed rapidly increasing automation and digital transformation. Many companies are focusing more on their digital presence and putting less emphasis on physical presence. In such a rapidly changing business environment, it is crucial that employees have the required skills to grow and flourish in their careers. Pay has a significant impact on an employees’ motivation including attitudes and behaviors. It influences which kinds of employees are attracted to the organization and those who will leave. According to Noe (2022), pay is a major cost based on the organization’s industry. This cost might range from an amount equivalent to 5% of revenues up to almost 40%. Keeping these costs reasonable is important for accomplishing profit objectives. Human resource professionals develop pay structures based on legal requirements, market influences, and the organization’s goals, such as attracting a high-quality workforce and implementing principles of fairness.
Performance reviews based on a continuous feedback philosophy are more likely to be future-focused and geared towards promoting growth and development. Discuss how economic forces influence decisions about pay. Do U.S. companies pay their chief executive officers too much? Why or why not? What steps should be taken to ensure pay equity? Lastly, rather than focusing on past performance in a yearly review, should employee performance evaluation systems incorporate continuous feedback?
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