HRM4485XTIA-Pay Structures.docx - Pay Structures 1 HRM4485-XTIA-Edwards Group 1 Project – Pay Structures There are several factors that influence an

HRM4485XTIA-Pay Structures.docx - Pay Structures 1...

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Pay Structures 1 September 12, 2019 HRM4485-XTIA-Edwards Group 1 Project – Pay Structures There are several factors that influence an organization’s decisions as it creates its pay structure. Some of these factors focus on the company’s needs and government regulations. For example, the company has no option when it comes to exempt versus nonexempt status or minimum wage requirements. The employer also must ensure they set a pay level at a rate that they can afford while remaining solvent. Regulations and the company’s needs to be balanced with the requirements of employees, however. Whether through base pay, benefits, or more intrinsic rewards, employees need to feel that they are valued by their employer. Morale, productivity, and retention rates are reduced when needs are not satisfied. Companies can try to meet employee compensation needs by looking closely at pay equity, both inside the company and externally. Pay rates should be similar for comparable work across the organization and the market.
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  • Fall '17
  • Edwards
  • pay structures, Topping out

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