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HRM3705 WORKBOOK
- Institution
- University Of South Africa (Unisa)
WORKBOOK 4
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Tutorial 4 – Workbook 4External Competitiveness
Important to note, that as an employer you would want a market-competitive pay
system as it plays a great role in attracting and retaining the most qualified employees.
It also contributes to your company’s competitive advantage in the way that it sets your
company apart from other companies. Market-competitive pay systems should also
promote the achieving the company's competitive strategies.
What are the make-up of external competitiveness?
There are a few steps that you should take to build a great market-competitive pay
system. They are:
- Refers to how your
organisation remunerates
your employees about the
Competitiveness
market.
- Also known as external
competitiveness
- Depends on the geographical
area from which your
The Labour
organisation recruits
Market
- Depends on the labour
demand and supply
Strategic Analysis is looking - The degree of competition of
what is happening outside products in the market plays
the organisation now and The Product a role
how the future might look Market - How quickly your
Breaking down a complex organisation can adjust
problem into more prices to remain competitive
manageable actions
- The organisation depends on
Different analytical methods
The the status and movements in
can be used to conduct
Organisation the labour and product
strategic analysis
market
*This is not all the detail – Go to your workbook and prescribed textbook and
ensure that you fill the gaps!
What is a remuneration survey?
- A remuneration survey is a survey that is made up of remuneration information
paid by various employers in various industries.
- Companies purchase a compensation survey from other companies that gather
this information, to look up and compare their internal jobs to what the market is
paying
- Remember we said that you first need to do job analysis and then job evaluation
and then you establish internal alignment/equity… Remuneration surveys are
used to establish external equity. Now that you know what job title and job grade
you have internally, you can look it up on your salary survey and see what you
are paying for a job similar to what the market is paying.
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