Question

The subject of human resources management What does it mean to 'Lead the market' when designing...

The subject of human resources management

What does it mean to 'Lead the market' when designing the pay system as a compensation manager? Elaborate with an example of an organization practicing this strategy. (at least 1 page)

I needed a unique answer not copy and paste from the internet, please.

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Answer #1

Lead the market is showing best pay system in the industry or higher pay than industry average payments to the employees by the organization. In this way, a compensation manager should have adequate procedures and policies through which he or she may implement best benefits, rewards, salary , additional pay, fringe benefits, incentives, bonuses and many more advantages to the employees .

It helps in attracting employees as well as retaining to them for longer life span with the organization. For example, Companies like IBM, Microsoft, Google etc. are continuously competing to offer best salary packages to its employees. Google has emerged as best place to work as well offering compensation above the industry pay. It has given a boost to its image as a highly attractive brand in technology sector.

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