MGM 6070 Week 4 Discussion.docx - MGM 6070 Week 4 Discussion Why is it important for pay to be externally fair Paying externally fair wages is part of

MGM 6070 Week 4 Discussion.docx - MGM 6070 Week 4...

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MGM 6070 Week 4 DiscussionWhy is it important for pay to be externally fair? Paying externally fair wages is part of attracting future employees, and able to compete with other organizations seeking the same workers. As mentioned in the case study, when you pay lessyou will have issues with turnover and retention, but competitive wages attract “more committedworkers that provide better service”. Why is it important for pay to be internally fair? Having a structured pay system, and being able to communicate, and monitor pay practices enables companies to promote harmony in the work environment and maintain employees motivated. On the other hand, unstructured pay policies and pay inequality can generate costly lawsuits. What should Costa Vida's compensation strategy look like? Costa Vida’s compensation strategy should look similar to In-N-Out’s. In-N-Out strategy is paying a good wage, flexible schedule, free meals, paid vacation, and a retirement plan in order
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  • Winter '19
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