Section 2: External Competitiveness

Student’s Name

Institutional Affiliation

Section 2: External Competitiveness

Summary

This summary aims to determine the use of market data analysis to identify effective pay methods that can attract and retain valued work teams. First, it identified a compelling pay-policy mix based on benefits and incentives of job structures at E-Sonic. Second, it determined the suitability of merit and seniority-based remuneration on the organization. Third, it conducted a compensation survey through identifying competitors, establishing and reconciling benchmark jobs. Additionally, it found that remuneration pay and grades. Finally, findings of this market analysis allowed E-Sonic to identify strategies that will improve its external competitiveness.

Determine Appropriate Pay-policy Mix

Employers provide fair compensation by utilizing systematic components that determine the suitable pay structure for different occupations. According to Perry, Engbers, and Jun (2017), pay-policy systems use different elements, including identifying organizational productivity and focusing on how rival enterprises disburse their salaries. Torre, Pelagatti, and Solari (2015) revealed that wages impact levels of morale and job satisfaction; for that reason, pay-policy mix influences decision-making processes within an organization. All evidence clearly states that appropriate salary arrangements let firms attract and retain work teams, improving competitiveness. Not only do systematic components identify factors that determine pay-policy but also establishes types of compensation.

To augment its market position, E-Sonic should provide its employees with intrinsic rewards to ensure that they are satisfied and motivated to face new challenges. Torre et al. (2015) concluded that intrinsic compensation lets employees prioritize their gratification, leading them to identify and pursue channels that are important for company growth. Perry et al. (2017) opined that through regular communication with a workforce, firms determine payment rewards that will motivate their employees. Therefore, implementing intrinsic compensation strategies will enable E-Sonic to create an effective job structure and sustainable work surrounding, underlining the value of workers. Besides, intrinsic rewards are not the only compensation tools but also the allocation of prizes.

An organization effectively distributes salaries by rewarding its highly productive departments that improve its market competitiveness. Nyberg, Pieper, and Trevor (2016) determined that attraction and retention of qualified work teams should be a priority for an employer. According to Perry et al. (2017), through setting high compensation levels, organizations manage market...