MHR 749 Lecture Notes - Lecture 7: Signify, Level Set, Factors Of Production

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External competitiveness: refers to the pay relationships among similar organizations within the same industry the o(cid:396)ga(cid:374)izatio(cid:374)"s pa(cid:455) (cid:396)elati(cid:448)e to its (cid:272)o(cid:373)petito(cid:396)s: external competitiveness is achieved by: Setting a pay level that is above, below, or equal to that of competitors. Determining the mix of pay forms relative to those of competitors: objectives control labour costs & attract and retain employees. Pay level: refers to the average of the array of pay rates paid by an employer. [ ( base + bonuses + benefits + value of options)] / # of employees. Pay forms: refer to the mix of the various types of payments, or pay mix, that (cid:373)ake up total (cid:272)o(cid:373)pe(cid:374)satio(cid:374); i. e. ho(cid:449) (cid:455)ou"(cid:396)e paid (methods of payment base pay, etc. ) Should be different because different organizations are motivated in different ways; also should strive to provide a better strategy to remain competitive.

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