Week 3, Assignment 1: Discussion Assignment
While setting its pay policy, an organization must know what other organizations pay their employees. This knowledge enables an organization to maintain a competitive edge and develop strategies to motivate and retain its employees. External competitiveness addresses how an organization sets its compensation levels relative to that of its competitors. The organizations with which your organization competes for a particular skill or service are considered the relevant market. For example, when pricing job Y for accountants, you would consider what other organizations pay for a similar job. The relevant market for job Y would be the set of organizations you consider in setting the pay for the job.
Organizations use wage surveys as a tool to set policies on external competitiveness. There are a variety of surveys available for purchase as well as free of charge, and an organization may utilize multiple wage surveys.
Write a 1-2 page report describing the relevant market for Lowe’s Home Improvement Center as it attempts to set pay rates in your local community. Based on your experience and reading this week, would the pay rates at the local convenience store, supermarket, bank, Wal-Mart, Home Depot, or any other store at the mall be part of the relevant marketfor Lowe’s as it seeks to set pay levels? Why or why not?
Does your answer differ when you consider other positions at Lowe’s, including cashiers, customer service representatives, the accountant working at Lowe’s regional office, or the corporate vice-president for marketing? What factors should be considered when setting these pay levels?
Next, consider wage and salary surveys. What information is important in assessing the value of a survey? How do you judge survey reliability? How should an organization determine how much weight to give any survey? Discuss how wage surveys provide information needed to recruit, motivate, and retain qualified employees.
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